by Stephanie Thomas | Oct 15, 2024 | General Business, Stephanie's Wisdom
3 Most Confusing Things About Sales Tax Why sales and use tax compliance isn’t as simple as it seems. When it comes to running a business, sales tax compliance often causes more stress than it should. Business owners and accountants alike know that it’s full of tricky...
by Stephanie Thomas | Aug 13, 2024 | Audits, General Business
Sales Tax Audits: The Real Reason Why Businesses Are Audited Navigating the world of sales tax audits can feel like trying to solve a complex puzzle. Why was your business chosen? What triggered the taxing authority’s interest? Let’s decode the mystery behind sales...
by Stephanie Thomas | May 11, 2024 | General Business, Sales Tax Returns, Stephanie's Wisdom
Avoid These 5 Sales Tax Software Mistakes Choosing the right sales tax software is a crucial decision for any business, yet it’s easy to fall into some common pitfalls. Here are five mistakes to steer clear of, presented with relatable metaphors to make them stick! 1....
by Stephanie Thomas | Dec 20, 2023 | Audits, Mary's Wisdom, Stephanie's Wisdom
Safeguard Your Business: 3 Must-Know Pre-Sales Tax Audit Steps Preparing for a sales tax audit before it happens can save you a lot of stress and ensure smoother interactions with auditors. Here are three crucial steps to take before receiving a notification of...
by Stephanie Thomas | Feb 16, 2023 | Audits, General Business, Stephanie's Wisdom
Sales Tax Exemptions – Tax-Exempt Customers Hi everyone, Welcome to this week’s tax tip! Today, we’re talking about a key topic that often causes confusion for businesses of all sizes — sales tax exemptions, specifically as they relate to tax-exempt customers. We...
by Stephanie Thomas | Jan 4, 2023 | Audits, Stephanie's Wisdom
Sales & Use Tax Audits – Accounts of Interest Hi everyone, Welcome to your weekly tax tip! Today, we’re diving into one of my favorite topics: sales and use tax audits. While audits can seem intimidating, understanding what auditors look for can help you stay one step...
by Stephanie Thomas | Nov 23, 2022 | Audits, Sales Tax Returns, Stephanie's Wisdom
Addressing Sales and Use Tax Credits Hi everyone, Welcome to this week’s tax tip! Today, we’re talking about a scenario that happens more often than many business owners realize—what to do if you overpay sales or use tax. Whether it’s due to a vendor mistake, a...
by Stephanie Thomas | Oct 8, 2022 | Audits, General Business, Stephanie's Wisdom
Sales & Use Tax Document Retention: 5 Essential Tips for Scanning Invoices Hi everyone! Today’s tax tip focuses on sales and use tax document retention—specifically, creating a reliable strategy for digitizing and storing your tax records. Having a structured document...
by Stephanie Thomas | Aug 14, 2022 | Audits, General Business, Sales Tax Returns, Stephanie's Wisdom
Sales Tax and Bad Debt: How Uncollected Revenue Impacts Your Tax Return Every business that extends credit to customers eventually runs into a frustrating situation: you sell a product or perform a service, but the client simply never pays. When an outstanding balance...
by Stephanie Thomas | Mar 23, 2022 | Audits, General Business, Stephanie's Wisdom
Sales and Use Tax Audits- Don’t Forget the Credit Cards 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...
by Stephanie Thomas | Mar 21, 2022 | Audits, General Business, Stephanie's Wisdom
The Marriage of Sales Tax Compliance & Clear, Concise Invoices 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...
