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!

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!

Happy 2020!...We are launching ONLINE classes this year!

That's right!  The picture says it all!  We are launching online classes in a few weeks.  The first class was developed for contractors with jobs in Texas.  We are going to build contractors' knowledge of Texas sales and use tax compliance from the ground up.

TRICK or TREAT! ...Here's a Sales Tax Treat

I recently spoke with a client who asked the million-dollar question:  Why do I get a different answer every time I ask someone the same tax question?  It's maddening isn't it?  Here are my top three reasons this happens:

New Year, Better Informed You

Every new year brings resolutions and ideas about how we can all make our lives better.  From exercising five times a week, skipping the glazed doughnuts to quitting smoking, we all have been there when it comes to personal and professional goals.

“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.”