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Sales Tax Exemptions Explained!

Sales Tax Exemptions Explained!

by Stephanie Thomas | Aug 14, 2022 | General Business, Stephanie's Wisdom, Uncategorized

When making exempt sales to exempt, it is important that you obtain all appropriate documentation required to substantiate the tax-free nature of the sale. On other words, if your jurisdiction requires you to obtain a certificate  or any other documentation, obtain...
The Dangers of Combining Sales & Non-Sales Related Deposits

The Dangers of Combining Sales & Non-Sales Related Deposits

by Mary Thomas | Jul 14, 2022 | Audits, General Business, Mary's Wisdom, Uncategorized

We discuss intermingling your non-sales related deposits in your business bank account. While there are not rules against combining your business proceeds and nonbusiness related deposits into bank account, it can lead to a huge headache if you are ever subject to a...
Sales & Use Tax Compliance- Do Your Reconciliations!

Sales & Use Tax Compliance- Do Your Reconciliations!

by Stephanie Thomas | Mar 7, 2022 | Audits, Sales Tax Returns, Stephanie's Wisdom, Uncategorized

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...
Sales Tax Nexus- What Sales Tax Registration Means

Sales Tax Nexus- What Sales Tax Registration Means

by Mary Thomas | Feb 21, 2022 | Mary's Wisdom, Nexus, Sales Tax Returns, Stephanie's Wisdom, Uncategorized

 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...
Clear & Concise Sales Invoices- The Stars of a Audit!

Clear & Concise Sales Invoices- The Stars of a Audit!

by Stephanie Thomas | Sep 6, 2021 | Audits, General Business, Stephanie's Wisdom, Uncategorized

When most business owners think of sales and use tax compliance and audits, they focus on the correct taxability treatment of their sales.   They are surprised to learn that auditors review two areas:  sales and purchases.  This article focuses on the review of sales...

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