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New Jersey Online Sales Tax: What You Need to Know
Introduction
If you're an online seller or shopper in New Jersey, you may have heard about the new online sales tax rules that went into effect in 2020. This article will provide an overview of what the online sales tax is, how it affects you, and what you need to do to comply with the new rules.
What is the New Jersey Online Sales Tax?
The New Jersey online sales tax is a tax on online purchases made by customers in New Jersey. This tax is similar to the sales tax that is charged on purchases made in physical stores in the state.
How Does it Affect You?
If you're an online seller, you may need to collect and remit sales tax on your online sales to customers in New Jersey. If you're an online shopper, you may see an additional sales tax charge on your purchases from out-of-state sellers who are now required to collect and remit sales tax to New Jersey.
Who Needs to Collect and Remit the Tax?
Online sellers who have a physical presence in New Jersey are required to collect and remit the online sales tax. This includes sellers who have a physical store or warehouse in the state, or who have employees or other representatives working in New Jersey.
What If You Don't Have a Physical Presence in New Jersey?
If you don't have a physical presence in New Jersey, you may still be required to collect and remit the online sales tax if you have sales of more than $100,000 in the state, or if you have made more than 200 separate transactions to customers in New Jersey.
How Do You Register to Collect and Remit the Tax?
If you are required to collect and remit the online sales tax, you will need to register with the New Jersey Division of Taxation. You can register online or by mail, and you will need to provide information about your business, including your tax identification number and the date you began collecting sales tax in New Jersey.
What Are the Penalties for Non-Compliance?
If you are required to collect and remit the online sales tax and you fail to do so, you may be subject to penalties and interest charges. The penalties can be substantial, so it's important to make sure you are in compliance with the new rules.
What Are the Exemptions?
There are some exemptions to the online sales tax in New Jersey. For example, sales of certain items, such as food and clothing, are exempt from the tax. Additionally, sales made to certain types of organizations, such as churches and charities, may also be exempt.
Conclusion
The new online sales tax rules in New Jersey can be complicated, but they are important to understand if you are an online seller or shopper in the state. By taking the time to learn about the rules and comply with them, you can avoid penalties and ensure that you are in good standing with the state's tax authorities.
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