Protecting Your Business and Your Wallet in a Sales Tax Audit
Few words instill fear in a small business owner as a sales tax audit. Following a few best practices can help mitigate the risks and hassles of an audit.
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Few words instill fear in a small business owner as a sales tax audit. Following a few best practices can help mitigate the risks and hassles of an audit.
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Third Party Apps orders are received on devices separate from your POS. Managing these apps through your POS creates better workflows and will save you lots of time and money when paying your sales tax.
Read moreThird Party Apps orders are received on devices separate from your POS. Managing these apps through your POS creates better workflows and will save you lots of time and money when paying your sales tax.
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Just about every restaurant is using 3rd Party Order Apps such as GrubHub, UBEREATS and DOORDASH to attract new customers, increase orders and boost their bottom line. Read on to make sure you're collecting and paying the correct amount of sales tax.
Read moreThe biggest urban myth of retail – “I collect sales tax therefore I can use it to run my business”. Learn why using sales tax for working capital is a big mistake plus 19 other sales tax myths.
Read moreEver stay up nights worried about a risky deal? In sales, every deal carries risk and as the initiator of the deal, you try to mitigate your risk as much as possible.
Read moreSales tax is typically applied to transactions for tangible goods and certain services that occur between a merchant and a consumer. Merchants act as agents of state government collecting sales tax from consumers and remitting payments to the proper taxing authority.
Read moreToday many restaurants are using 3rd Party Order Apps (3POA) such as GrubHub and EAT24 to attract new customers and increase their bottom lines. However, 3POA apps have the potential to create huge sales tax liabilities for the business if not handled correctly. This can result in costly fines and penalties that come straight out of the owner’s wallet and in the worst cases these excessive fines can be fatal to a business if left unchecked.
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WHAT IS SALES TAX? Sales Tax is a tax on goods and services collected by merchants from their customers. If you are a merchant and you sell things, you are required by law to collect sales tax. This is a general description with many exceptions and rules around the taxability of goods and services from state to state.
Read moreMerchants who use sales tax as working capital rarely take time to understand the true cost and potentially catastrophic legal pitfalls until it’s too late. You may be wondering, why isn’t it OK to use sales tax to operate the business until it’s time to remit that money to the state?
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