N.J.A.C. 18:7-5.16 - Effect of Audit Adjustments

An audit adjustment by the Division to entire net income shall serve to revise the amount of any net operating loss for the year of the change and the net operating loss carryover to which it relates. Alternatively, a taxpayer may request adjustments to their net operating losses during an ongoing audit by the Division by filing an amended return, claim for refund, or through Section 8 relief requests. The ability to make net operating loss adjustments is limited to 10 years after the return was filed.