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Ours is a company set up in Texas with foreign shareholders…

Customer Question
Ours is a company...

Ours is a company set up in Texas with foreign shareholders and no employees and no office in Texas - we have appointed a firm as organiser in New York and obtained IRS registration in Newyork - however we have inventory lying in a storage company in Houston - are we liable to inventory tax in Texas

Accountant's Assistant: The Accountant will know how to help. Is there anything else important you think the Accountant should know?

We are using the organiser's address as office address / mail forwarding address and we have opened a bank account in New York. However we have imported goods into Houston and sold to some companies in Houston - remaining stocks are lying in Texas.

Accountant's Assistant: Tell me more about your problem so I can decide what kind of lawyer you need. I'm sorry I'm feeling very dense today, I just don't understand what variety of lawyer you are looking for. Could you please name the kind of lawyer you want to see?

A lawyer who knows Inventory tax levied in Texas

Accountant's Assistant: I'm sorry. I just don't know enough law. I'll have to hand you off to a general lawyer.

Ok

Submitted: 2 years ago.Category: Tax
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Answered in 15 minutes by:
2/28/2016
Tax Professional: Megan C, Certified Public Accountant (CPA) replied 2 years ago
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,606
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
Verified

Thank you for your question - my name is ***** ***** I will be happy to help you. I'm a CPA, and this is a tax question -- which is why you were routed to me.

Anyways - if your stock is physically in Texas, unfortunately you are subject to inventory tax in that state. They require you to pay tax on any stock that is physically in the state of Texas. I wish I had better news for you.

Please let me know if you need anything additional. If not, please rate positive.

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