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Lev
Lev, Tax Advisor
Category: Tax
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Experience:  Taxes, Immigration, Labor Relations
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what is tax form 927

Resolved Question:

do i have to pay 927 tax from 2001/2002 if im not in business any more
Submitted: 10 years ago.
Category: Tax
Expert:  Lev replied 10 years ago.

All employers must file forms NJ-927 - http://www.state.nj.us/njbgs/images/nj927.pdf , even though no wages were paid during the quarter. In the boxes requesting wage or payment information enter zero (0). Failure to submit the form NJ-927 timely will result in penalties. -

To avoid problems you should end your Tax Registration in New Jersey - http://www.state.nj.us/treasury/taxation/pdf/pubs/sales/anj13.pdf

Customer: replied 10 years ago.
i went out of business in 2002 i just got a form saying i owe 11000 for the 2001/2002 and i was a s corporation
Expert:  Lev replied 10 years ago.

You should end your Tax Registration in New Jersey - see details here - http://www.state.nj.us/treasury/taxation/pdf/pubs/sales/anj13.pdf

You may receive a notice that give you an explanation why NJ Taxation department think that you owe that amount. In such situation I would strongly recommend to have a local CPA or EA to represent you - you may be able to reduce your debt and/or negotiate the payment plan.

Customer: replied 10 years ago.
what are the statute of liimitation on 927 tax
Expert:  Lev replied 10 years ago.

There is no any statute of limitation on the form. The statute of limitation apply to the tax debt.

The Statute of Limitations only begins to run when the tax return is filed. It is generally 4 years in NJ. As the form was not filled - the statute of limitation doesn't apply.

I would strongly recommend to have a local CPA or EA to represent you and help you straighten this out.

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