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2012-02-06 Executive Talk RadioDOCUMENTS
Is your company sitting on a Multistate Tax Time Bomb?Does Your Company Have a Multistate Sales Tax Responsibility?
Missing Exemption Certificates Can Cost You a Bundle on Audit
The Best Time to Prepare for a Sales Tax Audit: NOW!!
The Best Way to Resolve Sales Tax Problems
The sales tax considerations a business faces change as the business matures. The sales tax considerations of a start-up business are unique and are quite different from those faced by a mature business. This document shows the primary sales tax considerations businesses must address at
various stages of their life-cycle. The way these issues are addressed may be straightforward or complex depending on the business and the industry. This chart is intended to act as a reminder that nearly every business has some type of sales tax responsibility that must be met in order to reduce
the sales tax liability to the company, to its owners, and to its officers. The failure of businesses to periodically review these considerations has been the cause of great regret from many companies who were surprised to find out from an auditor that their systems were not working properly.
Business Life Cycle Chart
WHITE PAPERS
Based on my experience, it seems that companies are consistently making the same mistakes with respect to sales and use tax. These include missing documents, improperly constructed invoices, out-of-date tax rules, and not filing in the correct jurisdictions (nexus problems). This article outlines why these common problems create liabilities for companies and how these liabilities can be avoided.
4 Common Sales Tax Errors Companies Make--and How to Avoid Them!
Georgia, like many other states, can hold the officers and employees of a company liable for uncollected or unremitted sales tax if there is a willful intent on the part of the officer or employee to evade the tax. Georgia also imposes successor liability on the purchasers of business assets which can make the new owners liable for the seller’s liabilities. This White Paper outlines these issues and provides commentary on how Georgia law treats these actions.
Corporate Officer Liability and Related Issues in Georgia
This assessment tool is intended to be used by businesses to quickly gather information about where there may be risks at their business with regard to multistate sales and use tax. This document is intended to be a high-level and self-administered assessment. If you have questions after you have completed and evaluated your responses on this questionnaire, please call me for a free 30 minute discussion of what your responses may indicate and how serious the problems may be.
Sales Tax Liability Self-Assessment Tool
States are short of revenue and are looking to change their tax codes to collect more revenue. Sales tax is in the middle of the radar in most of the states when it comes to raising more revenue. Increased tax rates, elimination of exemptions, increased numbers of services tax, and expansion of nexus thresholds are all possible outcomes during the next legislative sessions. This article outlines my thoughts on what makes components make up an effective state sales tax structure. The opinions are based only on my 25 years as a tax consultant and as a Missouri tax administrator. There is no perfect system and I don’t ever expect I will see one in my lifetime. However, by considering sales tax reform in the context of a system of three separate components working together, I believe state sales tax revenue could have more consistent collections and perhaps even bring in more revenue than treating reform only as a statutory issue.
Three Components to an Effective State Sales Tax Structure
