March 24, 2009
The Colorado Department of Revenue has issued guidance for retailers who have already submitted their February monthly sales tax returns. Retailers do not need to file an amended return if they filed their February Colorado sales and use tax return before they received notification of the reduced state service fee rate of 1.35%. The Colorado Department of Revenue will review all filings submitted by the March 20th due date and will determine whether retailers have submitted an over claimed service fee. If so, the Colorado Department of Revenue will provide these retailers with a bill for the over claimed amount but they will not be charged any penalty or interest for this first month. Retailers are also advised not to send additional payments until they receive the bill.
www.taxcient.com – The Science of Tax
Leave a Comment » | 
Announcements | 
Permalink
Posted by taxcient
March 24, 2009
The California Board of Equalization recently sent letters to service businesses like doctors and dentists asking them to provide proof that they paid use tax on equipment purchases made out of the state. In the letter, the BOE requested copies of federal income tax returns and depreciation schedules for the previous three years. If these businesses made no equipment purchases outside of California, they must also notify the BOE of this fact. In follow-up letters, the BOE has asked for further proof in the form of purchase orders and invoices. Just one more sign of the tough economic times, as states look in every corner to produce tax revenue in the attempt to relieve revenue starved state budgets.
www.taxcient.com – The Science of Tax
Leave a Comment » | Announcements | Tagged: board of equalization, California BOE, California sales tax, California use tax | Permalink
Posted by taxcient
March 12, 2009
The California BOE has a new draft regulation in process, to amend Section 7054 of the revenue and tax code which, if enacted, would provide an added 25% penalty for taxpayers under audit who fail or refuse to furnish ANY information requested by the date specified.
To review the Discussion Papers relating to these matters click here. The BOE has announced a set of dates, listed below, for Interested Party Meetings for April. You can also attend by teleconference, submit comments, or get on the interested party list by emailing lynn.whitaker@boe.ca.gov.
Meeting dates:
April 1, 2009 – 10am CST
450 North Street – Sacramento
April 7, 2009 – 10am EST
120 N. LaSalle Street, Suite 1600 – Chicago
April 9, 2009 – 10 am PST
485 Lexington Avenue – New York
Leave a Comment » | Announcements | Tagged: California BOE, California sales tax, Section 7054 | Permalink
Posted by taxcient
