Tax Tips with
The Sales Tax Sisters
Our mission is to provide a resource business owners, accountants and bookkeepers can use to learn about sales & use tax compliance.
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Sales & Use Tax Compliance- Do Your Reconciliations!
In this video, we discuss the importance of other types of reconciliations, including reconciling your sales tax accrual account. If you are ever audited, one of the first things that the auditor will do is reconcile your sales tax accrual account to make sure that you are remitting what your own accounting records reflect should be remitted.
Sales Tax Nexus- What Sales Tax Registration Means
Sales tax registration may lead to other registration responsibilities. It is important to not only know when sales and use tax nexus is triggered but to also know that registering to collect sales tax may lead to other registration requirements.
Deadlines! Remember to Set Your State Tax Reminders
This a short about the important of scheduling reminders to help with your tax compliance. Business owners should have a system in place to help ensure that sales and use tax returns, reports, etc. are filed in a timely manner.
State and local tax refund request expectations for your business
When making a refund request, review the website of the taxing authority to ensure you have all documentation that fully supports the request. Expect that the documentation may be reviewed before funds are released.
Avoid these Top 4 Sales Tax Return Errors- Dos & Don’ts
This blog is about the common mistakes that people make when filing sales tax returns. Topics includes collecting sales tax incorrectly, filing sales tax returns in a timely manner, filing sales tax returns even when there are zero sales in a jurisdiction, etc.
Taxable Purchases Made Easy! 5 Rules to Use
Taxable purchases is a concept that people commonly misunderstand. It stands for the concept that there are no free rides. If a vendor does not charge sales tax on a product or service that is taxable, you must remit the tax directly the appropriate taxing authority yourself.
The Top 5 Sales Tax Resale & Exemption Certificate Mistakes
When working with sales tax, it is common for people to sell items that are not taxable without collecting resale or exemption certificates that support the tax-free nature of the sale. If a taxing authority requires the collection of the documents to prove that your decision not to collect sales or use tax was correct, you MUST have the documents. And there is a difference between resale and exemption certificates.
Sales Tax Returns: 8 Keys to Gauge Compliance
Sales tax returns and supporting documentation are the key to sales tax compliance. The first time people submit a sales tax return, most people wonder ” did I do it right?” Let’s unpack this question.
Know if You Have a Sales Tax Issue: 4 Items to Review
One way to identify if you may have a sales tax issue before you are contacted by a taxing authority is to review your records including sales invoices, purchase invoices, certificates, journal entries, etc. periodically. This is a great idea because it will highlight if you have all of the documentation that you will need in case you are audited.
Five Things To Know About State Tax
There are basic things you should know about state tax. These questions form a basis cornerstone of understanding state tax compliance. If you don’t know the answers to the questions or understand the questions at all, issues of compliance should be reviewed.
Success! Contractor California Sales Tax
My client, an out-of-state contractor, had questions about California sales tax after being hired to perform a job in the state. The contractor stated emphatically that he wanted to do the right thing for his company and his client. The goals were to do the job, comply with California sales tax laws– state and local, and rest easy knowing that he covered both his bases and those of his client. Here is our story.
4 Reasons Inflated Sales Figures Cost Money
Inflated sales figures are a nightmare on a cellular level. Some taxpayers inadvertently inflate reported total and /or taxable sales figures by including sales tax in the amount reported. Sales and use tax collected from customers is NOT your money. The money belongs to the tax authority. The tax collected from third parties should not be included in sales figures reported to state (or federal) tax authorities.
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