Sales And Use Tax - Connecticut

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Topics:DefinitionsSales andUse TaxOverviewPresenter:Alesia Kennersonportal.ct.gov/drs orportal.ct.gov/tscSales & Use Tax BasicsExemptions from Sales& Use TaxTaxable ServicesContractorsSales Tax ReturnRecord KeepingMiscellaneous1

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 systemportal.ct.gov/drs orportal.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 TAXportal.ct.gov/drs orportal.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.portal.ct.gov/drs orportal.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 2018(5) for full listportal.ct.gov/drs orportal.ct.gov/tsc5

Common Exempt SalesFederal, State& MunicipalAgenciesSales forResaleResale CertContractor’sPurchase forExempt EntityCharitable &ReligiousOrganizationsCert-119Out of StateSalesShipping recordsCert-141See IP 2018(5) Sec. 4Cert-134portal.ct.gov/drs orportal.ct.gov/tscSee Exemption Certificates6

Resale Certificate Good Faith Blanket or Single Use Good for 3 years, (blanket) Completely filled out Description of business matches to description of itemsportal.ct.gov/drs or portal.ct.gov/tsc7

portal.ct.gov/drs or portal.ct.gov/tsc8

CERT - 119Purchases of Goods and Services by Exempt OrganizationsInclude either: Or:E-number issued to theorganization by DRS IRS letter that designates theorganization as a 501(c)(3) or(13) organizationCompletely Filled OutBlanket or Single UseGood for 3 Years (blanket)Paid for by exempt agency fundsportal.ct.gov/drs or portal.ct.gov/tsc9

CERT - 141Contractor’s Exempt PurchaseMay be used to purchase materials that will bephysically incorporated into exempt properties such as:1.CT State Government Agencies2.CT Municipalities3.Federal Government Agencies4.Charitable or Religious entities - 501(c)(3)portal.ct.gov/drs or portal.ct.gov/tsc10

Common Taxable ServicesTangible PersonalPropertyReal Property Janitorial Services Landscaping Services Maintenance Services toReal PropertyServices to ExistingIndustrial, Commercialand Income ProducingReal PropertySee IP 2018(5) Sec. 3 for full list Motor Vehicle Repairs,Storage, Towing andWashingComputer & DataProcessing Services 1%Repair Services toTangible PersonalPropertyportal.ct.gov/drs orportal.ct.gov/tscPersonal Services Spa Services includingManicure/Pedicure Pet Grooming/Boarding/Obedience Services Cosmetic medicalProcedures Health and Athletic Clubs11

See IP 2018(2) for more info12

Contractor’s Sales InvoiceWrong WayRight Way 40,000.00 Materials (incl. tax 40,000.00 Materials (incl. taxpaid at purchase)paid at purchase) 60,000.00 Service 60,000.00 Service 100,000.00 Total 100,000.00 Total 6,350.00 Sales Tax (on 3,810.00 Sales Tax (on 100,000.00 total) 60,000.00 service)portal.ct.gov/drs or portal.ct.gov/tsc13

Landscapers Services to new construction and residentialproperties are not exempt May purchase items on resale - physicallyincorporated Get Resale Certificate if reselling the service Masons can be consideredSee Reg. 12-407(2)(i)(V)-1landscapersportal.ct.gov/drs or portal.ct.gov/tsc14

Reporting Gross Receiptsportal.ct.gov/drs or portal.ct.gov/tsc15

Taking the Deductionportal.ct.gov/drs or portal.ct.gov/tsc16

Purchases Subject to Use Taxportal.ct.gov/drs or portal.ct.gov/tsc17

Sales and Use Tax – Form OS-114Due DateFiling StatusNew 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 hereportal.ct.gov/drs orportal.ct.gov/tsc18

portal.ct.gov/drs or portal.ct.gov/tsc19

Proposed Assessment Noticeportal.ct.gov/drs or portal.ct.gov/tsc20

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 requirementsportal.ct.gov/drs orportal.ct.gov/tsc21

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 6yearsportal.ct.gov/drs orportal.ct.gov/tsc22

When in Doubt,Don’t Throw It Out!Don’t be like this lady – Get Organized!portal.ct.gov/drs orportal.ct.gov/tsc23

Remember Sales Tax is a “Trust-Fund Tax”. Businesses collect Sales Tax on behalf of the State,and hold it in trust until it is due to be paid. More stringent penalties for failure to pay the taxesheld in trustportal.ct.gov/drs or portal.ct.gov/tsc24

Business Entity Tax (BET) For Entity types:– S Corps– LLC - Limited Liability Company– SMLLC – Single Member LLC– LLP – Limited Liability Partnership– LP – Limited Partnerships 250 Biennial Tax – Every 2 years Form OP-424 due April 15 – Odd numbered yearsportal.ct.gov/drs or portal.ct.gov/tsc25

Research Library - Topical Indexesportal.ct.gov/drs or portal.ct.gov/tsc26

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 changeportal.ct.gov/drs orportal.ct.gov/tsc27

Want to stay connected?Add email address in TSC profileLike us on FacebookSign up for e-Alertsportal.ct.gov/drs orportal.ct.gov/tsc28

Additional Reference Links: New Business Information Page IP 2018(5), Getting Started in Business IP 2018(2), Building Contractor’s Guide Exemption Certificates Taxpayer Service Center (TSC) Sales Tax Topical Index Reg. 12-407(2)(i)(V)-1 Landscapersportal.ct.gov/drs orportal.ct.gov/tsc29

Sales & Use Tax Basics. All goods (TPP) sold in CT are taxable unless there is a specific exemption. Only those services deemed to be taxable, are taxable. 4 portal.ct.gov/drs or portal.ct.gov/tsc Goods Services. portal.ct.gov/drs or portal.ct.gov/tsc 5 Exempt Sales of Goods or Services Exempt by

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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.

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