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.
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.
I have been quiet lately because I took a little time out to go on a working vacation. But I am back now, rejuvenated and ready to share the latest interesting tidbits about sales and use tax.
The most important thing that everyone needs to know is that there is a tax amnesty program currently in effect with the Texas Comptroller of Public Accounts. That means from May 1 through June 29, 2018, the Comptroller is waiving penalties and interest for businesses who:
- Did not file a required return or report originally due before January 1, 2018
- Made an error on a previously filed report that resulted in an underpayment of taxes or additional tax due
- Or that don’t have a permit or proper registration for collecting and remitting Texas tax.
