Form NJ-CBT-1065 Instructions
These instructions provide guidance on completing Form NJ-CBT-1065, the New Jersey Partnership Return for Corporation Business Tax․ This form is used by partnerships with nonresident owners who are subject to the state’s CBT (N․J․S․A 54⁚10A-15․11)․
Overview
Form NJ-CBT-1065 is a crucial document for partnerships operating in New Jersey with nonresident partners․ It serves as the primary vehicle for reporting and calculating the Corporation Business Tax (CBT) liability for such partnerships․ This tax is levied on certain partnerships with nonresident owners under the New Jersey Corporation Business Tax Act (N․J․S․A․ 54⁚10A-15․11)․ The form is designed to help the New Jersey Division of Taxation accurately assess and collect the CBT owed by these partnerships․ It is a separate form from the NJ-1065, which is used for partnerships with resident partners and is subject to the Gross Income Tax Act․
Filing Requirements
Partnerships with nonresident owners who are subject to the state’s CBT (N․J․S․A 54⁚10A-15․11) are required to file Form NJ-CBT-1065․ These partnerships must file the return even if they have no New Jersey source income, but only if they have nonresident partners․ Partnerships that have only resident partners should file Form NJ-1065․ The form must be filed with the New Jersey Division of Taxation, and the filing deadline is the 15th day of the fourth month following the end of the partnership’s tax year․ If the partnership’s tax year ends on December 31, the deadline is April 15th․
Key Differences from NJ-1065
The primary distinction between Form NJ-CBT-1065 and Form NJ-1065 lies in the nature of the partners․ Form NJ-CBT-1065 is specifically designed for partnerships that have nonresident partners subject to New Jersey’s Corporation Business Tax (CBT)․ Form NJ-1065, on the other hand, is used by partnerships that have only resident partners․ Both forms are used to report income and losses derived from sources within New Jersey, but the NJ-CBT-1065 is used to calculate the CBT liability for nonresident partners․ These separate forms help distinguish the differences that exist between the Gross Income Tax and Corporation Business Tax Acts․
Tax Year and Filing Dates
The tax year for Form NJ-CBT-1065 corresponds to the partnership’s fiscal year․ For calendar year partnerships, the tax year is January 1 to December 31․ If a partnership operates on a fiscal year, the tax year is the 12-month period beginning on the first day of the fiscal year and ending on the last day of the fiscal year․ The filing deadline for Form NJ-CBT-1065 is the 15th day of the fourth month following the end of the partnership’s tax year․ For example, a partnership with a calendar year would file by April 15th; It’s important to note that if a partnership has a fiscal year or short tax year, they must enter the specific beginning and ending dates of their tax year on the form․ Partnerships with ten or more partners are required to file electronically․ For partnerships with 50 or less partners, a free online filing application is available․
Online Resources
The New Jersey Division of Taxation provides a wealth of online resources for taxpayers, including information on Form NJ-CBT-1065․ You can access these resources through the official website of the State of New Jersey, specifically the Department of the Treasury, Division of Taxation, and Division of Revenue and Enterprise Services․ The website offers downloadable forms, instructions, and FAQs to assist taxpayers with their filing obligations․ Additionally, the Division of Taxation’s Customer Service Center can be reached at 609-292-6400, Monday through Friday from 8⁚30 a․m․ to 4⁚30 p․m․, for direct assistance with tax-related inquiries․
Form NJ-CBT-1065 and Nonresident Partners
Form NJ-CBT-1065 is specifically designed for partnerships that have nonresident owners․ These partnerships are subject to the state’s Corporation Business Tax (CBT) as outlined in N․J․S․A 54⁚10A-15․11․ The form serves as a distinct method for calculating taxes owed by these partnerships, separate from the Gross Income Tax․ This distinction is crucial for accurately reporting and paying taxes on nonresident partners’ income derived from New Jersey sources․ The NJ Division of Taxation provides detailed instructions for completing Form NJ-CBT-1065, ensuring proper compliance with the state’s tax regulations․
Filing for Extensions
Partnerships needing additional time to file their NJ-CBT-1065 return can request an extension using Form CBT-206, the Application for Extension of Time to File․ This form grants a five-month extension for filing the NJ-CBT-1065 return, but it’s crucial to note that it does not extend the deadline for paying any taxes due․ To request an extension, Form CBT-206 must be postmarked on or before the original due date of the NJ-CBT-1065․ While the form itself is not filed, a worksheet is available on the Division of Taxation’s website to assist partnerships in preparing their application․
Schedule T⁚ Total Tax Paid on Behalf of Partnership
Schedule T is a crucial component for tiered partnerships filing the NJ-CBT-1065 return․ This schedule is used to calculate the Total Tax Paid on Behalf of Partnership, which is reported on Line 7 of the NJ-CBT-1065․ The information on Schedule T helps determine the total tax liability of the partnership based on the tax payments made by individual partners․ To complete Schedule T, you’ll need to enter the Partner Name, Federal EIN, and the amount of Tax Paid on Behalf of Partner, which is sourced from Line 1 or Part III of the Schedule T form․
Electronic Filing
The New Jersey Division of Taxation encourages electronic filing for NJ-CBT-1065 returns․ Partnerships with ten or more partners are required to file electronically․ For partnerships with 50 or fewer partners, a free online filing application is available․ Electronic filing offers several benefits, including faster processing times and reduced risk of errors․ To file electronically, you will need to use tax preparation software that supports the NJ-CBT-1065 form or utilize the free online filing application provided by the Division of Taxation․
Partnership Return and Filing Fee
The NJ-CBT-1065 form is used to report the income and expenses of partnerships subject to the New Jersey Corporation Business Tax (CBT)․ The return must be filed annually, and it includes information about the partnership’s business activities, income, expenses, and distributions to partners․ A filing fee is associated with the NJ-CBT-1065, and its amount is determined based on the partnership’s income․ The fee is calculated and reported directly on the return and must be remitted with the Partnership Payment Voucher․
What is the difference between NJ-1065 and CBT 1065?
The key distinction between Form NJ-1065 and Form NJ-CBT-1065 lies in the type of tax they address․ The NJ-1065 form is used by partnerships to report their income and expenses for the New Jersey Gross Income Tax․ This form is required for all partnerships that have income or loss derived from sources in New Jersey, including those with New Jersey resident partners․ On the other hand, the NJ-CBT-1065 form is specifically designed for partnerships with nonresident owners who are subject to the New Jersey Corporation Business Tax (CBT)․ Both forms serve distinct tax reporting purposes, reflecting the different tax regimes in New Jersey․
Form CBT-206⁚ Application for Extension of Time to File
If a partnership needs additional time to file its NJ-CBT-1065 return, it can apply for an extension using Form CBT-206․ This form allows for a five-month extension of the original filing deadline․ To be eligible for an extension, the partnership must have a tax liability due․ It’s important to note that filing Form CBT-206 only grants an extension to file the return, not an extension to pay any taxes owed․ The partnership must still pay any taxes due by the original due date of the NJ-CBT-1065 return, even if it has been granted an extension to file․ To request the extension, the partnership must submit Form CBT-206 on or before the original due date of the NJ-CBT-1065 return․
Amended Returns
If a partnership needs to make corrections to its previously filed NJ-CBT-1065 return, it must file an amended return․ This is necessary if there are changes to the federal Form 1065, or if the Internal Revenue Service (IRS) has adjusted any income, gain, or loss previously reported․ The amended return should be filed using the same form as the original return, but with the appropriate corrections and adjustments․ The partnership should clearly indicate on the amended return the specific changes being made and the reason for the amendment․ Additionally, the partnership should retain a copy of the amended return for its records․
Prior Year Partnership Returns
For partnerships that need to access information from previous tax years, the New Jersey Division of Taxation provides a way to view past filings and payments․ To access this information, partnerships can log in to the Division of Taxation’s online portal using their taxpayer identification number and password․ This online portal allows partnerships to retrieve information on their past NJ-1065 returns, including filing dates, amounts paid, and any relevant correspondence․ If a partnership has forgotten its password or needs assistance with accessing the portal, it can contact the Division of Taxation’s Customer Service Center at 609-292-6400․
Division of Revenue and Enterprise Services
The New Jersey Division of Revenue and Enterprise Services is responsible for collecting and administering various taxes and fees within the state, including the Corporation Business Tax (CBT)․ The Division provides a range of services related to tax compliance, including guidance on filing requirements, tax forms, and payment options․ For assistance with Form NJ-CBT-1065 or any other tax-related matters, taxpayers can contact the Division’s Customer Service Center by phone at 609-292-6400․
Tax Return Information
Form NJ-CBT-1065 is used by partnerships to report their income and expenses for New Jersey Corporation Business Tax purposes․ The return collects information on the partnership’s financial activities, including income, deductions, credits, and tax liabilities․ It also requires details about the partnership’s owners, such as their names, addresses, and ownership percentages․ The information on the return is used to calculate the partnership’s tax liability, which is then allocated to each partner based on their individual share of the partnership’s profits or losses․
Partnership Identifying Information
When filing Form NJ-CBT-1065, you’ll need to provide essential information about your partnership․ This includes the partnership’s legal name, federal Employer Identification Number (EIN), and business address․ You’ll also need to indicate the partnership’s tax year, which should align with the partnership’s fiscal year or the calendar year, if applicable․ Ensure that the information provided accurately reflects the partnership’s current status․ The NJ-CBT-1065 return may be pre-filled with some of this information, but double-check for any errors or updates before filing․
General Instructions
The NJ-CBT-1065 instructions provide comprehensive guidance for completing the form accurately․ You can access detailed instructions for each line and section of the form, ensuring you understand the requirements and how to correctly report your partnership’s financial information․ The instructions also explain the filing process, including deadlines, payment options, and how to submit the return electronically․ If you have any questions or need clarification, the Division of Taxation’s website offers helpful resources and contact information for assistance․
