During the New Jersey legislative Session on March 15, 2022, a last-minute change was made to the filing deadline. The original deadline to file the 2021 Forms PTE-100 Tax Return and the 2021-PTE-200-T Extension of Time to File was midnight on March 15, 2022. Under the new legislation passed, the deadlines were extended until June Read More…
On January 18, 2022, Governor Murphy signed legislation to rectify the issues related to New Jersey’s Business Alternative Income Tax (BAIT) regulations. The legislation becomes effective as of January 1, 2022. The major changes to the BAIT, which were included in the legislation are as follows: A modification was made to include more income that Read More…
New Jersey has enacted the “Pass-Through Business Alternative Tax Act” (BAIT). This act creates an election for pass-through entities (PTE’s) to pay New Jersey income tax at the entity level and creates a corresponding individual income tax credit for the members of the PTE’s. This law was passed in response to the Federal Tax Cut Read More…
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