The New Jersey Society of CPAs (NJCPA) strongly urges Governor Murphy to sign A-3841/S-2300, which would extend filing deadlines for New Jersey’s state income tax and corporate business tax to June 30.
Forty-five states have extended their various tax deadlines, 37 to July 15 and eight to other dates. New Jersey is the only state with a personal income tax that has not announced a tax filing extension.
We understand the concern that delaying the New Jersey deadline until July 15 will shift revenue into the next fiscal year, creating cash flow problems. Therefore, the easiest solution is the simplest: sign A-3841/S-2300 and extend New Jersey’s tax filing deadline to June 30. A further extension to July 15 can be revisited later.
Clarity for New Jersey taxpayers is desperately needed in light of the uncertainty and challenges caused by the spread of the coronavirus, and tax practitioners and clients anxiously wait for details from the Administration in the midst of this fast-moving emergency situation.
While the 14,000 members of the NJCPA appreciate the Administration’s public support of extending the deadline, the Society is greatly concerned that thus far there is no relief from New Jersey state taxes. Our members have shared with us that many of their clients have mistakenly assumed that New Jersey’s filing deadline was extended along with the federal deadline.
Please provide New Jersey taxpayers with the relief that they so desperately need.