S&u-7 Filing Sales & Use Tax Returns - New Jersey Department Of The Treasury Page 9
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12Filing Sales & Use Tax Returns
State. All tax collected, including amounts in
Postmark Date
excess of the required tax (calculated by multi-
Returns postmarked on or before their due date
plying the amount of the taxable receipts by the
are considered to be filed on time. Returns post-
sales tax rate), must be periodically remitted to
marked after their due date are considered to be
the State accompanied by an appropriate sales
late and are recorded as being filed on the date
and use tax return. Under the law, business own-
they were actually received by the Division, not
ers, partners, corporate officers and some employ-
the postmark date. Interest and penalties, if any,
ees may be personally liable to the State for fail-
are assessed from the due date of the return.
ure to collect sales tax when required or to file a
return and remit any tax when due. Penalties and
Penalties and Interest
interest are imposed for such violations.
When a return is filed after its due date or tax is
paid late, penalties and interest will be assessed
Electronic Funds Transfer
as follows:
Taxpayers with a prior year liability of $20,000
or more in any tax are required to make their pay-
•
Late Filing Penalty: 5% per month (or fraction
ments for all taxes by electronic funds transfer
of a month) up to a maximum of 25% of the
(EFT). Other taxpayers may voluntarily submit
outstanding tax liability when a return is filed
payments by EFT with the approval of the Divi-
after the due date. A penalty of $100 for each
sion. For more information on the Electronic
month the return is late may also be imposed.
Funds Transfer Program write to:
•
Late Payment Penalty: 5% of the outstanding
N
J
D
T
EW
ERSEY
IVISION OF
AXATION
tax balance may be imposed.
CN 191
T
NJ 08646-0191
RENTON
•
Interest: 3% above the prime rate for every
month (or fraction of a month) the tax is unpaid,
or call our Tax Hotline at 609-588-2200.
compounded annually.
Rev. 2/97
9
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