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Sales & Use Tax Audits- Accounts of Interest

Sales & Use Tax Audits- Accounts of Interest

by Mary 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...
Addressing Sales & Use Tax Credits

Addressing Sales & Use Tax Credits

by Mary Thomas | Nov 23, 2022 | Audits, Sales Tax Returns, Stephanie's Wisdom, Uncategorized

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...
Sales and Use Tax Compliance- Scanning Documents

Sales and Use Tax Compliance- Scanning Documents

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...
Sales Tax and Bad Debt Write-Offs!

Sales Tax and Bad Debt Write-Offs!

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...
Top 4 Red Flags About Bad Clients!

Top 4 Red Flags About Bad Clients!

by Mary Thomas | May 17, 2022 | Audits, General Business, Mary's Wisdom, Uncategorized

Over the course of my career I have regretted becoming engaged by select clients.  The interesting thing is a voice in head always told me to “run!” After a few hard lessons, I listen now.  Ignoring that voice has cost me aggravation, time and money.   I thought it...
Accounting Software Upgrades & Reluctant Staff

Accounting Software Upgrades & Reluctant Staff

by Mary Thomas | Apr 5, 2022 | Audits, General Business, Mary's Wisdom

One of the most heartbreaking things I see too often is the ineffective accounting software upgrade. How can an increase in functionality be ineffective? There’s one huge way…when you have someone who refuses to use the new technology. We have all seen companies...
Things to Do After Receiving a Sales Tax Audit Notice!

Things to Do After Receiving a Sales Tax Audit Notice!

by Mary Thomas | Apr 5, 2022 | Audits, Mary's Wisdom

Nothing can kill a sugar or caffeine buzz quicker than a sales tax audit notice, right?  Not so fast!  The worst thing you can do is panic or allow a sales and use tax audit notice to color your day.   You’ve got this!!…You do!  Take a deep breath and DO...
Sales and Use Tax Audits- Don’t Forget the Credit Cards

Sales and Use Tax Audits- Don’t Forget the Credit Cards

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...
The Marriage of Sales Tax Compliance & Clear, Concise Invoices

The Marriage of Sales Tax Compliance & Clear, Concise Invoices

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...
Sales Tax Audits- Can the Auditor Do That?

Sales Tax Audits- Can the Auditor Do That?

by Sales Tax Sisters | Mar 18, 2022 | Audits, Mary's Wisdom, Stephanie's Wisdom

Once you involved in a sales tax audit, you must understand that the taxing authority has broad powers as it relates to what documents they can request. If a state tax auditor requests data, you should produce it. If you don’t, there are consequences that are...
The Sales Tax Audit is Over!  Now What?

The Sales Tax Audit is Over! Now What?

by Sales Tax Sisters | Mar 18, 2022 | Audits, Mary's Wisdom, Sales Tax Returns, Stephanie's Wisdom

Congratulations! You have survived your sales tax audit. While you can breathe a sigh of relief, don’t think that the tax authority is through with you because the audit is over. In order to avoid the same issues that were discovered during the audit, you must...
Top 5 Sales Tax Audit Gotchas!

Top 5 Sales Tax Audit Gotchas!

by Sales Tax Sisters | Mar 18, 2022 | Audits, Mary's Wisdom, Sales Tax Returns, Stephanie's Wisdom

We all know that the word “audit” strikes fear into the heart of every business owner, especially if you are a newbie.  Here we discuss about five things you can do to make your sales tax audit go smoother. Key Takeaways: Invoices should be clear and...
Top 5 Sales Tax Audit Documentation Mistakes!

Top 5 Sales Tax Audit Documentation Mistakes!

by Sales Tax Sisters | Mar 17, 2022 | Audits, General Business, Mary's Wisdom, Stephanie's Wisdom

Sales tax audits are stressful for everyone. If you hear a scream coming from the mailbox, it could be that someone just received.a “Notification of Routine Audit” letter.There are ways to prepare yourself before you receive an audit notice. Key Takeaways:...
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