New Jersey § 54:50-51 Estimated payments, pending audit.

New Jersey Statutes

§ 54:50-51 — Estimated payments, pending audit.

New Jersey § 54:50-51

Title 54TAXATION

This text of New Jersey § 54:50-51 (Estimated payments, pending audit.) is published on Counsel Stack Legal Research, covering New Jersey primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.J. Stat. Ann. § 54:50-51 (2026).

Text

10.Estimated New Jersey Tax Payments During the Course of a Federal Audit A taxpayer may make estimated payments to the division, following the process prescribed by the division, of the New Jersey Gross Income Tax or Corporation Business Tax expected to result from a pending Internal Revenue Service audit, prior to the due date of the Federal Adjustments Report, without having to file the report with the division. The estimated tax payments shall be credited against any tax liability ultimately found to be due to New Jersey ("Final New Jersey Tax Liability") and will limit the accrual of further statutory interest on that amount. If the estimated tax payments exceed the final tax liability and statutory interest ultimately determined to be due, the taxpayer is entitled to a refund or cre

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10. Estimated New Jersey Tax Payments During the Course of a Federal Audit A taxpayer may make estimated payments to the division, following the process prescribed by the division, of the New Jersey Gross Income Tax or Corporation Business Tax expected to result from a pending Internal Revenue Service audit, prior to the due date of the Federal Adjustments Report, without having to file the report with the division. The estimated tax payments shall be credited against any tax liability ultimately found to be due to New Jersey ("Final New Jersey Tax Liability") and will limit the accrual of further statutory interest on that amount. If the estimated tax payments exceed the final tax liability and statutory interest ultimately determined to be due, the taxpayer is entitled to a refund or credit for the excess, provided the taxpayer files a Federal Adjustments Report or claim for refund or credit of tax no later than one year following the final determination date. L.2022, s.133, s.10.