closing a business and NJ state says we did not file a return for 2 quarters in 1988. We were never contacted and they estimated a figure that we never come close to in 2013. Are we required to pay this?
1 Answer from Attorneys
No, the State usually over-estimates and creates an arbitrary assessment. Just do a late return with your calculation of taxes due and file it. Upon its acceptance, the State will adjust the assessment, correct it and process the return. If no taxes were due, a return was still required and should be filed now. This is a reply to an Internet question and the response is submitted for information purposes only, and is not intended to be legal advice or as creating an attorney-client relationship. Different or missing facts could change the response.