New Jersey - Compulsory electronic filing
The Division of Taxation has issued a notice setting forth the requirement that all tax practitioners, both firms and individuals, who prepared 200 or more 2003 New Jersey income tax resident returns must use one of the three New Jersey electronic filing services (Fed/State E-File, NJ TeleFile, or NJ WebFile) to file New Jersey income tax resident returns for their clients for 2004 and future years.

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...back to 30 September 2004

Further information:
www.state.nj.us/treasury/taxation/pdf/1040efiling.pdf

Tax relief for hurricane victims
The Division of Taxation has announced that it will follow the guidelines provided by the IRS for special tax relief for Florida taxpayers in the Presidential Disaster Relief Areas. Affected taxpayers include businesses and individuals located in the Disaster Areas, those who tax records are in the Disaster Areas, and relief workers. They have until December 30, 2004 to file NJ tax returns and submit payments for any return and/or payment, including estimated payments, that have either an original or extended due date between September 3, 2004 through December 30, 2004.

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...back to 23 September 2004

Further information:
www.state.nj.us/treasury/taxation/floridarelief.htm

New Jersey - Tax relief for taxpayers affected by floods
The IRS has announced special tax relief for New Jersey taxpayers in the Presidential Disaster Area that was struck by severe storms and flooding beginning July 12, 2004. The disaster area consists of two counties: Burlington and Camden. The Federal Tax Deposit Penalty Waiver Period for employment and excise tax deposits is July 12 - 22, 2004. The Extension Period for returns and other tax payments is July 12 - Sept. 20, 2004.

The IRS gives affected taxpayers until the last day of the Extension Period to file tax returns or make tax payments, including estimated tax payments, that have either an original or extended due date falling within this Period. The IRS will abate interest and any late filing or late payment penalties that would apply during these dates to returns or payments subject to these extensions.

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...back to 29 July 2004


Further information:
www.irs.gov/newsroom/article/0,,id=125631,00.html
www.irs.gov/newsroom/article/0,,id=124054,00.html

New Jersey
New gross income tax rates have been introduced for all taxpayers with gross income over $500,000. The increase is retroactive to January 1, 2004.

All employers are required to withhold at the rate of 12% from salaries, wages and other remuneration paid in excess of $500,000 during the remainder of 2004. This new rate takes effect immediately and must be instituted by all employers no later than September 1, 2004. On January 1, 2005, the top withholding rate is reduced to an annual rate of 9.9%.

The two sets of revised withholding tables that are required to implement these changes are available on the NJ Taxation website.

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...back to 1 July 2004


Further information:
www.state.nj.us/treasury/taxation/pdf/ratenotice.pdf
www.state.nj.us/treasury/taxation/pdf/whtables2004.pdf
www.state.nj.us/treasury/taxation/pdf/whtables2005.pdf

New Jersey
The Division of Revenue has published an updated list of approved software vendors for 2003 income tax returns. A number of the software packages offer direct deposit of income tax.

Further information:
www.state.nj.us/treasury/taxation/text/appsoftvendtxt.htm
...back to 1 January 2004