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__________________________________________2011 Form 1065 _______________________________________ 5

filed within 30 days of the date the amended Federal Form

Fraudulent Returns

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

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

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

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

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

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

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

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

forwarded to the Division of Taxation and to each partner.

both.

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

Rounding Off to Whole Dollars

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

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

Money items on the return and schedules may be shown in

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

whole dollars (eliminate amounts under 50 cents; enter

amounts over 49 cents as the next higher dollar amount).

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

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

Signatures

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

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

form entering the corrected information and attach an

either by a general partner, limited liability company member

explanation of the changes. Mail amended partnership returns

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

to:

Anyone who prepares a partnership return for a fee must sign

NJ Division of Taxation

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

Revenue Processing Center

security number or federal practitioner tax identification

PO Box 194

number. The company or corporation name and Federal

Trenton NJ 08646-0194

Employer Identification Number, must be included, if

applicable. The preparer required to sign the partnership

Penalty and Interest Charges

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

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

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

be imposed for a partnership that fails to file electronically

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

when there are ten (10) or more partners and a late filing

who fails to sign the return or provide a correct tax

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

identification number may incur a $25 penalty for each

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

omission.

imposed.

Composite Return for Qualified

The Division may impose a penalty against the partnership if

Electing Nonresident Partners

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

A partnership which has New Jersey source income may file a

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

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

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

nonresident partners who elect to be included in the composite

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

filing. Tax will be calculated for 2011 at two tax rates: 6.37%

partnership return within 90 days of the date a final Federal

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

determination or disallowance is issued or within 90 days of

dependent exemptions, or any deductions. Composite

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

failure is due to reasonable cause and not due to willful

estimated tax payments may also be made.

neglect.

A partner may not participate in the composite return if:

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



The partner is an estate or trust;

be imposed for failure to file.



The partner is a partnership or corporation;



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

The partner files on a fiscal year basis;



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

The partner is a New Jersey resident during any part of

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

the year;

also be imposed.



The partner derives income from New Jersey sources

other than the income from this or any other composite

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

return.

may be imposed.

Every participating partner must make the election to be part

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

of the composite return in writing each year. The elections

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

must be maintained in the partnership files. When filed, the

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

composite return must include a list of the partners who are

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

participating, as well as a list of those who have not elected, or

balance on which interest is charged.

are not qualified, to participate in the composite return. The

list must include each partner’s name, address and Federal

Identification Number.

Instructions For Form Nj-1065 - Partnership Return And New Jersey Partnership Njk-1 - 2011 Page 5

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