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August 8, 2012, Dear Retail Clients and Friends, Retailers with gift cards and operations in New Jersey should take note of the new requirement under New Jerseys revised gift card law that retailers
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Section 568-110 - gift refers to a specific section of the tax code that deals with reporting gifts given to individuals.
Individuals and entities who have given gifts exceeding a certain threshold are required to file section 568-110 - gift.
Section 568-110 - gift can be filled out by providing information about the giver, recipient, and details of the gift given.
The purpose of section 568-110 - gift is to ensure that gifts above a certain value are properly reported for tax purposes.
Information such as the value of the gift, the relationship between the giver and recipient, and any applicable exemptions must be reported on section 568-110 - gift.
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