Navigating Bulk Sales
Date: Nov 20, 2024 10:00 a.m. – 11:40 a.m.
Location: Online
Member Price: $99.00
Non-Member Price: $125.00
Section Price: $0.00
Areas of Law: Business, Real Estate, Taxation
Earn up to 2 credits! (More Information)
Keynote
Moderator
Presenters
- F. Bradford Batcha, Esq.
- Batcha & Batcha LLC, Shrewsbury
- Timothy Kinsley
- Bulk Sales Unit, Division of Taxation
- Matthew Steel
- Bulk Sales Unit, Division of Taxation
- Nicole E. Taplin, Esq.
- Gibbons P.C., Newark
- Eric B. Udowychenko
- Gibbons P.C, Newark
- Peter J. Ulrich, Esq.
- Gibbons PC, Newark
The Bulk Sales Act (N.J.S.A. 54:50-38 and N.J.S.A. 54:32B-22(c)) provides the New Jersey Division of Taxation a mechanism to obtain notice of a New Jersey taxpayer’s sale of business assets out of the ordinary course of business. In turn, it allows the state to collect unpaid taxes from the sales proceeds. The process can also be used by purchasers of business assets to protect them from bearing transferee liability with respect to state tax liabilities of the seller. Bulk sales can include the sale of real property, tangible property – such as inventory or materials – and intangible assets like goodwill.
Numerous practical issues arise in applying and complying with the Bulk Sales Act, including determining whether there is a sale of a business asset, understanding how to complete and submit the bulk sale notification form, how a seller may respond to a state request for the purchaser to escrow funds at closing and how to minimize miscommunications with the Bulk Sale Section within the state Division of Taxation.
It is the purchaser’s responsibility to notify the state of a bulk sale. If you represent a purchaser of a business or business property that falls within the Bulk Sales Act, it is important to know how to protect your client during the bulk sale notification process and well before that, in drafting the purchase agreement. Alternatively, if you represent a seller, you will be looking to minimize escrow requests, perhaps by assisting your client in addressing tax return delinquencies and tax payment deficiencies.
Join us as our panel, which will include representatives from the Bulk Sale Section, guides you through the New Jersey bulk sales process:
- Who the bulk sales law applies to
- Notice requirements under the statute
- Reporting requirements under the statute
- Recently updated guidance on the bulk sale process
- How to obtain a reduction of escrow from the state
- How to properly respond to a “returns required” letter, which returns to file and how
- How to properly respond to an “insufficient notice” letter
- Steps to take if your clients receives a bulk sale violation
- Tips for working with the Division of Taxation, and more.
Important Information About Our Events, Meetings, and More:
To secure your spot and receive important updates about our events, meetings, and other gatherings, such as schedule changes, remember to register in advance.
Digital Materials & Environmental Commitment: As part of our commitment to environmental sustainability, unless otherwise noted, all seminar materials are provided as digital downloads. You can access these materials through:
- The “My Links” section at the top of our website for in-person or online events
- Or, for online programs, the event access link included in your joining instructions
Cancellation and Refund Policy:
If you need to cancel your registration and are not transferring to another program or date, please submit a written request to us at least three business days before the event, meeting, or gathering. You will receive a refund minus a $20.00 cancellation fee. No refunds or registration changes will be issued within three business days of the event, meeting, or gathering.
Stay Informed:
Registered participants will be notified of any schedule changes. For updates regarding inclement weather, please check your email or visit NJSBA.com.
Media Consent:
By participating in our events, meetings, or other gatherings, you agree to be photographed and/or recorded. Additionally, all media content captured during these gatherings will become the property of NJSBA. This content, including your image and name, may be used in our future promotional materials without additional consent or compensation.
Scholarship & Financial Assistance Policy:
Read our Scholarship & Financial Assistance Policy and submit an Application here: https://njsba.com/njicle/cle-programs/scholarship/