54:50-50 Assessment, additional tax, interest, penalties.
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9. Assessments of Additional New Jersey Tax, Interest, and Penalties Arising from Adjustments to Federal Taxable Income - Statute of Limitations
a. The division shall assess additional tax, interest, and penalties arising from final federal adjustments arising from an audit by the Internal Revenue Service, including a partnership-level audit, or reported by the taxpayer on an amended federal income tax return or as part of an administrative adjustment request by the following dates:
(1)Timely Reported Federal Adjustments. If a taxpayer files with the division a Federal Adjustments Report or an amended New Jersey Form 1065 or amended New Jersey Corporation Business Tax return as required within the period specified in section 7 or 8 of P.L.2022, c.133 (C.54:50-48 or C.54:50-49), the division may assess any amounts, including in-lieu-of amounts, taxes, interest, and penalties arising from those federal adjustments if the division issues a notice of the assessment to the taxpayer no later than:
(a)The expiration of the limitations period specified in N.J.S.54A:9-4 and N.J.S.54:49-6; or
(b)The expiration of the one-year period following the date of filing with the division of the federal adjustments report.
b. Untimely Reported Federal Adjustments. If the taxpayer fails to file the Federal Adjustments Report within the period specified in section 7 or 8 of P.L.2022, c.133 (C.54:50-48 or C.54:50-49), as appropriate, or the Federal Adjustments Report filed by the taxpayer omits final federal adjustments or understates the correct amount of tax owed, the division may assess amounts or additional amounts including in-lieu-of amounts, taxes, interest, and penalties arising from the final federal adjustments, if it mails a notice of the assessment to the taxpayer by a date which is the latest of the following:
(1)The expiration of the limitations period specified in N.J.S.54A:9-4 and N.J.S.54:49-6; or
(2)The expiration of the two-year period following the date the Federal Adjustments Report was filed with the division; or
(3)Absent fraud, the expiration of the six-year period following the final determination date.
L.2022, s.133, s.9.