Governor Murphy signed into law a bill that provides New Jersey taxpayers a three-month extension to pay and file their state individual gross income, partnership, and corporation business taxes.
Tax day for the state is now July 15, adjoining with the IRS' previous extension of the federal tax deadline.
NJBIA has supported this extension to file federal and state taxes, as the COVID-19 response has resulted in financial hardships for many New Jersey residents and businesses. Specifically, this extension applies to both annual and first quarter returns and payments.
The extension will allow many businesses to keep operations running. It will keep disposable income in the pockets of New Jersey's businesses and workforce at a time when many really need it. And it will also allow New Jersey tax filers some much-needed flexibility and time to assess their financial picture and future.
Further guidance from the State Division of Taxation is available here.
Additionally, today's signing by Governor Murphy also extends New Jersey's fiscal year through September.
GUIDANCE FOR INDEPENDENT CONTRACTORS
Also late today, the New Jersey Department of Labor and Workforce Development (NJDOL) issued new guidance to help self-employed, independent contractors, gig workers, and platform workers learn about, and apply for, economic assistance.
Assistance may be available to workers who are impacted by COVID-19 -- but not eligible for regular unemployment insurance benefits -- through two federal programs: Pandemic Unemployment Assistance (PUA) and possibly the Families First Coronavirus Response Act (FFCRA).
NJDOL has prepared two downloadable guides to help claimants understand what benefits are available and how to apply for them. You can find that information here.