New Jersey Tax Division Publishes Supplemental FAQ Regarding Federal S Corporation Acquiring State S Status

The New Jersey Division of Taxation March 7 issued a supplemental frequently asked question (FAQ) concerning S corporation procedural changes, for corporate income and individual income tax purposes. The answer to the supplemental FAQ includes: 1) a business should submit its Shareholder Jurisdictional Consent (Schedule SJC) and proof of its federal S corporation status as part of its CBT-100S filing, assuming the Federal Acceptance Letter is dated on or after Dec. 22, 2022; and 2) if the business wants to submit the information in advance of filing its return, in order to make a pass-through entity election, it can use ...