NJ BAIT Deadline Extended

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.
About the Author(s)

Bryan M. Holm, CPA, MST, Manager, State and Local Tax

Bryan Holm is a Manager in the Cherry Hill, NJ office of HBK CPA's and Consultants. He joined the firm in 2021 as a member of the HBK State and Local Tax (SALT) team. His background includes work with top 10 accounting firms. Prior to specializing in state and local taxation, Bryan worked in tax resolution for the Internal Revenue Service. He has served clients in a variety of industries including private equity firms, manufacturing, the restaurant industry, retail, construction, and the banking industry.

Bryan has provided a variety of state and local tax services to clients, including; Audit Defense, Refund Reviews, Nexus Reviews, Voluntary Disclosure Agreements, Income/Franchise Tax Compliance, M&A Due Diligence, and SALT Consulting and Advisory Services. Bryan has also been a speaker and writer on state and local tax matters.

Hill, Barth & King LLC has prepared this material for informational purposes only. Any tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or under any state or local tax law or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein. Please do not hesitate to contact us if you have any questions regarding the matter.