Legal Question in Tax Law in New Jersey

Re: corporation tax

The State of New Jersey does have corporate business tax and annual report requirements which must be met by every corporation to maintain it's "good standing." Of course, someone within the state has to be the designated registered agent. There may be applicable penalties and interest for failure to file. Since you have not conducted any business, you could not have any income from sales and probably none from interest or investments and therefore, would not have any income tax liability. It is difficult to advise you what the best or most practical approach may be without ascertaining additional facts. If you wish to pursue this matter call me at 973-731-5110

Re: corporation tax

Since you were inactive, no federal return is required. To keep the corporate charter in NJ, you need to file Form CBT-100 for each year, or part of year in initial year, you were in existance, plus the annual report on officers and directors. Fees have been increased from minimum of $200 for 2001 plus annual report fee of $50, to $500 for 2002 plus annual report fee, and continue at this rate for 2003. There will be interest and penalties for late/no filing, plus a prepayment of 50% as an estimated tax for each year. The minimum tax is due even if you were inactive and had no income. I estimate you would owe about $1,350 plus interest and penalties. I can assist in the preparation and filing of these returns. You can contact me by e-mail or call at 973-377-3313 if you need more information.