Credit: Brian Campbell/Adobe Stock Introduction
New Jersey's bulk sales tax law, N.J.S.A. Section 54:50-38 (the Act), applies to any sale, transfer, or assignment of a person's business assets that is not made in the ordinary course of business. A transferee's failure to comply with the Act can result in successor liability to such transferee for any New Jersey taxes that the transferor owed, including but not limited to sales, use, corporate income, and gross income tax withholding, and any interest and penalties thereon.New Jersey Bulk Sales Notification Requirement—the End of Form TTD
"The primary purpose of the Act is to give the state an opportunity to collect state taxes from an important liquidity event," write Gibbons' Peter J. Ulrich, Nicole E. Taplin and Eric B. Udowychenko.
September 05, 2024 at 10:00 AM
6 minute read
Tax
Credit: Brian Campbell/Adobe Stock
Introduction
New Jersey's bulk sales tax law, N.J.S.A. Section 54:50-38 (the Act), applies to any sale, transfer, or assignment of a person's business assets that is not made in the ordinary course of business. A transferee's failure to comply with the Act can result in successor liability to such transferee for any New Jersey taxes that the transferor owed, including but not limited to sales, use, corporate income, and gross income tax withholding, and any interest and penalties thereon.
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