Keith Boyer's Blog

This is some blog description about this site

New York State Sales Tax

New York State Sales Tax has new reporting requirements effective June 1, 2013 which require businesses, subject to sales tax, to report Non-Taxable and Exempt Sales separately.  In the past the required entries were for Gross Sales and Taxable Sales.  This reporting requirement dovetails into the states increased analysis of tax filings which enables the monitoring of consistency with similar businesses in a geographic region and consistency over time.   An example of a non-taxable sale is a deli that sell groceries which are non-taxable, (as opposed to a prepared sandwich which is taxable).  An example of an exempt sale would be a sale t a not-for-profit religious, charitable, educational or other 501(c)(3) organization.  In addition sales tax filers will have the option of reporting deposits to their bank accounts made by credit and debit card processors.  These stringent filing requirements entail a change in the information provided to the preparer of the periodic sales tax return.  Current procedures need to be updated to have this information available in order to prepare an accurate return.  Not filing these procedures could lead to increased scrutiny of the vendor by the State.

 

Identity Theft Scams
 
SCROLL TO TOP