Holiday Shopping Spree Continues With Cyber Monday

The shopping frenzy continues today with Cyber Monday, a day when online retailers are vying for consumers by offering huge discounts.

On Friday consumers beat projections by spending big— to the tune of $11.4 billion— up nearly 7 percent from 2010, according to an article published in the Huffington Post.

Overall, consumers spent an average of $400 this weekend, beating expectations, according to the National Retailer Association.

Will you be hunting for deals today? Have you already started online shopping? Or are you tired of the aggressive sales ads and protesting the holiday shopping frenzy altogether?

If you're buying, state officials are urging consumers to be aware of a use tax that equals to what you'd spend if you were shopping in a brick and mortar store.

The California Equalization Board estimates that the state loses more than $1.1 billion in revenues from unpaid use taxes from consumers and businesses. Current law requires consumers to pay the tax if they purchase taxable items from online retailers that do not collect the tax.

"The use tax brings fairness to the marketplace by making sure that online retailers play by the same rules as storefront retails," board member Betty T. Yee said in a statement this week.

Yee said that online retailers could help inform consumers of their legal obligation.

"Online retailers have the closest contact with their consumers, so their help in informing the public could go far toward increasing compliance with the law," she said.

According to the board, many online, out-of-state retailers do not collect the tax, giving them an unfair advantage over those retailers that do. State legislation passed this year will require many such retailers to collect the tax beginning next year, which the board estimates will increase state revenues.

Until the law takes effect, consumers need to calculate and pay the use tax. Consumers can find more information about the tax on the board's website at boe.ca.gov