Multistate Tax Alert: New Jersey Announces Voluntary Disclosure Initiative for Media Companies
The New Jersey Division of Taxation recently announced a Voluntary Disclosure Initiative (“VDI”) for Media and Media Content Companies that fall within the state’s taxing jurisdiction. Beginning August 15, 2011 and ending November 15, 2011, such companies that otherwise qualify for the state’s general Voluntary Disclosure Program will have an opportunity to come forward and comply with New Jersey Corporate Business Tax filing requirements. Media and Media Content Companies failing to participate in the VDI will be precluded from participating in the state’s general Voluntary Disclosure Program.
The attached Tax Alert summarizes the general terms of the VDI.