2022 New Jersey Revised Statutes
Title 54 - Taxation
Section 54:50-53 - Adjustments after expiration, time extension.
54:50-53 Adjustments after expiration, time extension.
12. Scope of Adjustments and Extensions of Time.
a. Unless otherwise agreed in writing by the taxpayer and the division, any adjustments by the division or by the taxpayer made after the expiration of the N.J.S.54A:9-4, N.J.S.54A:9-8, R.S.54:49-3, or R.S.54:49-14 are limited to changes to the taxpayer's tax liability arising from federal adjustments.
b. The time periods provided for in this section may be extended:
(1) Automatically, upon written notice to the division, by 60 days for an audited partnership or tiered partner which has 10,000 or more direct partners; or
(2) By written agreement between the taxpayer and the division as set forth by the director.
c. Any extension granted for filing the Federal Adjustments Report extends the last day prescribed by law for assessing any additional tax arising from the adjustments to federal taxable income and the period for filing a claim for refund or credit of taxes.
L.2022, s.133, s.12.
