Lining up: State law changes affect partnerships and S corporations.

SUBCHAPTER S corporations; CORPORATE taxes; STATE laws; TAX auditing; TAX laws; TAX returns; INCOME tax; PARTNERSHIP agreements

The article focuses on recent changes to New Jersey's tax laws that could impact both resident and nonresident taxpayers with business investments. Topics include the end of COVID-19 related tax extensions on the statute of limitations, the elimination of a separate election requirement for New Jersey S corporation status, and the conformity of partnership audit rules with federal adjustments and multistate tax commission model law.