New Jersey extending tax deadlines, state fiscal year in response to coronavirus
On April 1, 2020, New Jersey Gov. Phil Murphy, Senate President Steve Sweeney, and Assembly Speaker Craig Coughlin issued a joint statement addressing New Jersey’s tax filing deadline and state budget timetable.
The statement indicates that in response to COVID-19 business disruptions, “the state income tax filing deadline and the corporation business tax filing deadline will be extended from April 15 to July 15.”
In addition, according to the statement, New Jersey will be extending the state fiscal year to Sept. 30, 2020, to allow for a “robust, comprehensive, and well-informed budget process later in the year.” Legislation necessary to effect these changes will be forthcoming.
In March, the New Jersey Legislature introduced AB 3841/SB 2300, which would have extended the time to file and pay taxes to June 30, 2020. The governor did not sign this bill. With the announcement of the joint statement, evidently that bill will be amended, or new legislation will be introduced.
What Does CohnReznick Think?
We will continue to monitor these issues for future developments. At this time, it is too early to tell whether forthcoming legislation will extend the filing and payment deadlines and the scope of any interest or penalty relief. As the situation resulting from the COVID-19 outbreak continues to evolve, we expect New Jersey and other states to issue additional guidance. The AICPA is maintaining an updated list of states that have provided relief. We recommend checking back frequently for updates.
Any advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues. Nor is it sufficient to avoid tax-related penalties. This has been prepared for information purposes and general guidance only and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is made as to the accuracy or completeness of the information contained in this publication, and CohnReznick LLP, its members, employees and agents accept no liability, and disclaim all responsibility, for the consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.
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