Today’s tax tip is about sales. Specifically categorizing sales correctly and how sales tax apps can help. Key Takeaways: All sales fall in one of two buckets. The sale is either taxable or nontaxable. If a sale is categorized as taxable, it is important that you know...
Everyone knows that there will be penalties if sales and use tax is not correctly addressed. A colleague asked if we ever heard of anyone going to jail because of sales and use tax. The answer is no. We have not run into that. But there is a myriad of things that the...
Intro paragraph to the video and the topic that will be covered Key Takeaways: Sales and use tax laws differ from jurisdiction to jurisdiction. When expanding operations into different jurisdictions, understand that your sales and use tax responsibilities may...
Sales tax credits can are either valid or they are not. Period. What is an unapproved sales tax credit? How does this topic impact the compilation of a correct sales and use tax return? Can you say “TROUBLE?” SALES TAX RETURNS: UNAPPROVED SALES TAX...
In this video, we discuss the importance of reconciliations, including reconciling your sales tax accrual account. Key Takeaways: if there are significant differences between what was reported on your sales tax return and the sales tax accrual account, document why...
As a business owner, it is important that you understand the sales and use tax registration requirements for your business. This is a quick introductory video about sales tax nexus and registration requirements. Key Takeaways: By registering your business, you are...
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