three sales tax traps

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Post on 27-May-2015

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Sales tax compliance can prove dangerous to your business, especially if you don’t have all of the information you need to meet state requirements. View the slideshow below to see three common sales tax traps that cost businesses time and money.

TRANSCRIPT

Page 1: Three Sales Tax Traps

3

Sales

Tax

Traps

Image by andycpuk

Page 2: Three Sales Tax Traps

Not realizing when states require you to

collect sales tax.

Image by Verbunkos

#1

Page 3: Three Sales Tax Traps

Scholastic

thought they

had no nexus

in CT or TN

Now they

owe $3 mil to

CT and $5

mil to TN

Image by Refracted Moments

Page 4: Three Sales Tax Traps

Getting caught

by different filing

frequencies.

Image by Eliya

#3

Page 5: Three Sales Tax Traps

In Florida, most taxpayers file

quarterly, but if you collect

more than $1000 in a year, you

have to file monthly.

Image by jyoseph

Page 6: Three Sales Tax Traps

Misplacing a state sales tax notice.

Image by timsnell

#3

Page 7: Three Sales Tax Traps

A levy to your bank account or the sheriff at your business.

Failing to respond to a notice may result in . . .

Image by cliff1066

Page 8: Three Sales Tax Traps

11k TAX JURISDICTIONS

SHIFTING BOUNDARIES

CHANGING LAWS

MORE STATE AUDITS

IT IS NOT TOO LATE!