Amnesty Alert: MEDIA COMPANIES Voluntary Disclosure Initiative in NEW JERSEY

New Jersey’s Division of Taxation recently announced a voluntary disclosure initiative directed to media and media content companies beginning on August 15, 2011 and ending on November 15, 2011.

Several of the program details include:

• A look back period will be limited to four years. This includes the current period and the previous three years.
• All late filing penalties will be waived. A five percent amnesty penalty will be assessed for amnesty eligible periods; i.e., returns due on or after January 1, 2002 and prior to February 1, 2009.
• The amount of receipts earned by licensing intangible property cannot exceed ten percent of total gross receipts.
• Discretionary apportionment relief from “throwout” allocation may be granted on a case-by-case review.
• Within 90 days of execution of its VDA, the taxpayer should file its New Jersey Corporation Business Tax Returns for the disclosure period and remit the taxes due.
• Interest will be paid within 30 days of assessment.

For instructions and all of the specific principles of the program, please click here.

If you have any questions or require assistance regarding this voluntary disclosure offering, please feel free to contact Geoff Christian at 864-241-2009, gchristian@dlptax.com or Marshal Kline at 864-241-2005, mkline@dlptax.com.