New Jersey announces VDA tax initiatives for intangible asset nexus and for partnership tax and partner fees

State and Local Tax
The New Jersey Division of Taxation has announced two voluntary disclosure agreement (VDA) initiatives that run from March 15, 2014, through May 15, 2014, for intangible asset nexus and for partnership tax and per partner fees. Taxpayers that participate in a VDA will have a limited look back period and waived penalties, but must pay all interest. Returns filed under either program will be subject to audit with respect to issues not specifically covered in the VDA.

Interested taxpayers should consider the benefits of entering into a voluntary disclosure agreement with the state.


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