TAX

New Jersey Provides 30-Day Penalty Relief for Corporations
 

New Jersey Provides 30-Day Penalty Relief for Corporations

Posted: September 9, 2019
The New Jersey Division of Taxation will automatically waive the late filing penalty for corporation business taxpayers with a properly extended federal return due date of Oct. 15, 2019, if the return is filed by Nov. 15, 2019.

New Jersey Revises GILTI and FDII Allocation Methodology
 

New Jersey Revises GILTI and FDII Allocation Methodology

Posted: August 22, 2019
The New Jersey Division of Taxation has made a decision to revise the allocation methodology of Global Intangible Low-Taxed Income and Foreign Derived Intangible Income from the gross domestic product methodology detailed in TB-85(R).


Sales Tax Holidays Affected by Wayfair
 

Sales Tax Holidays Affected by Wayfair

Posted: August 8, 2019
There’s a new wrinkle in the annual wave of sales tax holidays that arrive in states around the country every summer around the time of back-to-school sales, and that’s the Supreme Court’s decision last year in the case of South Dakota v. Wayfair.

Desk  Audits — More Common Than You Might Think
 

Desk Audits — More Common Than You Might Think

Posted: August 2, 2019
While the New Jersey Division of Taxation audit workforce has not seen a reduction on par with the IRS, it conducts a significant number of desk audits. The New Jersey Division of Taxation focuses most of its desk audits on the resi­dent credit claimed for taxes paid to other jurisdictions.


New Jersey
 

New Jersey's Angel Investor Tax Credit Has Increased

Posted: July 1, 2019
Looking to encourage investment into women and minority owned businesses, a bill to increase the Angel Investor Tax credit percentage by a taxpayer into a New Jersey emerging technology business from 10 to 20 percent of the qualified investment has been signed into law by Governor Phil Murphy.



Highlights of Opportunity Zone Tax Benefits
 

Highlights of Opportunity Zone Tax Benefits

Posted: March 20, 2019
The Tax Cuts and Jobs Act generally allows a deferral of capital gains that are reinvested in certain designated areas called Opportunity Zones. Learn what you need to know to qualify for this tax benefit.