The Sales Tax Sisters discuss common errors that business owners make when filing their sales & use tax return. This video addresses collecting sales tax from clients that are located in a different state, filing a sales tax return when you have no sales, calculating and reporting total sales and taxable sales, filing returns and paying on time, the dangers of timing differences between when returns are filed and tax is paid electronically vs. when the filings were processed, and penalty waivers.
Please note that while concepts can be similar, it is important that you understand the applicable laws and rules where you conduct business.
Key Takeaways:
1. You can only collect a jurisdiction’s tax if you are registered in that jurisdiction.
2. You may be required to file sales tax returns, even if you ave zero sales.
3. Do not include sales tax in your sales figures.
4. Even if you file a return on the due date, the taxing authority may not see it as being on time.
Our mission to provide a resource so business owners, accountants and bookkeepers can understand sales & use tax compliance. We know that sales and use tax laws are not the easiest to understand. Our focus is on empowering you with a framework and general understanding, so you know what questions to ask and where to go to get the information you need to stay on the right side of sales and use tax compliance.