As part of overhauling its corporate income tax, New Jersey adopted combined reporting and market sourcing. For calendar-year taxpayers, the first returns under this new regime are due by October 15. Certain elections are binding for subsequent tax years, so a taxpayer’s first combination return may be particularly significant.

To address any last minute questions and to help taxpayers in preparing their returns, Reed Smith’s State Tax Group is hosting a free webinar with officials from the New Jersey Division of Taxation. Speakers will include Counsel to the Director, Alan S. Kline, along with Reed Smith lawyers David Gutowski and Matt Setzer. The program will cover such topics as:

• Implications of water’s edge, affiliated group, and worldwide elections
• Nexus standards and P.L. 86-272 for members of combined groups
• Generation and carryforward of NOLs and credits
• Computing tax on dividends received from non-members
• The Division’s new market sourcing regulations