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In anticipation of the upcoming Exempt Org and Texas Franchise deadlines (5/15), we've compiled a list of the most common questions here.
In anticipation of the upcoming Exempt Org and Texas Franchise deadlines (5/15), we've compiled a list of the most common questions here.
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NJ CBT-100S Minimum Tax
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Lenny D
Level 1
03-16-2021
06:16 AM
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A number of clients have received notices going back several years regarding NJ CBT-100S minimum tax computations. The notices are correct. The Lacerte program calculated the minimum tax as $375 regardless of reported gross receipts. $375 is the minimum tax for S Corporations with revenue under 100K. The minimum increases as revenue increases above 100K. The program failed to calculate the correct minimum. Anyone else have this problem. I have to reimburse the penalty & interest charges to these clients.
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