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I am needing to ask a small business sales tax question in…

Customer Question
I am needing to...

I am needing to ask a small business sales tax question in reference to Oklahoma and Colorado

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

I failed to report a sale (media development work) that I performed while I was living in Colorado, but my business was still located in Oklahoma. I am needing to report the sale and pay the tax. It occurred in June of last year. How do I go about reporting it and paying it. In CO or OK, and what from to amend it?

Accountant's Assistant: When we are ready I'll take you to the appropriate web page. Is there anything else the Accountant should be aware of?

Not that I know of

Submitted: 4 months ago.Category: Finance
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Customer reply replied 4 months ago
Is there anyone working on this question still?
Answered in 3 days by:
3/9/2018
Financial Professional: Dr. Fiona Chen, Certified Public Accountant (CPA) replied 4 months ago
Dr. Fiona Chen
Dr. Fiona Chen, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 1,142
Experience: Former IRS Revenue Agent
Verified

I'm Fiona, former IRS revenue agent. I am looking at your question and will get back to you soon. Fiona Chen, MPA, Ph.D., CPA, ABV, CFF, CITP,IMTA

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Financial Professional: Dr. Fiona Chen, Certified Public Accountant (CPA) replied 4 months ago

Dear Customer,

Part I.

A tax return never filed has no statute of limitation. Then, you need to file a tax return.

If you filed a tax return, you may need to amend that tax return to include the "sale" or performance income.

Part II.

As to which tax return to file or amend, it depends what type of work you performed, and to which entity the payment was received. If it was a personal income, it is on your personal tax return and if it is business income, depending on the business entity, say LLC, as disregarded entity, S corporation, Corporation have different forms to report the income.

Part III.

It is Colorado income. You report to Colorado because the source of income and also because you were a resident.

As to Oklahoma, depending on type of entity and the reporting history, it needs to be decided whether you need to file with Oklahoma or not.

However, if you live in Colorado, you performed a media development work there. Did the payment paid to the company in Oklahoma instead of to you personally?

Were you in Colorado for this project only?

You need to decide your tax home for that year [2017?].

Please feel free to follow up.

Regards,

Fiona

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Customer reply replied 4 months ago
The business entity was as sole proprietorship - the business was with a resident of Oklahoma? Specifically do I need to file business licensure for Colorado and report tax revenue there or do I need to report tax revenue for Oklahoma or both? The federal tax I report on my federal return under Colorado or Oklahoma?
Financial Professional: Dr. Fiona Chen, Certified Public Accountant (CPA) replied 4 months ago

Dear Customer,

Sole proprietorship usually is not incorporated or registered entity with any state. If the business is not registered with the State you did not live and you did not work in, you don't have to report tax return to that state.

Please clarify what "the business was with a resident of Oklahoma" is. Sole proprietorship is one person, assuming you. Are you saying that you used someone else' business name or social security number?

How are you related to the State of Oklahoma in 2017? Did you live there half a year or some time in 2017?

Please feel free to follow up.

Regards,

Fiona

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Customer reply replied 4 months ago
I moved to Colorado in Sept. 2016, performed business with an individual from Oklahoma in July 2017 and then moved back to Oklahoma in September of 2017. All was performed under my name-sole proprietorship entity.
Financial Professional: Dr. Fiona Chen, Certified Public Accountant (CPA) replied 4 months ago

Dear Customer,

It is suggested that you file a federal tax return.

Did you leave Oklahoma and moved, or you just left Colorado temporarily to Oklahoma just for this job?

Here are the two choices when you file with the States.

1) File full year resident tax return with Oklahoma and when you allocate income, remember to allocate the income your earned in Colorado to out of state income. If the State of Oklahoma asks to tax your Colorado income, then you can ask OK to give you tax credit for tax paying to Colorado.

File non-resident resident state return with Colorado to report only Colorado income and pay tax accordingly.

2) File part-year resident tax returns with both States. Allocate Oklahoma income to Oklahoma and Colorado income to Colorado. The tax form will not have enough space for the dates of moving in and out twice. Just make sure that your days in each state are correct.

Please feel free to follow up.

Regards,

Fiona

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Customer reply replied 4 months ago
Thank you, ***** ***** these to my tax preparer to aid in my 2017 taxes.
Financial Professional: Dr. Fiona Chen, Certified Public Accountant (CPA) replied 4 months ago

Dear Customer,

You are welcome.

A five star rating for the answer would be appreciated to credit me for the work.

Thank you.

Regards,

Fiona

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