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Hopping On the Bandwagon: New Jersey Division of Taxation Unveils Voluntary Transfer Pricing Initiative

By , and 4 Mins Read

New Jersey is the latest state to unveil a voluntary initiative to examine transfer pricing for taxpayers with intercompany transactions.  The initiative is similar to recent programs in North Carolina, Indiana, and Louisiana (see our prior coverage here and here, as well as our prior coverage of the Multistate Tax Commission’s ongoing transfer pricing collaboration and enforcement initiatives). The New Jersey Division of Taxation published guidance outlining the voluntary transfer pricing initiative last week (NJ…

Governor Hochul Vetoes Expanded False Claims Act Legislation

By 3 Mins Read

Governor Hochul rang in the new year by vetoing a bill that expanded the New York State False Claims Act (“FCA”) to permit claims against non-filers. Specifically, on December 31, 2021, Governor Hochul vetoed Senate Bill S4730 (Assembly Bill A2543), explaining in Veto Message No. 83 that “the language in the bill is broader than impacting only non-filers, and would implicate more tax filing controversies to the False Claims Act than just non-filers. This would…

Louisiana Latest State to Institute Voluntary Transfer Pricing Audit Program

By , , , , and 3 Mins Read

Beginning November 1, 2021, the Louisiana Department of Revenue (“Department”) will be offering taxpayers the opportunity to participate in a voluntary transfer pricing “managed audit” program (the “Program”). Pursuant to a recently released Department information bulletin, the purpose of the Program is to: Create an efficient and expedited resolution for corporate tax audits when transfer pricing issues exist; andProvide certainty and uniformity to taxpayers on the resolution of transfer pricing issues for open audit periods…

Baker McKenzie Obtains False Claims Act Win: Instant Savings Not Subject to Sales Tax

By and 3 Mins Read

On Tuesday, the New York Supreme Court granted Baker McKenzie’s motion to dismiss the New York Attorney General’s (“AG”) complaint against B&H Foto and Electronics Corp. regarding a purported False Claims Act (“FCA”) violation. The AG incorrectly alleged that B&H made a false claim on its tax return when they did not collect sales tax on “instant savings,” a type of vendor funding where a manufacturer reduces B&H’s purchase price of a particular item based…

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