Archive for September, 2011
New Jersey has been very active in courting high-tech firms this Summer. The state has eliminated a cap on its research and development tax credit, restored full funding to its Technology Business Tax Certificate Transfer (also known as the Net Operating Loss) program, and announced three new funds to help leverage tech business investments (two Edison Innovation funds and the Edison Innovation Growth Stars Fund). The incentives are for established and profitable companies, as well as start-up companies.
Media and Media Content Companies Get Opportunity to “Come into Compliance” through New Jersey Voluntary Disclosure Initiative
New Jersey Division of Taxation has announced a voluntary disclosure initiative for media and media content companies. The initiative, which runs through November 15, 2011, is designed to allow companies that derive revenue from advertising, subscriptions and syndications, and licensing of consumer products to “come into compliance” with the New Jersey Corporation Business Tax.
The Fed is wrapping up its two-day meeting today. This unusual meeting follows last month’s Fed meeting in Jackson Hole, Wyoming, where Fed Chief Bernanke felt that the Fed Board needed two days to consider its remaining options available to stimulate the U.S. economy.
At this point, the Fed has limited tools available. The Fed has already implemented a couple rounds of Quantitative Easing (QE 1 and QE 2) and is searching for any economic tools that it can use to stimulate the economy and induce businesses to spend money and hire employees. Will the Fed twist again like it did in ’61?
What’s Going On
The hactivist group that goes by the name “Anonymous” has collaborated with the group Adbusters to organize their nonviolent protest titled “Occupy Wall Street.” On September 17, 2011, dubbed the ‘Day of Rage,’ the groups plan to gather 20,000 individuals and occupy Wall Street and protest peacefully for months until their demands are met.
Numerous videos on YouTube have been posted by both groups explaining their plan, stating that “[o]n September 17, we want to see 20,000 people flood into lowerManhattan, set up tents, kitchens, peaceful barricades and occupy Wall Street for a few months. Once there, we shall incessantly repeat one simple demand in a plurality of voices.”
The New Jersey Division of Taxation and the New York State Department of Taxation and Finance have extended some filing deadlines for taxpayers impacted by Hurricane Irene to October 31, 2011. For more detailed information, see New Jersey Division of Taxation Notice, Tax Relief for Victims of Hurricane Irene in New Jersey, and New York State Department of Taxation and Finance’s Announcement Regarding Hurricane Irene (PDF).
On July 1, 2011 the new United Kingdom Bribery Act came into force. Because of the wide jurisdictional reach of that Act, any company or person(s) with any substantive contacts with the U.K. should understand how the Act may affect your business.
The Act revises the bribery laws in the U.K., now making it a crime for a person to offer, give or promise to give a “financial or other advantage” to another individual in exchange for “improperly” performing a “relevant function or activity.”