Category: New Jersey
A Huge Tax Break Went to a Politically Connected Company in New Jersey Despite Red Flags
Holtec International told New Jersey regulators that Ohio was competing for its new headquarters. But officials there stripped the firm of past tax awards for failing to create the jobs it promised.n January 2014, as Holtec International explored sites for a new national headquarters and high-tech manufacturing center, the New… – Continue reading
States vie with feds to punish company moves abroad. But does it work?
State lawmakers are getting into the act of demonizing corporate inversions even though there is not much they can do to stop them. Corporate inversions, in which U.S. companies merge with or are acquired by an overseas business, are a hot topic on the campaign trail and in the halls… – Continue reading
With new bill, Clarke takes aim at companies fleeing U.S. taxes
A new bill proposed by City Council President Darrell Clarke last week would ban city government from doing business with companies who move abroad to avoid paying U.S. taxes. Corporate tax inversion might not have a sexy ring to it, but it has been a topic on the minds and… – Continue reading
Showdown looming over Singapore bank secrecy laws in UBS tax evasion case
NEWARK, NEW JERSEY (BLOOMBERG) – The US Internal Revenue Service (IRS) sought to make UBS Group turn over records on an account in Singapore held by a US citizen, setting up a showdown with the city-state over its bank-secrecy laws and potentially opening a new front against offshore tax evasion… – Continue reading
Corporate close-up : Three legislative tax trends to watch for in 2016
The “power of three” is a principle of writing and joke telling that suggests that events or items presented in threes are somehow funnier or more satisfying than tales organized around other numbers. It will be interesting to see if the theory holds true for the current state legislative sessions… – Continue reading
Tax Inversions Hinder Economy, Boost Large Caps
Tax inversions and corporate tax rate cuts would be huge for these stocks Certain politicians are decrying a tax move known as an “inversions,” which allow a U.S. company to merge with a foreign one with a more favorable tax rate. Yet, it’s the politicians who created the necessity for… – Continue reading
Teenage Mutant Ninja tax dodge: Viacom whistleblower claims she was sacked for opposing plan to avoid paying taxes on international license rights on Turtles movie
A Viacom whistleblower claims she was sacked by the media company for opposing its alleged plan to illegally avoid paying U.S. taxes on the international licensing rights to Teenage Mutant Ninja Turtles. In a complaint filed in Manhattan federal court on Tuesday, former vice president Nataki Williams said she was… – Continue reading
Russian Nuke Exec Gets Jail for Bribe Scheme
(CN) – A Russian nuclear energy official living in Maryland has been sentenced to four years in federal prison on money laundering charges, the Justice Department announced Tuesday. Vadim Mikerin, 56, of Chevy Chase. Md. was also ordered to forfeit more than $2.1 million, after he pleaded guilty to charges… – Continue reading
A battle over billions in business tax incentives
Deep in the $1.1 trillion dollar spending bill that Congress has to pass by Dec. 11 to avoid a government shutdown are 50 annual “tax extenders” that would provide tens of billions of dollars in tax relief for the private sector. Advocates say these measures, which have been around for… – Continue reading
NJ Assembly votes to penalize corporate tax dodgers
A bill approved by New Jersey’s Assembly would strike back against “corporate inversions,” when a U.S. company buys a smaller company abroad, then changes its address to slash its tax bill. Under the measure approved Thursday, New Jersey would stop offering contracts and development subsidies to these artful tax dodgers… – Continue reading
“Tax Extenders” Bill Swells Massively Under Lobbyist Onslaught
A blockbuster tax cut deal, with a 10-year cost of $889 billion and counting, is deep into negotiations on Capitol Hill, proving that Congress doesn’t care about the deficit as long as the right groups get the giveaways. Virtually every year, Congress packages a series of over 50 tax breaks… – Continue reading
Audits: Vanguard income taxes ‘deficient’ for 2010-14
Mutual-fund giant Vanguard Group underpaid taxes on its income in Texas for 2010-14, according to records of the Texas Comptroller of Public Accounts. State-sponsored audits found payment “deficiency” for all four years in Vanguard’s payments of the state’s corporate franchise tax, which charged companies 1 percent percent of a company’s… – Continue reading
3 Stocks to Buy if Chris Christie Becomes President
A Chris Christie administration would likely make shareholders at some major U.S. companies very happy. The two-term New Jersey Governor has called for an array of pro-growth, business-friendly reforms as he bids for the Republican nomination. Christie is in favor of lowering corporate taxes so companies earn more profits, raising… – Continue reading
London Wants to Become the Center of Chinese Currency Trading
Three years ago, Chinese officials said U.K. Prime Minister David Cameron had “seriously damaged” relations by meeting with the Dalai Lama, the exiled Tibetan leader. As planned talks between the two countries were canceled or failed to take place, worries emerged that Britain would miss out on building deeper economic… – Continue reading
“United States: New Jersey Tax Court Finds Royalty Company Must File And Pay Even Though Related Entity Paid Tax On Same Income “
In a decision released August 14, the Tax Court of New Jersey ruled that an intangible holding company with no physical presence was required to file a New Jersey corporation business tax (CBT) return and pay the related tax due based on its income.1 No relief was available to the… – Continue reading
CORPORATE CLOSE-UP: LICENSING SUBSIDIARY THAT FELL PREY TO ADDBACK REQUIREMENT MUST ALSO FILE RETURN, NEW JERSEY RULES
Shifting of income between parent and subsidiary companies for the purpose of avoiding taxation has been a consistent concern for state departments of revenue. States have enacted a variety of rules to ensure that the entities involved file and pay taxes accurately. In Spring Licensing Group, Inc. v. New Jersey… – Continue reading
