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NJ MVC Annual Reports

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It seems as if many NJ Bus Companies, possibly the newer ones, have either forgotten about or are unaware of the requirement of filing an Annual Report with the NJ MVC. The Annual Reports are due no later than March 31st covering the preceding calendar year. It had been by experience that the forms were mailed to the bus carriers during January, leaving sufficient time to complete and file same. However, during the past week, the MVC has mailed a number of the forms to me as attorney for the newer companies advising that the deadline had been missed and establishing a new deadline of August 1st.

There are serious penalties for non-compliance, i.e. revocation of operating authority in addition to a daily penalty for the late filing. No one can afford to lose their operating authority, so it behooves each and every bus company to do the requisite filing. In most cases, the filing will be done by the accountant or controller for the company, as the key information is financial (income statement and balance sheet). Fees are based upon revenues for the year. If anyone has a particular question about preparation or filing, please direct it to me at jerry@jcasser.com and I will try to help.

Jerry A. Casser, Esq. (Fairfield NJ Transportation attorney)  www.jcasser.com

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