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Need the answer why is sales tax a liability to a business?
When a business collects Sales Tax, it owes it to the Sales tax collecting authority. Sales tax that has been collected but not paid to the Sales Tax collecting authority should be carried on the books as a liability.
What type of account is sales tax payable?
Liability
Is there a statute of Limitations on Local income tax for Ohio?
There is a three statute of limitation for the state and the localities in Ohio. They can not press collections, nor can they refund money are the statute of limitations has passed. If money was paid to the wrong locality and it is discovered at the statute of limitations has passed, the correct city must allow a credit for the amount paid to the original locality.
How far back can the IRS audit a business?
Generally, the statute of limitations on assessment of a tax deficiency is three years from the date a tax return was due UNLESS the deficiency was substantial, meaning a return failed to include 25% or more of the gross income it should have, in which case the statute of limitations extends to six years. And there's no statute of limitations on a taxpayer who was required to file a return and failed to do so.
When a business sells an item and collects a state sales tax on it a current liability arises?
true.
Is there a statute of limitations for unpaid cigarette taxes in NJ if they were not purchased on the Internet?
is there a statute of limitations on sales tax in NJ for cigarette purchases
What is the statute of limitations on delinquent sales tax in Louisiana?
In Louisiana, there is generally a 3-year statute of limitations for assessing and collecting delinquent sales tax. This means that the Louisiana Department of Revenue typically has 3 years from the due date of the tax return to assess and collect any past due sales tax.
What is the medical records Statute of Limitations?
Medical records are not subject to a statute of limitations. Record retention is usually based on advice from counsel regarding possible liability law suits. Tax liability is also a consideration.
Tax stature of limitations Kansas?
unpaid tax statute of limitations in kansas. tax was for property
Statute of limitations on sales tax filing in Michigan?
6 years from the letter of intent to levy; however arbitrary by the department of treasury.
Statute of limitations on Indiana unpaid sales tax?
The statute of limitations for taxes in Indiana is 3 years after the tax was due or after the return was filed, whichever is later. So for instance if you have a tax return due April 15, 2005 and the return is filed February 1, 2005 the statue of limitations is April 15, 2008. If the return was filed on June 15, 2005 with the same due date, the statue of limitations would run out on June 15, 2008.
Is there a statute of limitations on delinquient sales tax in Oklahoma?
There is not a limit in Oklahoma. Most jurisdictions do not pass laws that limit their ability to collect taxes.
What is the statute of limitations on a Massachusetts Department of Revenue tax lien on real estate property?
There is no statute of limitations on tax liens. If you don't pay the tax they will seize your property and auction if off.
Need the answer why is sales tax a liability to a business?
When a business collects Sales Tax, it owes it to the Sales tax collecting authority. Sales tax that has been collected but not paid to the Sales Tax collecting authority should be carried on the books as a liability.
What is the statute of limitations on refiling tax returns?
3 years
Can the IRS place a levy on social security retirement checks when the statute of limitations on collections is up in Indiana?
The statute of limitations for IRS tax liens is 10 years plus. See related link for more information.The statute of limitations for IRS tax liens is 10 years plus. See related link for more information.The statute of limitations for IRS tax liens is 10 years plus. See related link for more information.The statute of limitations for IRS tax liens is 10 years plus. See related link for more information.
Is there a statute of limitations on delinquent sales tax in Arkansas?
The statue of limitations for sales tax in Arkansas is the later of 3 years after the due date of the return, or 3 years after the return is filed. If you have not filed the tax return, then there is no statute of limitations.
