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Sales & Use Tax Tips for July 2008
FIDUCIARY RESPONSIBILITY/ PERSONAL LIABILITY
Whether You Collected or Not, You Can Be Held Personally Liable for Sales and Use Taxes plus the related Interest and Penalties!
You cannot delegate away your responsibility or personal liability to collect and remit sales tax. You can only make others equally responsible! A fiduciary responsibility for sales tax means if you do it incorrectly, taxing authorities can place a lien on your home, even for money you never collected! Due to the complexities of sales tax laws, this is a common and costly problem for many businesses, their owners, officers and bookkeepers.
Charges of fraud, personal liability, staggering amounts of penalties and interest, on top of assessments for sales tax that should have been collected, all can face you if you don’t handle your fiduciary responsibility properly.
Our professionals can help minimize potential exposure and make sure your company is in compliance with sales and use tax laws. We can help sort out the rules and determine whether registration is required or beneficial in a given state. For more information please see Nexus under the Diagnostic Review section of our website.
Click here for more Sales Tax Tips or visit our website www.oatax.com.
For additional insight on common sales tax concerns, please see the Did You Know? section of our website.
Should you have questions or require assistance please Contact us today or call 1-888-466-2829 to speak with an Olivier &
Associates Sales and Use Tax professional for a no-obligation consultation about your Sales & Use Tax issues.
* This tip is intended to provide general information only and is not to be considered as a substitute for professional advice.
