Instructions For Nj-1065 - Partnership Return And New Jersey Partnership Njk-1 (Page 5 of 17) in pdf

________________________________________2013 Form 1065 _______________________________________ 5

A late payment penalty of 5% of the outstanding tax balance

Amended Return or Federal Change

may be imposed.

An amended Form NJ-1065 must be filed if an amended

Interest will be computed at 3% above the prime rate for every

Federal Form 1065 return is filed, or if the Internal Revenue

month or fraction of a month the tax is unpaid, compounded

Service changes or corrects any item of income, gain or loss

annually. At the end of each calendar year, any tax, penalties,

previously reported. The amended New Jersey return shall be

and interest remaining due (unpaid) will become part of the

filed within 30 days of the date the amended Federal Form

balance on which interest is charged.

1065 is filed or, in the case of a Federal audit, within 90 days

after the final determination of the change. Where an amend-

Fraudulent Returns

ment to Form NJ-1065 results in a need to amend the

Any person who willfully fails to file a return, files a

Schedules NJK-1, an amended Schedule NJK-1 must be

fraudulent return, or attempts to evade the tax in any manner

forwarded to the Division of Taxation and to each partner.

may be liable for a penalty not to exceed $7,500 or

An amended Form NJ-1065 and an amended Schedule NJK-1

imprisonment for a term between three years and five years, or

for each partner must also be filed to correct any error on or

both.

reflect any change to the original Form NJ-1065, whether or

Rounding Off to Whole Dollars

not an amended Federal Form 1065 was filed for that year.

To amend your original Form-1065, get a blank Form

Money items on the return and schedules may be shown in

NJ-1065 for the tax year that is to be amended and check the

whole dollars (eliminate amounts under 50 cents; enter

“Amended Return” box at the top of the form. Complete the

amounts over 50 cents as the next higher dollar amount).

form entering the corrected information and attach an

Signatures

explanation of the changes. Entities subject to the “Electronic

Filing Mandate” as explained on page 2 under “How to File”

Form NJ-1065 is not considered to be a return unless signed,

are required to file their amended return electronically.

either by a general partner, limited liability company member

Entities that are not subject to the “Electronic Filing Mandate”

or, if applicable, a receiver, trustee in bankruptcy, or assignee.

have the option of filing their amended partnership return

Anyone who prepares a partnership return for a fee must sign

electronically or mailing it to:

the return as a “Paid Preparer” and must enter his or her social

NJ Division of Taxation

security number or federal practitioner tax identification

Revenue Processing Center

number. The company or corporation name and Federal

PO Box 194

Employer Identification Number, must be included, if

Trenton NJ 08646-0194

applicable. The preparer required to sign the partnership

return must sign it by hand; signature stamps or labels are

Penalty and Interest Charges

not acceptable. If someone prepares the return at no charge,

A penalty of $100 for each month or fraction of a month will

the paid preparer’s area need not be completed. A tax preparer

be imposed for a partnership that is required to file

who fails to sign the return or provide a correct tax

electronically, but fails to do so. In addition, a late filing

identification number may incur a $25 penalty for each

penalty of 5% per month (or fraction of a month) up to a

omission.

maximum of 25% of the outstanding tax liability will also be

Composite Return for Qualified

imposed.

Electing Nonresident Partners

The Division may impose a penalty against the partnership if

A partnership which has New Jersey source income may file a

the partnership is required to file Form NJ-1065, as well as

composite return (Form NJ-1080C) on behalf of its qualified

Return PART-100 and (1) fails to file the return on time,

nonresident partners who elect to be included in the composite

including any extension, (2) files a return that fails to show all

filing. Tax will be calculated for 2013 at the highest rate

the information required, or (3) fails to file an amended

which is 8.97% without regard to each partner’s filing status,

partnership return within 90 days of the date a final Federal

dependent exemptions, or any deductions. Composite

determination or disallowance is issued or within 90 days of

estimated tax payments may also be made.

the date the amended Federal Form 1065 is filed, unless the

failure is due to reasonable cause and not due to willful

A partner may not participate in the composite return if:

neglect.



The partner is an estate or trust;

A penalty of $100 for each month or fraction of a month may



The partner is a partnership or corporation;

be imposed for failure to file.



The partner files on a fiscal year basis;



A late filing penalty of 5% per month (or fraction of a month)

The partner is a New Jersey resident during any part of

up to a maximum of 25% of the outstanding tax liability when

the year;

a return is filed after the due date or extended due date may



The partner derives income from New Jersey sources

also be imposed.

other than the income from this or any other composite

return.

Instructions For Nj-1065 - Partnership Return And New Jersey Partnership Njk-1 Page 5

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