Does New Jersey Accept Federal Extension for Partnership?
In the world of business and finance, partnerships often face unexpected challenges that can delay the filing of tax returns. One common question that arises is whether New Jersey accepts the federal extension for partnership tax returns. This article aims to provide a comprehensive overview of this topic, explaining the process and the rules surrounding the extension for partnerships in New Jersey.
New Jersey’s Tax Extension Policy
New Jersey follows the federal tax code in many aspects, including the extension process for partnership tax returns. According to the Internal Revenue Service (IRS), partnerships are required to file their tax returns by the 15th day of the third month following the end of their fiscal year. This means that for partnerships with a December 31st fiscal year, the deadline is April 15th.
In cases where partnerships cannot meet this deadline, they can request an automatic six-month extension. To do so, they must file Form 8809, “Application for Extension of Time to File U.S. Income Tax Return for Partnerships,” with the IRS by the original deadline. If the partnership files this form on time, the extended deadline is October 15th.
New Jersey’s Acceptance of Federal Extension
New Jersey accepts the federal extension for partnership tax returns. This means that if a partnership files Form 8809 with the IRS by April 15th, they will have until October 15th to file their New Jersey partnership tax return. It is important to note that the partnership must file both their federal and New Jersey tax returns by the extended deadline to avoid penalties and interest.
However, it is worth mentioning that while New Jersey accepts the federal extension, there may be some differences in the state’s tax code. Partnerships should consult with a tax professional to ensure they are in compliance with both federal and state tax regulations.
Conclusion
In conclusion, New Jersey does accept the federal extension for partnership tax returns. Partnerships that cannot file their tax returns by the original deadline can request an automatic six-month extension by filing Form 8809 with the IRS. It is crucial for partnerships to file both their federal and New Jersey tax returns by the extended deadline to avoid penalties and interest. As always, consulting with a tax professional can help ensure compliance with both federal and state tax laws.
