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.

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!

Kudos!  Your Business is Growing... Avoid these TRAPS!

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. 

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.

You got an audit notice...No worries!...The Top Four Things to Do

Nothing can kill a sugar or caffeine buzz quicker than an audit notice, right?  Not so fast!  The worst thing you can do is panic or allow an audit notice to color your day.   You've got this!!...You do!  Take a deep breath and DO NOT PANIC!

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:

Call a Thing a Thing! Clear Concise Invoices & Contracts are the Goal.

 

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.

April Fool’s – Don’t Let the Joke be on you!

 

In honor of April Fool’s Day, which is just around the corner, I thought it would be good to highlight the most foolish things that I have seen as a sales tax consultant: Lies.

Are You Still Feeling the Love?

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.

Why Am I Getting Audited?

“Why me?!” is a typical response when people get the notice of audit.  Here are the top reasons you are getting audited.

Even Glinda Can't Make a Valid Audit Deficiency Disappear

I recently came across a recording of Wizard of Oz in my DVR and I immediately started drawing parallels between those characters and the state tax world. Some clients are like Dorothy, thrown into a strange world (state and local tax), but willing to follow the yellow brick road on what can be a harrowing journey. Others are like the Lion, praying for courage or like Oz, hiding behind a curtain and making up stories to keep everything running smoothly.

5 Things Business Owners Should Know about State Taxes

When you are a business owner, there are a million things that you must understand to run a successful business.  Understanding your state tax responsibilities is normally not high on your radar.  While every jurisdiction is different, there are questions that all business owners should ask about state taxes.

“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.”