New Jersey Administrative Code
Title 18 - TREASURY - TAXATION
Chapter 2 - GENERAL POLICIES AND PROCEDURES
Subchapter 7 - RECORDKEEPING AND RETENTION REQUIREMENTS
Section 18:2-7.3 - Recordkeeping requirements-general
Current through Register Vol. 56, No. 6, March 18, 2024
(a) A taxpayer shall maintain all records that are necessary to a determination of the correct tax liability. All required records are to be made available on request by the Director or his or her authorized representatives. Such records include, but not necessarily limited to, books of account, invoices, sales receipts, or other documents required to be maintained by any specific tax statute or regulation of this State.
(b) If a taxpayer retains records required to be retained under this section in both machine-sensible and hard-copy formats, the taxpayer must make the records available to the Director in machine-sensible format upon request of the Director.
(c) If the machine-sensible or hard-copy records of the taxpayer are determined to be incorrect or insufficient, the return(s) filed on the basis of the information obtained from such records may be deemed to be incorrect or insufficient and the Director may determine the amount of tax due the State by using any information available, whether from the taxpayer's place of business or from any other source.
(d) Nothing in this section shall be construed to prohibit a taxpayer from demonstrating tax compliance with traditional hard-copy documents or reproductions thereof, in whole or in part, whether or not such taxpayer also has retained or has the capability to retain records on electronic or other storage media in accordance with this regulation. However, this subsection does not relieve the taxpayer of the obligation to comply with (b) above.
