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Dear Valued Client,
Happy March and welcome to a new feature of this newsletter where we will be showcasing at least one client business a month. P.S. Cynthia is one of a handful of certified Green Roof Professionals (GRP). She designed a Green Roof for a private residence in Sunol that was featured in People Magazine. Check it out (it’s truly fabulous): http://www.greenroofs.com/projects/pview.php?id=796 Now, back to our favorite seasonal topic (yes, still taxes). For you consultants out there, Deborah J Hoard of Net Results (www.get-net-results.com) shared this with our Women In Consulting on-line group this last week – Hey, folks: Read an interesting article in the February 18th San Francisco Chronicle. Seems that every business with gross receipts over $100,000 has to register with the Board of Equalization by April 15th, even though the business is not required to hold a seller's permit or certificate of registration for use tax. The law came into effect in July 2009, but they had no money to advertise the fact so it may come as a surprise to many self-employed consultants like us! According to the Board of Equalization, you must obtain a use tax account if you meet all of the following conditions: Receive at least $100,000 in gross receipts from business operations per calendar year. Note: Gross receipts are the total of all receipts from both in-state and out-of-state business operations.
This is to collect use taxes on supplies purchased out of state (usually over the Internet). Since 1930, it's been up to the business and individual to pay use tax on items purchased out of state even though the vendor does not charge you sales tax. They are requiring that businesses go back 3 years (2007-2009) and pay any use taxes that they neglected to pay for those years. However, there may be a penalty for the late 2007 and 2008 taxes and an investigation if the Board feels that there was an intent to defraud. For more info:
Good luck on the 15th – Let us know if there’s anything we can do to help! Sincerely, Holly DeVito Sum of All Numbers
The Sum of All Numbers newsletter is available via e-mail on a free subscription basis. You can subscribe or unsubscribe at any time. For more information about - Sum of All Numbers, go to http://sumofallnumbers.com. This message was sent using ClientWhys Persyst. View our permission marketing policy. Circular 230 Disclosure, United States Treasury regulations effective June 21, 2005 require us to notify you that to the extent of this communication, or any of its attachments, contains or constitutes advice regarding any U.S. Federal tax issue, such advice is not intended or written to be used, and cannot be used, by any person for the purpose of avoiding any penalties that can be imposed by the Internal Revenue Service.
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Sum of All Numbers
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