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Sales tax payment options - Utah

Resolved Question:

Can an S Corp in Utah who is cash basis for income tax purposes also pay utah sales tax on a cash basis?


I'm going to lunch now but will return in 30 min

Submitted: 3 years ago.
Category: Tax
Expert:  Lev replied 3 years ago.

LEV :

Hi and welcome to Just Answer!
S-corporation does not pay income taxes - instead all taxable income is passed to shareholders who in turn include that income on their individual tax returns.
In Utah - even though you may use the cash method for your business books, sales and use tax must be reported and paid on an accrual basis.
This means that these transactions must be reported and the taxes paid when the item is invoiced regardless of when you actually receive or make the payment.
Please see for reference - http://tax.utah.gov/training/records/4_acct_period_methods.html
That is because sales tax are due when the sale transaction took place and as a seller you are required to charge sales tax from the end user at that time. Also the sales tax rate and local sales tax liability are also based on the time and place when the sale transaction occurred.
There is no option to account for sales taxes differently.

Lev, Tax Advisor
Category: Tax
Satisfied Customers: 23254
Experience: Taxes, Immigration, Labor Relations
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