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NJ Updates Compliance With Tax Pact

by usoftax_admin | Mar 19, 2024 | Tax News

The New Jersey Division of Taxation readopted and amended regulations to maintain its compliance with the Streamlined Sales and Use Tax Agreement, the division announced Tuesday.

Staffing Co. Owner Gets 4 Years For Hiring Untaxed Labor

by usoftax_admin | Mar 19, 2024 | Tax News

The owner of a staffing company in Key West, Florida, that hired untaxed and unauthorized workers was sentenced by a Florida federal judge to four years in prison and ordered to pay $3.5 million in restitution to the U.S. government, according to court...

GILTI Figures Into CFC Applicability Project, Official Says

by usoftax_admin | Mar 19, 2024 | Tax News

The U.S. global intangible low-taxed income system is factoring into continuing Internal Revenue Service work on whether a tax code provision limiting corporations from offsetting income with net operating or other tax losses after ownership changes applies to...

10th Circ. Told Colo. Tax Ballot Title Law Flouts Constitution

by usoftax_admin | Mar 19, 2024 | Tax News

A Colorado law requiring that financial impacts be included in the titles of some tax-related ballot initiatives is unconstitutional and should be overturned, a conservative group told the Tenth Circuit on Tuesday.

NC Panel Rules Nonprofit Not Entitled To Tax Exemption

by usoftax_admin | Mar 19, 2024 | Tax News

A North Carolina manufactured home community doesn’t qualify for a charitable tax exemption because providing land for housing units isn’t considered equivalent to providing affordable housing for low-income individuals, the state appeals court ruled...

AT&T Entity Challenges $78.5M R&D Tax Credit Denial In NJ

by usoftax_admin | Mar 19, 2024 | Tax News

New Jersey’s tax agency improperly denied an AT&T entity’s attempt to carry forward nearly $78.5 million in research and development tax credits from closed tax years to an open tax year, the company argued in the state Tax Court.
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