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Recent Sales Tax questions

I own an S-Corp in NYS. Can I personally purchase inventory

I own an S-Corp in NYS. Can I personally purchase inventory from my company with a personal check, that my company then makes a profit on? I realize this is not a tax question (I don't have a question re any tax issues that may need to be addressed), but can you answer this question?

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Mark Taylor

Certified Public Accountant

Masters

802 satisfied customers
An investment property that I had a mortgage on was

An investment property that I had a mortgage on was foreclosed in 2015. It was a house I'd purchased for my mother, who passed away. Not my primary residence. The 1099-A shows the Balance of Principal outstanding as $246,788, and the Fair Market Value of the Property as $407,802. Leaving a loss of $161,014. For my 2015 taxes, how do i show the loss? On Form 8949 (Sales and other Dispositions of Capital Assets) & Schedule D (Capital Gains & Losses)? ... OR ... On Schedule E, as a Loss on Rental Real Estate (although I didn't charge my mother rent) ...OR... somewhere else? It appears that using Schedule D will only allow me to report $1,500 of the huge loss (married filing separately).

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,180 satisfied customers
IS THERE A STATUTE OF LIMITATIONS ON STATE OF FLORIDA SALES

IS THERE A STATUTE OF LIMITATIONS ON STATE OF FLORIDA SALES AND USE TAXES? IF SO, HOW LONG ONCE THE DEBT AND ASSESSMENT IS GIVEN.

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Robin D.

Vocational, Technical or Trade School

20,916 satisfied customers
Our business is renting out camera equipment in New York

Our business is renting out camera equipment in New York City, do we charge sales tax? We do not sell the equipment and paid sales tax when we purchased the equipment. Thanks

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,180 satisfied customers
I'm starting an online business and posses a California tax

I'm starting an online business and posses a California tax ID. I have a question that I haven't been able to find the answer to.Lets say I buy a product online from store (A) and I pay sales tax on that product. If I decide to resell the product via an online marketplace to an out of state customer, will I be able to collect and keep those taxes since I already have paid for them when I purchased the product?Now a few things to NOTE before answering the question above:1. I never touched the product, it was delivered from store (A) directly to the customer.2. The product I purchased from store (A) charged me sales tax, because the customer lives in the same State Store (A) is located in.So can I legally pass those taxes onto the customer? If not, and I have to re-collect them, wouldn't that be double taxing?Thanks.

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18 satisfied customers
Does my business need I need to collect sales tax in Wyoming

Does my business need I need to collect sales tax in Wyoming if my only connection to Wyoming is that I registered my business there and have a registered agent?

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Mark Taylor

Certified Public Accountant

Masters

802 satisfied customers
We renovated a bathroom, replaced a 30 year old deck and

We renovated a bathroom, replaced a 30 year old deck and changed a staircase to have lower rise steps due to my knee replacement. Our contractor did not deduct the sales tax on the materials used for this renovation on his taxes. Can we add the sales tax to our standard sales tax deduction on our taxes?

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Robin D.

Vocational, Technical or Trade School

20,916 satisfied customers
If my company has been conducting business, accepting

if my company has been conducting business, accepting payments and using a business checking account to distribute money, while under forfeiture status with the state (without my knowledge) and taxes have not been paid, state or federal, what is my biggest concern at the present moment?

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Mark Taylor

Certified Public Accountant

Masters

802 satisfied customers
I have been selling on Amazon FBA since 2015 and recently I

Hello,I have been selling on Amazon FBA since 2015 and recently I found out that I had to collect and file sales tax in 14 states that amazon ships inventory from. I have not collected sales tax and I have not filed any sales tax since 2015. I only registered my business in Alabama where I live. I have an EIN number that is associated to my amazon account but I don't have my business registered in the the other 13 sates. I connected TaxJar to my amazon account and it showed me that I ow sales tax to the 14 states. So what should I do now? how do I pay the overdue sales tax for those states? what is my situation now?

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Mark Taylor

Certified Public Accountant

Masters

802 satisfied customers
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