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Sales Tax Colorado Email Tips
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I Serving Clients
Nationwide I
Did You Know?
- Sales Tax is not your expense; it's your
customer's! It becomes your expense if you don't collect it properly.
- Filing a Sales Tax return starts the statute of
limitations clock, typically limiting states to looking back only three to five years when
assessing owed taxes. If you've never filed a return, states can and some do go back to day one of
your operations!
- Generally, you are personally liable if your
business does not properly collect Sales & Use Tax.
- A company's value declines as the increasing
liability of unresolved exposures is accrued for by the firm's financial auditors.
- Use Tax applies to most every business, even if
not required to collect sales tax.
- Traveling salespeople may create a Sales &
Use Tax collection responsibility outside their home state.
- Independent sales representatives can also
trigger a Sales & Use Tax compliance responsibility in states where an out-of-state company
does not otherwise have a presence.
- Constant changes in Sales & Use Tax laws can
make keeping up burdensome.
- Many businesses over pay their taxes because they
are unaware of applicable Sales & Use Tax exemptions.
- Your business is at a competitive disadvantage by
charging tax when competitors don't. Know what's taxable and what isn't. Invoicing methods can make
otherwise exempt items become taxable.
- Tradeshows/ Fairs - You may need a state and/or
local Sales Tax license to sell your products at a tradeshow, fair, etc.
- The five questions to ask your CPA before handing
over your Sales & Use Tax audit:
1.
What is your firm's Sales & Use Tax background and
experience?
2.
How successful have you been with resolving Sales
& Use Tax controversies?
3.
What state licenses does your staff hold, and to what
professional organizations do they belong?
4.
How do you stay current on Sales & Use Tax
laws?
5.
Are you equipped with multi-state Sales & Use Tax
research tools?
Contact
us today for a no-obligation
consultation about your Sales & Use Tax issues.
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