by Stephanie Thomas | Oct 15, 2024 | General Business, Stephanie's Wisdom
Hi everyone! Today’s tax tip is all about the three most confusing things about sales tax compliance. These are things that drive business owners and accountants bananas about sales and use tax compliance. Takeaways Tax rules and tax rates vary Sales tax can be a...
by Stephanie Thomas | Aug 13, 2024 | Audits, General Business
Today’s tip is about sales and use tax audits and why a business was chosen for a sales and use tax audit by the taxing authority. Here are just a few reasons why businesses are scheduled to be audited by the taxing authority. Key Takeways: 1. The taxing authority...
by Stephanie Thomas | May 11, 2024 | General Business, Sales Tax Returns, Stephanie's Wisdom
Here’s a fun and simple list of five common mistakes to avoid when choosing sales tax software: Key Takeways: 1. **The Shiny Object Trap:** Falling for software that looks flashy but lacks substance is like buying a glittery unicorn—it might seem magical, but it...
by Stephanie Thomas | Dec 20, 2023 | Audits, Mary's Wisdom, Stephanie's Wisdom
Here is a short video about things that businesses can do to minimize their sales and use tax audit exposure. Key Takeways: Have a document retention policy in place for at least the statute of limitations. Confirm automation and accounting software is working...
by Stephanie Thomas | Feb 16, 2023 | Audits, General Business, Stephanie's Wisdom
Every jurisdiction has sales and use tax exemptions available to certain taxpayers. Common examples of tax exempt customers. include governmental agencies, educational, religious, and charitable organizations. When making sales to exempt organizations, it is important...
by Stephanie Thomas | Jan 4, 2023 | Audits, Stephanie's Wisdom, Uncategorized
When going through at sales and use tax audit, the auditor will not only review source documents, but they will also review your accounting records, (i.e., the GL). Auditors are not interested in every account in the general ledger. They focus on certain accounts of...
by Stephanie Thomas | Nov 23, 2022 | Audits, Sales Tax Returns, Stephanie's Wisdom
Today, we are going to discuss what you can do when you discover that you have overpaid sales or use tax on the purchase that you make for your business. Whether you accrued use tax incorrectly, a vendor charged sales tax on an item that is tax-exempt, or the tax...
by Stephanie Thomas | Oct 8, 2022 | Audits, General Business, Stephanie's Wisdom
This tip is about sales tax compliance and document retention. Specifically, making sure you have a plan in place when it comes to scanning your documents. Here are some things to remember when scanning documents and keeping electronic copies of invoices. Key...
by Stephanie Thomas | Aug 14, 2022 | Audits, General Business, Sales Tax Returns, Stephanie's Wisdom
In our discussion, we are focusing on bad debts, which are outstanding balances owed that are no longer deemed recoverable and must be written off. While bad debts affect your sales bottom line, it can also affect the sales and use tax that you report to the taxing...
by Stephanie Thomas | Mar 23, 2022 | Audits, General Business, Stephanie's Wisdom
When you first receive notification that your business is going to audited for sales and use tax compliance, there are a number of areas of concern they may occur to you. One thing that business owners routinely overlook is company credit cards and how they can...
by Stephanie Thomas | Mar 21, 2022 | Audits, General Business, Stephanie's Wisdom
Sales tax compliance is a complex thing. Knowing whether you must register in a jurisdiction (i.e., do you have nexus), whether what you sell is taxable, what tax rate you should charge, the applicable sales tax exemptions, etc. can be a lot to digest when you are...
