New Jersey Tax Division Publishes Income Tax Treatment of Income From S Corporations

The New Jersey Division of Taxation Jan. 1 published information on the treatment of income from S corporations for individual income and corporate income tax purposes. The publication includes: 1) the New Jersey treatment of federal S corporation income and reporting requirements for shareholders of New Jersey electing S corporations and non-electing federal S corporations; 2) information on tax payments by nonresident shareholders; 3) use of the income information on Schedule NJ-K-1, Form CBT-100S that S corporations give to shareholders; 4) line-by-line instructions for Worksheets B, C, D, and E; and 5) ways to determine and report reportable income from ...