The Sales Tax Sisters Channel: Digital Downloads

Everyone wants a simple response to tax questions.  Here is a general description of how to get there...

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The Sales Tax Sisters Channel: Adjusting Journal Entries

Adjusting journal entries (monthly and year-end) are fair game when you are being audited by a state taxing authority.  Be ready to describe what those numbers are and prove that they do not record a taxable event.   Learn more...

The Sales Tax Sisters Channel: Counting on Vendors to Tax You

If you buy something that is taxable and your vendor doesn't charge sales or use tax, you owe the tax!  The vendor is not required to eat the cost.  Here's how it works…

The Sales Tax Sisters Channel: My CPA/Bookkeeper has sales tax covered

No one expects the audit team to prepare a tax return.  Don't assume your CPA or bookkeeper understands or is keeping up with sales tax.  Ask!  Here's why…

The Sales Tax Sisters Channel: Calling the Tax Authority

It's not enough to call a tax authority and ask a question.  They may not be bound by the answer.  Here's the skinny in our latest video.

The Sales Tax Sisters Channel: Magic of the Interim Review

Your plans for your profit margin on that big job or budgeting the true cost of that big purchase can be KOed if your accounting team isn't following the plan.  Find out before it's too late.  Here's how…

The Sales Tax Sisters Channel: Top 5 Audit Documentation Gotchas

Your audit results live and die based on the quality and completeness of your documentation.  Yes, those receipts are a BIG deal.  Here are a few things that cost people money.

The Sales Tax Sisters Channel: Top 5 Resale- Exemption Certificate Gotchas

Some people collect a certificate and think their work is done.  NOT!  Is it the RIGHT certificate?  Does it have all the information required by the taxing authority.  Here are some certificate fundamentals that can save you money (and your reputation with your client.)

The Sales Tax Sisters Channel: Top Five Sales Tax Audit Gotchas

The time to get ready for a sales tax audit is BEFORE you get the audit notice.  Here are a few ways to do it.  As a bonus, learn the best way to navigate the audit when it's happening.

The Sales Tax Sisters Channel: Tax Return Do's and Don'ts

Sales tax returns are confusing...until you know what to do.  This week, the Sales Tax Sisters cover a variety of topics related to Sales Tax Returns. 

The Sales Tax Sisters Channel: What are Taxable Purchases?

Questions about what to report as taxable purchases when filing a sales tax return? We have you covered. Watch our latest video.

The Sales Tax Sisters Channel: Disaster Exemptions

Mary and Stephanie discuss sales tax exemptions for people who repair commercial property impacted by natural disasters in Texas. Click here to watch this brief informative video.

The Sales Tax Sisters Channel: Texas Sales Tax Return

In this video, Mary addresses line 2 on the Texas Sales & Use Tax Return ⇒ Taxable Sales.

The Sales Tax Sisters Channel: Total Sales vs Taxable Sales

 

UPDATE! The Comptroller's Office is still OPEN... and they are HELPING!  (The Comptroller is FULLY Operational...This data is HISTORICAL)

Here's some news you can use! 

The following information is broken down by taxpayer situation in Texas.  Refer to the state taxing authority in all governing states.  States have different policies.

UPDATE: Until further notice, if your audit package is dated March 26, 2020 or later, the Comptroller's office is tolling the period to request a hearing if you don't agree with your audit result.  They will send notification when they reestablish the 60-day deadline to request a hearing and once we receive this notice, we will again update this post.  Be sure you are subscribed to our blog so you receive notification when this change has been made.

Claim Your Money!... Understanding Unclaimed Property

Each state keeps a database that lists people and companies that did not claim money that was legally due.  If you need some cash, you and your company may want to check with state taxing authorities to claim money that the state may be holding for you.   You can do it online.

The flip side to this statement is that companies must file reports that identify people and entities that are owed money or property and remit the items to the state taxing authority.  

This article is about a boon and a "gotcha!"  State taxing authorities may grant filing extensions.  It is highly unlikely that unclaimed property requirements will not be enforced.  It takes time to file these reports.  

When your company writes a check to anyone, i.e. an employee, vendor etc., if the person doesn't cash it, you can take the money back into income.  Right?  WRONG!

The Comptroller's Office is OPEN... but they are trying to HELP!

Here's some news you can use! 

The following information is broken down by taxpayer situation in Texas.  Refer to the state taxing authority in all governing states.  States have different policies.

UPDATE:  Corporate tax returns were NOT due Monday!

  UPDATE:  The deadline is April 15, 2020.  Businesses may request a six-month extension by filing Form 7004 and submitting a deposit for taxes owed.  Work with your tax filer to determine your best options.

I know that you are wondering if you have the right blog.  You do!  Nothing has changed.  We do not help people with federal income tax or franchise tax matters.  Both filings do impact sales and use tax matters.  Here's how:

WARNING!  Your Sales Tax Accrual Account Is Key

Warning! It is critical that you pay attention to your sales tax accrual account.  One of the first things an auditor does when reviewing company records is reconcile your sales tax accrual account.  The auditor must make sure that all sales tax collected is remitted to the state tax authority.  

I Don't Know!.. Year-End and Adjusting Journal Entries and Sales Tax

 At the end of year, everyone closes the books.  Your accountant goes over the records, you explain unusual transactions, and you enter year-end and adjusting journal entries.  Everything is great and you're ready to go.  Right?!  Wrong!...very wrong!

“The content of this website is intended to convey general information only and does not represent accounting, tax or legal advice or opinion. Because tax laws, policies, and applications are dynamic and fact-specific, please consult with a state tax professional for a complete analysis of law as it may apply to your specific situation at a particular time. If you require an in-depth review of a specific fact situation, please contact our offices to establish a client relationship for opinion and advice.”