N.J. Admin. Code § 18:7-11.5 - Change of accounting period
(a) A taxpayer will
not be permitted to change its accounting period for purposes of the
Corporation Business Tax Act unless it has first obtained the permission of the
Commissioner of the Internal Revenue Service for Federal income tax purposes
where permission is required pursuant to the Internal Revenue Code. A copy of
such permission must be filed with the Division of Taxation.
(b) The taxpayer will also be required to
file a short period return and remit the amount of its tax liability for the
period from the close of its last accounting period for which a return was
filed to the beginning of its newly authorized accounting period.
(c) For specific accounting rules applicable
to combined groups, see N.J.A.C. 18:7-21.
Notes
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(a) A taxpayer will not be permitted to change its accounting period for purposes of the Corporation Business Tax Act unless it has first obtained the permission of the Commissioner of Internal Revenue for Federal income tax purposes where permission is required under the Internal Revenue Code. A copy of such permission must be filed with the Division of Taxation.
(b) The taxpayer will also be required to file a short period return and remit the amount of its tax liability for the period from the close of its last accounting period for which a return was filed to the beginning of its newly authorized accounting period.