In the final moments before the March 15 deadline, the New Jersey Division of Taxation announced that it is granting an extension to the original due dates of the Business Alternative Income Tax (“BAIT”). The Division of Taxation is extending the original due date of March 15, 2022, to June 15, 2022. Taxpayers will have until June 15, 2022, to file their 2021 PTE Election, 2021 PTE-100 Tax Return, 2021 PTE-200-T Extension of Time to File, and 2021 revocation forms. In addition, the 2022 estimated payments for the first quarter will be extended from April 15, 2022, to June 15, 2022. Please make sure to consult with your HBK SALT team should you still wish to take advantages of the tax savings available by participating in the NJ BAIT program.
Here is the original article regarding the legislation. Please contact HBK’s SALT Advisory group at HBKSalt@hbkcpa.com with questions.Speak to one of our professionals about your organizational needs
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