by Mary Thomas | Apr 3, 2023 | General Business, Stephanie's Wisdom
There are differing sales and use tax ramifications when dealing with taxable items given to employees versus items that are sold to employees. The difference is who pays the sales or use tax. I talk about it in more detail in the video. Key Takeaways: There are...
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 | 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 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...
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...
by Mary Thomas | Apr 5, 2022 | General Business, Mary's Wisdom, Nexus
A few years ago, the Wayfair case was everywhere. It changed the landscape regarding sales tax nexus and registration requirements for remote sellers all across the country. Let’s talk about what the case may mean for you and your business. For some people, it...
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...
by Sales Tax Sisters | Mar 18, 2022 | General Business, Mary's Wisdom, Stephanie's Wisdom
Some people wonder why they would need a sales tax consultant if they already have a CPA or a bookkeeper. Here is the reason why. Sales and use tax is a specialized niche area. We like to compare it to being a specialist versus being a GP. While your book keeper or...
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:...
