TAX

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.

Gov. Murphy Signs $38.7B Budget
 

Gov. Murphy Signs $38.7B Budget

Posted: July 1, 2019
Gov. Murphy signed a $38.7B budget for New Jersey that did not include an expansion of the millionaire's tax. He also line-item vetoed nearly $50 million in legislative spending.



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.