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.
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!
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:
Congratulations! I LOVE to hear that anyone’s hard work is translating into more money. After getting off the initial happiness high of hearing this, I go into protection mode. What’s protection mode? If we have ever met, you know that I guard any progress like a hawk! I want you to keep, grow, and enjoy the fruits of your labor.
Since the Wayfair case became the law of the land, remote sellers have been as jumpy as a sinner in church about whether they must register to collect a jurisdiction’s sales or use tax. While each jurisdiction has different requirements, there are important updates. One update is the requirement that remote sellers who meet a Texas sales threshold must register to collect Texas sales and use tax.
Usually, getting something brand spanking new and shiny fills us with optimism and hope that the new thing will make our lives easier in terms of beauty, ease, function or all three. This is true whether it is something for your everyday personal life or the new upgraded accounting software that will help your business grow exponentially (you hope). But while you are buying the latest and greatest accounting software, don’t forget the things all accounting software need in case of an audit.
Sometimes it seems as if we live in a world where everyone is just trying to skate by instead of striving for the best. Excellent service is rare and “okay” service is the norm. Using fillers like “um” and “you know” takes the place of concise speech. Ambiguity is valued, while being precise isn’t. While that may be okay when you are ordering a chalupa, it isn’t okay when you are dealing with sales tax.
February always brings to mind hearts, flowers, love and passion. Business owners usually start a business when they are passionate about what they are doing.For example, you love baking, so you open a bakery. You love working with your hands, laying tile or installing cabinets, so you become a contractor. You want to support your family, you enjoy nice things, and you have an idea about how to make money, so you open a business. Whatever the reason, every business owner has a story about why they hung out their shingle.
Everyone who receives an audit notice wants to know what they can do to secure the best possible result. For most taxpayers the “best” result is a minimization of (1) the money owed to the taxing authority, (2) money paid to any consultant, and (3) time devoted to addressing the audit. So what can you do to get the “best” results? ACTIVELY PARTICIPATE IN THE AUDIT PROCESS!!!