Instructions for Form BFC-1 Corporation Business Tax Return for Banking and Financial Corporations - New Jersey

This document contains official instructions for Form BFC-1 , Corporation Business Tax Return for Banking and Financial Corporations - a form released and collected by the New Jersey Department of the Treasury.

FAQ

Q: What is Form BFC-1?A: Form BFC-1 is the Corporation Business Tax Return specifically designed for banking and financial corporations in New Jersey.

Q: Who needs to file Form BFC-1?A: Banking and financial corporations operating in New Jersey are required to file Form BFC-1 if they meet the threshold for Corporation Business Tax filing.

Q: What is the purpose of Form BFC-1?A: The purpose of Form BFC-1 is to report the income, deductions, and tax liability of banking and financial corporations operating in New Jersey.

Q: When is Form BFC-1 due?A: Form BFC-1 is due on or before the 15th day of the fourth month following the close of the corporation's fiscal year.

Q: Are there any extensions available for filing Form BFC-1?A: Yes, banking and financial corporations can request an extension of time to file Form BFC-1. The extension request must be submitted before the original due date of the return.

Q: What are the penalties for late filing of Form BFC-1?A: The penalties for late filing of Form BFC-1 include a minimum penalty of $100 and an additional penalty of 5% of the tax due for each month (or part of a month) that the return is late, up to a maximum of 25%.

Q: Is there a separate form for banking and financial corporations in New Jersey?A: Yes, Form BFC-1 is the separate form specifically designed for banking and financial corporations in New Jersey.