Sales And Use Tax

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Topics:DefinitionsSales andUse TaxOverviewSales & Use Tax BasicsExemptions from Sales& Use TaxTaxable ServicesSales Tax ReturnRecord KeepingReference Linkswww.ct.gov/drs orwww.ct.gov/tsc1

Definitions Tangible Personal Property (TPP) – Goods that are movable Real Property – Buildings and land Exempt sales – Non-taxable goods and services (food) Exempt Entities – Companies/Agencies that do not pay taxes The Return – The Sales and Use Tax form that is filed for your business Remit – The amount of sales/use tax that is paid with the return Trust Tax – Sales tax is collected on behalf of the State The Taxpayer Service Center (TSC) – Secure electronic filing systemwww.ct.gov/drs orwww.ct.gov/tsc2

Sales and Use Tax Basics – 6.35%Seller charges customersales tax and remitsdirectly to DRS.SALES TAXCustomer remits the salestax directly to DRS. Sellerdid not charge tax.USE TAXwww.ct.gov/drs orwww.ct.gov/tsc3

Sales & Use Tax BasicsGoodsServicesAll goods (TPP) soldin CT are taxableunless there is aspecific exemption.Only those servicesdeemed to be taxable,are taxable.www.ct.gov/drs orwww.ct.gov/tsc4

Exempt Sales of Goods or ServicesExempt byState StatuteExempt withCertificateNo exemption certificaterequiredRequires properly completedexemption certificate Child Car Seats Bulk Food Products Non-prescription medicines Resale Certificate Cert-119 – Exempt Agency Cert-134 – Gov’t EntitySee IP 2017(25) for full listwww.ct.gov/drs orwww.ct.gov/tsc5

Common Exempt SalesFederal, State& MunicipalAgenciesSales forResaleResale CertContractor’sPurchase forExempt EntityCharitable &ReligiousOrganizationsCert-119Out of StateSalesShipping recordsCert-141See IP 2017(25) Sec. 4Cert-134www.ct.gov/drs orwww.ct.gov/tscSee Exemption Certificates6

Common Taxable ServicesTangible PersonalPropertyReal Property Janitorial Services Landscaping Services Maintenance Services toReal Property Services to ExistingIndustrial, Commercialand Income ProducingReal Property See IP 2017(25) Sec. 3 for full listMotor Vehicle Repairs,Storage, Towing andWashingComputer & DataProcessing Services 1%Repair Services toTangible PersonalPropertywww.ct.gov/drs orwww.ct.gov/tscPersonal Services Spa Services includingManicure/Pedicure Pet Grooming/Boarding/Obedience Services Cosmetic medicalProcedures Health and Athletic Clubs7

Sales and Use Tax – Form OS-114Filing StatusDue DateNew Businesses start as Monthly filersMonthly, Quarterly or Annual returnsFiling frequency determined by DRSOne month from the end of the periodMaster Calendar of Due DatesReturn due even if no tax is due!HowMonthly/quarterly Filers – On-line through TSCAnnual Filers – On-line through TSC or paper mail inTSC Video Click herewww.ct.gov/drs orwww.ct.gov/tsc8

Record KeepingSource DocumentsBooks of Record Cash Register Tapes Daily Sales Summary POS Reports - Detail POS Reports - Summary Sales Invoices Sales Journal Guest Checks Cash Receipts Journal Purchase Invoices Check Register Bank / Credit Card Statements Purchase Journal Exemption Certificates General LedgerRefer to Reg. 12-2-12 for record keeping requirementswww.ct.gov/drs orwww.ct.gov/tsc9

Time Requirement to Keep RecordsRequired State law requires business records be maintained 3 yearsRecommended Certain circumstances may lead to audit review longerthan 3 years, DRS recommends records be maintained 6yearswww.ct.gov/drs orwww.ct.gov/tsc10

When in Doubt,Don’t Throw It Out!Don’t be like this lady – Get Organized!www.ct.gov/drs orwww.ct.gov/tsc11

Received mail from DRS? Please read entire notice first and follow any instructions Take any action May be a missed return / delinquency notice – please fileyour return May be an issue with a payment May be a filing frequency changewww.ct.gov/drs orwww.ct.gov/tsc12

Want to stay connected?Add email address in TSC profileLike us on FacebookSign up for e-Alertswww.ct.gov/drs orwww.ct.gov/tsc13

Additional Reference Links: New Business Information Page IP 2017(25), Getting Started in Business IP 2006(35), Building Contractor’s Guide Exemption Certificates Taxpayer Service Center (TSC) Sales Tax Topical Indexwww.ct.gov/drs orwww.ct.gov/tsc14

Sales and Use Tax Basics –6.35% SALES TAX Seller charges customer sales tax and remits directly to DRS. USE TAX Customer remits the sales tax directly to DRS.

Related Documents:

Wisconsin . Sales and Use . Tax Information . Includes information regarding — 5% state sales and use tax 0.5% county sales and use tax 0.1% baseball stadium sales and use tax Publication 201 (1/19) Important Change Menominee County tax begins April 1, 2020 Baseball stadium district tax ends March 31, 2020 Outagamie County tax begins January 1, 2020

Sales Tax Sales tax – tax on purchased goods and services Tax is determined by? Paid by? Helps fund? Does your state have sales tax? A percentage added to the original price of an item 1.00 item charged 6% sales tax 1.06 Anyone who purchases an item charged with sales tax Some states don’t have sales tax Expenses of state .

The tax rate of 5% applies for both the Wisconsin state sales tax and use tax. The sales tax is based upon the sales price from retail sales. The use tax is based upon the purchase price of the product or service purchased. In counties which have adopted the county tax (see Appendix C for a list of these counties), the tax rate is 5.5%

2 Basic principles for generating a sales tax code respectively a sales tax transaction. A Sales tax code will only be generated if 2 records are available for a transaction: 1. Sales tax group 2. Item sales tax group Criteria for the Sales tax group: this is information about the customer / vendor.

Sales and Use Tax Audit Manual Last Updated: 6/12/2012 1 SALES AND USE TAX AUDIT MANUAL Major Headings Table of Contents Chapter 8 – Delinquent Tax Assignments Introduction Chapter 9 - Criminal Tax Program Chapter 1 – Tax Overview Chapter 10 – Computer Assisted Audits Chapter 2 – Audit Function Appendix 1 – Tax Returns Chapter 3 – Procedures (Tax Type) Appendix 2 – Audit .

its sales tax from 5.95 percent to 6.1 percent in April 2019. Sales tax rates differ by state, but sales tax bases also impact how much revenue is collected from a tax and how the tax affects the economy. Sales tax rate differentials can induce consumers to shop across borders or buy products online. FISCAL FACT No. 737 Jan. 2021

its sales tax from 5.95 percent to 6.1 percent in April 2019. Sales tax rates differ by state, but sales tax bases also impact how much revenue is collected from a tax and how the tax affects the economy. Sales tax rate differentials can induce consumers to shop across borders or buy products online. FISCAL FACT No. 686 Jan. 2020

Pendidikan Akuntansi FKIP Universitas Sebelas Maret. Penetapan profil dan learning outcome ini dimaksudkan untuk membantu pemerintah dalam menyiapkan guru akuntansi yang bermutu menurut persepsi mahasiswa, alumni, dosen, pengguna lulusan, Asosiasi Profesi, dan pengambil keputusan. Sumber data penelitian ini adalah 96 orang mahasiswa, 248 orang alumni, 15 orang dosen, 15 orang pengguna lulusan .