New Jersey Statutes 17:11D-1. Definitions relative to tax preparation services
Terms Used In New Jersey Statutes 17:11D-1
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- person: includes corporations, companies, associations, societies, firms, partnerships and joint stock companies as well as individuals, unless restricted by the context to an individual as distinguished from a corporate entity or specifically restricted to one or some of the above enumerated synonyms and, when used to designate the owner of property which may be the subject of an offense, includes this State, the United States, any other State of the United States as defined infra and any foreign country or government lawfully owning or possessing property within this State. See New Jersey Statutes 1:1-2
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
- Trustee: A person or institution holding and administering property in trust.
“Client” means an individual who engages the services of a tax preparer.
“Commissioner” means the Commissioner of Banking and Insurance.
“Refund anticipation check” means a check, stored value card, or other payment mechanism representing the actual or anticipated proceeds of the client’s federal or State income tax refund which was issued by a depository institution, tax preparer, or other person that received or anticipates receipt of a direct deposit of the client’s federal or State income tax refund and for which the client has paid a fee or other consideration for such payment mechanism.
“Refund anticipation loan” means a loan that is secured by, or that the tax preparer anticipates from, a client’s federal or State income tax refund.
“Tax preparation services” means services provided for a fee or other consideration to a client to:
(1) assist with preparing or filing State or federal individual income tax returns;
(2) assume final responsibility for completed work on an individual income tax return on which preliminary work has been completed by another; or
(3) offer, facilitate, or make refund anticipation loans or checks.
“Tax preparer” means an individual, corporation, partnership, limited liability company, association, trustee or other entity who provides tax preparation services.
L.2007, c.258, s.1; amended 2022, c.90, s.1.