Thursday, August 27, 2009

Essentials Actions

Here are a few essential things that every organization and business must make sure they have under control.

Pay sales and use taxes that you collect from your customers. This is probably the worst offense possible, and can mean the loss of your business and possibly even orange jumpsuits. Don't screw this up.

Get exemption certificates from your customers and watch expiration dates.

Document things as if the audit will be two or three years from now. Because that is when the audit will happen. You're not going to remember what happened yesterday.

Be sure about your exposure to other states' taxes. Not just your own.

Make sure your services aren't taxable. In other states, too.

Make sure you get good advice from knowledgeable sources. Because you're probably not.

Pay your use taxes.

Don't overpay your taxes.

Check to make sure your business is taking advantage of every possible sales tax exemption.

Be nice to the auditor.

Watch your timings!

These were the things you really must do. And then there are a whole bunch of things you should be doing.

Sales Tax Guy

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