New Jersey State Tax Update and Recent Developments
Stay informed about the latest updates and cases in New Jersey state taxation. From recent legislation to proposed changes, this comprehensive overview covers everything you need to know, including key issues affecting clients and practitioners in the field of taxation.
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Presentation Transcript
NEW JERSEY STATE TAX UPDATE AND REVIEW Alan J. Preis, CPA 30 Columbia Tpk, Ste. 101 Florham Park, NJ 07932 Tel: 973-660-0444 ajpcpa2000@aol.com
I. What is Bothering you and your clients about NJ Taxation A. 2014 GIT W-2 requests B. 2012 CBT 100 requests from NJ TDW C. Your peeve(s)
II. Recent Cases A. Criticare Inc. S corp shareholder B. UPS General Services Amnesty penalty abatement C. Duke Energy & PPL Electric CBT State tax add back D. Bernard GIT statute of limitations refunds similar to Bonanno case E. Lottery winnings cases proceeding Milligan et al.
1. Latest Developments A. Criticare, Inc. Case June 2014 S corporation shareholder credit for taxes paid to other states. B. Resignation of NJ Division of Taxation Director Michael Bryan
2. 2014 NJ TAX LEGISLATION (June 30, 2014). A. Taxation of out of state corporate partners deriving NJ source K-1 income. B. Sales and Use Tax Nexus for out of state remote vendors. C. Legislation to tax NJ source gains on deemed asset sales under IRC Section 338 (h) (10) post McKesson Water Products case. D. Proposed penalties for bad electronic payments comparable to bad check penalties Plaxico Burress 4/30/15
3. RECENT LEGISLATION AND ISSUES A. New Jersey Economic Opportunity Act
4. PROPOSED LEGISLATION AND ISSUES Sales tax on computer and software maintenance i. Regulations adopted December 1, 2014 i.
4. PROPOSED LEGISLATION AND ISSUES III. Proposed CBT Market Sourcing Regulation withdrawn Prospect of Legislation Multistate Implications
4. PROPOSED LEGISLATION AND ISSUES iv. Expanded use of 50% Civil Fraud Penalty
5. PRIOR ENACTED LEGISLATION AND GUIDANCE CBT Single Sales Factor For years beginning on or after January 1, 2014 Receipts 100%
GIT Alternative Business Calculation
6. CORPORATE BUSINESS TAX E Filing of CBT 100 mandated for 2015 and e-payment mandated for 2015
CORPORATE BUSINESS TAX Cases Telebright Corporation NJ Tax Court held and NJ Appellate Division affirmed that a telecommuter working at her home in NJ for out of state software company created NJ CBT Nexus
