Are You Sitting in a Tax Graveyard?
If you decided to switch to SalesTaxDataLINK’s software this year, you have a decision to make. Should you leave the dead past (that is, previous years’ filings) alone, or should you validate your former filings with the new software? If you have skeletons in your closet, is it better to ignore them or to take steps?
Look at some examples:
- An Indiana diner was shut down for failure to pay taxes after less than five years in business.
- A Louisiana business owner is going to prison for underreporting taxes over a period of years.
- A dozen vendors at a motorcycle rally were arrested for failing to record taxable sales correctly.
- A Florida man faces 30 years in prison for failing to remit taxes properly 5 years ago.
Certainly, people who are arrested or imprisoned for sales tax fraud have probably crossed a serious line. Chances are good that they have not simply made a small error.
But a small error is where it can begin. Deciding not to correct the small error and allowing it to grow can be the next false step. The best plan is to validate past filings and identify the skeletons in your company closet. Then you’ll have the information you need to make an informed decision about the next step.
National Sales Tax The idea of a national sales tax has once again been introduced as a bill in Congress. The Fair Tax Act of 2023 is currently being considered in the House. This bill would, if passed, abolish the Internal Revenue Service, repeal...
Sin tax A sin tax is a type of sales tax intended to discourage people from buying a particular item. An extra tax on the purchase of cigarettes, soda, or alcohol may be intended to keep consumers from buying as much if these sinful items -- oral least...
The GAO speaks up on remote seller sales taxes The Government Accountability Office is responsible for providing important facts to Congress so they can make the best legislative decisions. They have just released a report on the question of sales tax...