State Codes and Statutes

Statutes > New-jersey > Title-54 > Section-54-8a > 54-8a-55

54:8A-55.  Administration;  determination of amount of tax due
    (a) The Division of Taxation in the Department of the Treasury shall administer the provisions of this act, adopt regulations necessary or desirable  to effectuate its purposes or to make explicit the treatment of various items,  authorize appropriate systems of accounting and computation, provide for the  allocation of income, itemized deductions, gains and losses in cases where the  source or connection thereof may be partly within and partly without the source  State of the taxpayer, and prepare instructions for the guidance and  information of taxpayers.  Wherever possible, consistent with reasonable  application of the provisions of this act, the division shall so prepare its  regulations, forms, instructions and other acts to reduce the burden of making  computations and returns under this act differently from similar computations  and returns required of the same taxpayer with respect to the same income and  gain to some other jurisdiction.  The division shall also make procedural  regulations for its review and correction of returns of taxpayers, the making  of refunds or additional assessments of tax on such review or correction, and  the assessment of the tax where no return is filed, as well as the method and time of giving due notice thereof and providing suitable methods for appropriate protest or hearing.

    In addition to objects mentioned elsewhere in this act, such regulations may  describe the treatment to be accorded to items of exchange of property and the  recognition of non-recognition thereof, the deferment of gains from the sale of  a personal residence, war losses, employee stock options, inclusions,  exclusions and exemptions from gross income, pensions, common trust funds, and  may provide for the determination and assessment of interest or penalties,  extensions of time for performing any act or making any payment, suspension of  penalty or interest or both for limited periods, waiver or reduction of  additional taxes, gathering of information and filing of reports for  information, and all other matters reasonably required for the fair, impartial  and practical administration of this act.

    (b) Except as otherwise provided, the amount of tax due on any return shall  be determined by the division within 3  1/2   years after the return was made.   When the return omits an amount greater than 25% of the gross income or  capital gain reported, and which should have been included, such determination  shall be made within 6  1/2   years after the return was made. When no return  is made, or when a return is made willfully false or fraudulent with intent to  evade the tax, or if taxpayer fails to report a change or correction made by  another taxing jurisdiction or fails to file an amended return when required to  by this act, the amount of the tax may be determined at any time.  Where, for 1  taxable year, a deduction disallowed appears to have been allowable in some  other taxable year not more than 5 years prior thereto, the return for such  earlier year may be revised and the tax for said year resettled, and if the  same shall result in a lower tax for said earlier year, the overpayment may be allowed as a credit against, but not in excess of, any assessment resulting  from the disallowance for the later year.

     L.1961, c. 32, p. 153, s. 55, eff. May 29, 1961.
 

State Codes and Statutes

Statutes > New-jersey > Title-54 > Section-54-8a > 54-8a-55

54:8A-55.  Administration;  determination of amount of tax due
    (a) The Division of Taxation in the Department of the Treasury shall administer the provisions of this act, adopt regulations necessary or desirable  to effectuate its purposes or to make explicit the treatment of various items,  authorize appropriate systems of accounting and computation, provide for the  allocation of income, itemized deductions, gains and losses in cases where the  source or connection thereof may be partly within and partly without the source  State of the taxpayer, and prepare instructions for the guidance and  information of taxpayers.  Wherever possible, consistent with reasonable  application of the provisions of this act, the division shall so prepare its  regulations, forms, instructions and other acts to reduce the burden of making  computations and returns under this act differently from similar computations  and returns required of the same taxpayer with respect to the same income and  gain to some other jurisdiction.  The division shall also make procedural  regulations for its review and correction of returns of taxpayers, the making  of refunds or additional assessments of tax on such review or correction, and  the assessment of the tax where no return is filed, as well as the method and time of giving due notice thereof and providing suitable methods for appropriate protest or hearing.

    In addition to objects mentioned elsewhere in this act, such regulations may  describe the treatment to be accorded to items of exchange of property and the  recognition of non-recognition thereof, the deferment of gains from the sale of  a personal residence, war losses, employee stock options, inclusions,  exclusions and exemptions from gross income, pensions, common trust funds, and  may provide for the determination and assessment of interest or penalties,  extensions of time for performing any act or making any payment, suspension of  penalty or interest or both for limited periods, waiver or reduction of  additional taxes, gathering of information and filing of reports for  information, and all other matters reasonably required for the fair, impartial  and practical administration of this act.

    (b) Except as otherwise provided, the amount of tax due on any return shall  be determined by the division within 3  1/2   years after the return was made.   When the return omits an amount greater than 25% of the gross income or  capital gain reported, and which should have been included, such determination  shall be made within 6  1/2   years after the return was made. When no return  is made, or when a return is made willfully false or fraudulent with intent to  evade the tax, or if taxpayer fails to report a change or correction made by  another taxing jurisdiction or fails to file an amended return when required to  by this act, the amount of the tax may be determined at any time.  Where, for 1  taxable year, a deduction disallowed appears to have been allowable in some  other taxable year not more than 5 years prior thereto, the return for such  earlier year may be revised and the tax for said year resettled, and if the  same shall result in a lower tax for said earlier year, the overpayment may be allowed as a credit against, but not in excess of, any assessment resulting  from the disallowance for the later year.

     L.1961, c. 32, p. 153, s. 55, eff. May 29, 1961.
 

State Codes and Statutes

State Codes and Statutes

Statutes > New-jersey > Title-54 > Section-54-8a > 54-8a-55

54:8A-55.  Administration;  determination of amount of tax due
    (a) The Division of Taxation in the Department of the Treasury shall administer the provisions of this act, adopt regulations necessary or desirable  to effectuate its purposes or to make explicit the treatment of various items,  authorize appropriate systems of accounting and computation, provide for the  allocation of income, itemized deductions, gains and losses in cases where the  source or connection thereof may be partly within and partly without the source  State of the taxpayer, and prepare instructions for the guidance and  information of taxpayers.  Wherever possible, consistent with reasonable  application of the provisions of this act, the division shall so prepare its  regulations, forms, instructions and other acts to reduce the burden of making  computations and returns under this act differently from similar computations  and returns required of the same taxpayer with respect to the same income and  gain to some other jurisdiction.  The division shall also make procedural  regulations for its review and correction of returns of taxpayers, the making  of refunds or additional assessments of tax on such review or correction, and  the assessment of the tax where no return is filed, as well as the method and time of giving due notice thereof and providing suitable methods for appropriate protest or hearing.

    In addition to objects mentioned elsewhere in this act, such regulations may  describe the treatment to be accorded to items of exchange of property and the  recognition of non-recognition thereof, the deferment of gains from the sale of  a personal residence, war losses, employee stock options, inclusions,  exclusions and exemptions from gross income, pensions, common trust funds, and  may provide for the determination and assessment of interest or penalties,  extensions of time for performing any act or making any payment, suspension of  penalty or interest or both for limited periods, waiver or reduction of  additional taxes, gathering of information and filing of reports for  information, and all other matters reasonably required for the fair, impartial  and practical administration of this act.

    (b) Except as otherwise provided, the amount of tax due on any return shall  be determined by the division within 3  1/2   years after the return was made.   When the return omits an amount greater than 25% of the gross income or  capital gain reported, and which should have been included, such determination  shall be made within 6  1/2   years after the return was made. When no return  is made, or when a return is made willfully false or fraudulent with intent to  evade the tax, or if taxpayer fails to report a change or correction made by  another taxing jurisdiction or fails to file an amended return when required to  by this act, the amount of the tax may be determined at any time.  Where, for 1  taxable year, a deduction disallowed appears to have been allowable in some  other taxable year not more than 5 years prior thereto, the return for such  earlier year may be revised and the tax for said year resettled, and if the  same shall result in a lower tax for said earlier year, the overpayment may be allowed as a credit against, but not in excess of, any assessment resulting  from the disallowance for the later year.

     L.1961, c. 32, p. 153, s. 55, eff. May 29, 1961.