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July 7, 2014

July SALT Checklist

What should you be doing in your state and local tax practice this month? Here's your SALT checklist for July.

5 SALT Hotspots Checklist

When you examine the records of your clients, how do you know what to look for regarding state and local taxation issues? This checklist, prepared by state and local tax experts Peinser Johnson & Company, will give you a place to start to help you sort out the SALT-related activities.

 

Hot Spot

Description

Nexus
  • Sales into which states
  • Employees in which states
  • Independent contractors in states
  • Conferences in which states
  • Common & State-by-State Activities Links

Rates & Product Taxability
  • Verify sample of rates-
  • Make sure tax is collected

Use Tax
  • Do you have a process in place to track use tax?
  • Make a purchase and don’t pay sales tax? Look for use tax issues.
  • Pulling inventory off-shelf, even gifts to charity
  • Sample of fixed assets

Exemption Certificates
  • Do you have a process in place to collect and to validate certificates?
  • Review sample of certificates (10-15) signed, not expired, correct permit number

Returns
  • Is there a process in place to file returns?
  • Are you taking advantage of necessary discounts for prepayment?

 

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