Form Instructions 1120 for New Jersey 2024-2025

Form Instructions 1120 for New Jersey: What You Should Know

Form 1120(J), as explained on page 5 here in New Jersey by: (1) A certificate of election and/or the Certificate of Authority. For the certificate of election, sign or otherwise designate the individual(s) responsible under the law for appointing the corporation as a New Jersey S corporation. The individual(s) must certify under penalty of perjury that: the corporation qualifies as a New Jersey S corporation (i.e., the principal business or principal executive officers of the corporation will be in New Jersey in the active conduct of the corporation) the corporation will have all the characteristics of being a New Jersey S corporation under New Jersey law and (for federal tax purposes) the corporation will be deemed to be an N.J. sole proprietor for federal tax purposes. The individual(s) may also add in Section 12. Note: If no individual is appointed to be responsible as an electing member the corporation will be deemed to be an N.J. limited liability company. Note: Form CBT-100S must be filed with the state and federal New Jersey corporate income, franchise and gift tax returns. Instructions for Schedules The schedules, as they are to be read, are given by sections below. S1 — Statement of Purpose The statement of purpose is required by section 3 of the S Corporation Act. The statement must be filed with Schedule J. The statement of purpose is to be filed on the state S corporation tax return and all other New Jersey S corporation returns. If the shareholder has no shares of the corporation, the statement of purpose must be filed as follows: Name of corporation: The shareholder name on which the election is being made. Nature of business: The nature of the intended business. For example, it should specify the corporation's primary place of business. Address of residence: Name where the shareholder resides. Address of principal office: Name of place where the owner works or conducts the business of the corporation. Telephone and other communications: If so designated, name of the corporation and any contact person.  Section 3(b) Section 3(b)(3) of S.J. 9:14-1 reads: The shareholder that makes the election must file a Statement of Purpose with Schedule J. This Schedule J must be filed on the business and state S corporation tax return and New Jersey corporate returns (see table below). It must not be filed with the New Jersey corporate income tax return.

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