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Category: Business Law
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Experience:  16 years experience with a concentration in business, corporate and contracts law
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MY BUSINESS has been open FOR 1YR 3MT. I WAS TOLD TO USE MY

Customer Question

MY BUSINESS has been open FOR 1YR 3MT. I WAS TOLD TO USE MY CORP. ID well I FOUND OUT THAT I NEEDED A SALE TAX ID. because it has been so long, will i have to pay a penalty ? what trouble will i have? I HAVE BEEN PAYING TAX ON ALL GOOD I BUY TO RESALE
Submitted: 2 years ago.
Category: Business Law
Expert:  kattorney replied 2 years ago.

Kathie Russell :

You should get the state sales tax number as soon as you can. You do not need to mention that you've been doing business without one. You have to track all of your sales, and for everything you sell, you have to charge state sales tax. You then report this tax collected and turn it over to the state. It does not cost you any money; basically you are just collecting tax from your customers and then paying it over to the state. Also, once you have the sales tax number, you will be able to purchase items for resale and without paying sales tax on them yourself.

Kathie Russell :

If you do happen to get audited, and they find out that you have not been charging and reporting sales tax, you could get a penalty. However, they are usually pretty reasonable if you work with them. If you provide proof that you have been paying tax on the merchandise you buy for resale, that could mitigate the damages and they will be less likely to penalize you. Either way, you need to get the number asap so that if you ever do get audited, they will see that you corrected the problem as soon as you found out about it.

Expert:  kattorney replied 2 years ago.
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Expert:  kattorney replied 2 years ago.

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