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Can you summarize NJST 5:12-150?
Penalties.
Short Summary
This section of the New Jersey General and Permanent Statutes governs penalties related to the filing of returns, payment of taxes or deposits, and compliance with the provisions of the ‘State Uniform Tax Procedure Law’. Licensees who fail to file a return or pay tax or deposit may be subject to penalties and interest. Persons failing to file a return, pay tax or deposit, or filing false information may be guilty of a crime of the fourth degree and subject to penalties, including a fine of up to $100,000. Additionally, any underpayment of tax due to fraud may result in an additional amount equal to 50% of the underpayment being added to the tax. The certificate of the State Treasurer serves as presumptive evidence of non-compliance. The Division of Taxation may remit penalties if the failure to comply was excusable under the circumstances.
Whom does it apply to?
Licensees, persons failing to file a return or pay tax or deposit, persons filing false information, persons failing to keep required records
What does it govern?
Penalties
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Licensees who fail to file a return or pay tax or deposit may be subject to penalties and interest as provided in the 'State Uniform Tax Procedure Law'. Persons failing to file a return, pay tax or deposit, or filing false information may be guilty of a crime of the fourth degree and subject to penalties, including a fine of up to $100,000. Any underpayment of tax due to fraud may result in an additional amount equal to 50% of the underpayment being added to the tax.
Jurisdiction
New Jersey