The Mauldin, South Carolina sales tax rate of 6% applies in the zip code 29662 . An alternative sales tax rate of 6% applies in the tax region Greenville, which appertains to zip code 29662. There are approximately 12,247 people living in the Mauldin area. Remember that zip code boundaries don't always match up with political boundaries (like Mauldin or Greenville County ), so you …
Accounting questions and answers. Mauldin Company makes sales on which a 5% sales tax is assessed. The following summary transactions were made during 2016: 1. Sales for cash of $1,665,400, excluding sales taxes 2. Sales on credit of $2,820,500, excluding sales taxes 3. Sales taxes of $168,220 were paid to the state government during 2016.
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2. Prepare the journal entries to record the payment of payroll and the payroll tax expense. Sales Taxes Mauldin Company makes sales on which a 5% sales tax is assessed. The following summary transactions were made during 2016: 1. Sales for cash of $1,665,400, excluding sales taxes 2. Sales on credit of $2,820,500, excluding sales taxes 3. Sales taxes of $168,220 were …
A managed audit is a procedure that allows the taxpayer to report unpaid sales or use taxes by conducting a self-audit. The audit results are ultimately reviewed by the taxing jurisdiction. To qualify for a managed audit program, most tax authorities require that the taxpayer have the knowledge and resources to complete the audit in a timely fashion. Also, most authorities require that the taxpayer have complete records for the audit. They will take into account the taxpayer’s size, the complexity of its industry and the taxpayer’s filing and audit history before granting permission to a company to perform a managed audit.
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Generally, a tax amnesty program is offered by states for specific taxes and for a limited period of time. An amnesty program allows taxpayers to come forward to pay back taxes, with the state typically forgiving all or part of penalties or interest due. However, at the time of this writing, only Pennsylvania has an amnesty program in place (the amnesty period is scheduled to begin in spring 2017). With the legislative sessions for most states about to start back up, look for other states to implement some sort of tax amnesty program.
Of course, there is the option to do nothing and play the audit lottery. However, taxpayers who follow this path do so with some amount of risk. When choosing this option, the taxpayer should assess its risk of being selected for an audit. Tax authorities use many different methods for audit selection. Obviously, companies with substantial revenues have the highest risk of being audited. Tax authorities also target certain industries that have historically poor compliance records or that are affected by recent tax law changes. Audit leads are another method states use for selecting taxpayers for audits. Audit leads can be generated from audits of a company’s customers or vendors, or even from a person calling in a complaint to the tax authority.
If the amount of unpaid tax is substantial, a company may want to consider voluntarily disclosing the unpaid tax to the taxing authority. This is a great way to remit the unpaid taxes and potentially limit the amount of tax, penalty and interest that might be due. Most taxing authorities have a program in place that allows a taxpayer to voluntarily disclose unpaid taxes through a process known as a voluntary disclosure agreement, or VDA.
MASSACHUSETTS. Massachusetts has a penalty for failing to file sales tax returns on-time of 1% of the sales tax due per month or fraction (maximum 25%). Massachusetts has a penalty for failing to pay sales tax on time of 1% of the sales tax due per month or fraction (maximum 25%). MICHIGAN.
KENTUCKY. Kentucky has a penalty for failing to file sales tax returns on-time of 2% of the sales tax due per 30 days or fraction (maximum 20%) or $10. Kentucky has a penalty for failing to pay sales tax on time of the greater of 2% of the sales tax due per 30 days or fraction (maximum 20%) or $10.
Idaho has a sales tax penalty for Failure to File of the greater of 5% of the sales tax due per month (maximum 25%) or $10. Idaho has a penalty for failing to pay sales tax on time of 0.5% of the sales tax due per month (maximum 25%).
Vermont’s criminal failure to file sales tax penalty is an up to $1,000 fine and/or imprisonment for up to 1 year. Up to $10,000 fine and/or imprisonment for up to 3 years if tax exceeds $500. Vermont’s criminal failure to pay sales tax penalty is an up to $1,000 fine and/or imprisonment for up to 1 year.
Connecticut has a penalty for failing to file sales tax returns on-time of 15% of the sales tax due or $50. Connecticut has a penalty for failing to pay sales tax on time of the greater of 15% of the sales tax due or $50.
Louisiana’s criminal failure to file sales tax penalty is an up to $1,000 fine and/or imprisonment for up to 1 year. Up to $2,000 fine and/or imprisonment up to 2 years if tax exceeds $1,000. Louisiana’s criminal failure to pay sales tax penalty is an up to $1,000 fine and/or imprisonment for up to 5 years . MAINE.
Alabama’s criminal failure to file penalty is a misdemeanor with a $25 – $500 fine. Willful failure is a misdemeanor with up to $25,000 ($100,000 for a corporation) fine and/or imprisonment for up to 1 year. Alabama’s criminal failure to pay sales tax penalty is a felony.
Deal Taxes. When many practitioners consider the taxes arising out of the purchase and sale of a business, they tend to focus upon federal income taxes. Often overlooked are state and local transfer taxes, including sales taxes. These transfer taxes, however, can have a significant impact upon the economics of the deal.
Except as specifically exempted or excluded, the sales tax is imposed on the receipt of consideration from every “retail sale” of tangible personal property (TPP). The consideration may take many forms, including money, notes, or other property (including equity in the buyer), and includes the assumption of liabilities.
In addition to certain excluded transactions, the sales tax provides exemptions for the sale of certain types of TPP. These exemptions are strictly construed, and the burden of proving non-taxability is on the person claiming the exemption. The two most commonly encountered exemptions in the sale of a business are the “resale” ...
Why are taxes so important to the sale of a closely-held business? Economics. Any deal, whether from the perspective of the seller or of the buyer, is about economics, and few items will impact the economics of a deal more immediately and certainly than taxes. The deal involves the receipt and transfer of value, with each party striving to maximize its economic return on the deal. Simply put, the more that a party to the deal pays in taxes as a result of the deal structure, the lower is the party’s economic return.
The two most commonly encountered exemptions in the sale of a business are the “resale” and “exempt use” exemptions. An exemption is allowed for receipts from the sale of machinery or equipment used or consumed directly and predominantly in the production for sale of TPP.
A seller may not have knowledge that the exemption certificate is false. Although the certificate is considered timely if it is received within ninety days of delivery of the property, such an extended period is usually impractical in the context of a sale of a business.
Final Return. In the case of someone who sells his business and ceases operations, a final return must be filed within twenty days after the occurrence of such event. The return will cover the period from the first day of the actual tax period in which the event occurred to the final day of business.