The NJ-CBT-1065 tax form is specific to New Jersey and is not used in any other state.
This tax form is required for partnerships subject to the Corporation Business Tax Act (CBT), not for regular corporations or LLCs.
The NJ-CBT-1065 tax applies to partnerships with nonresident owners, even if the partnership itself does not have a physical presence in New Jersey.
The NJ-CBT-1065 form must be filed electronically using ProSeries, a tax preparation software.
The New Jersey Division of Taxation provides resources and assistance for completing and submitting the NJ-CBT-1065 form.
The NJ-CBT-1065 tax is separate from the New Jersey Gross Income Tax (GIT) and the Sales and Use Tax.
The NJ-CBT-1065 tax is based on the partnership's entire net income, not just the income earned in New Jersey.
There are specific definitions, requirements, exemptions, and fees associated with the NJ-CBT-1065 tax, all of which are outlined in the instructions provided by the New Jersey Division of Taxation.
Tiered partnerships, or partnerships that hold an ownership interest in another partnership, must complete Form NJ1065 Schedule A.
The deadline for filing the NJ-CBT-1065 form is typically the 15th day of the fourth month following the end of the taxpayer's tax year.
The NJ-CBT-1065 form may be pre-filled with partnership identifying information, but any inaccuracies should be reported to the Division of Revenue's Client Registration Unit.
The New Jersey Partnership Return, including the NJ-CBT-1065 form, must be filed separately from the Federal Form 1065.
Under US federal law, an S-Corporation is a business structure that may pass its taxable income, credits, deductions, and losses directly on to its shareholders.
The NJ-CBT-1065 tax was implemented to ensure that nonresident partners pay their fair share of taxes on income earned in New Jersey.
The NJ-CBT-1065 tax is designed to prevent businesses from avoiding taxes by organizing as partnerships rather than corporations.