The New Jersey Division of Taxation ("Division") revised its Voluntary Disclosure Agreement program with an Intangible Asset Nexus Initiative. From now through January 15, 2013, the Division will accept a look-back to periods beginning after December 31, 2003, and will consider discretionary throwout relief by averaging a throwout receipts fraction with a non-throwout receipts fraction.
For a copy of the Division's announcement, click here.
Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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