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...
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...
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...
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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