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I am a CPA and one of my clients owns a couple of gas

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stations where he does not...
I am a CPA and one of my clients owns a couple of gas stations where he does not purchase the gas but receives a commission on the gas sold, consequently, he doesn't have to bother collecting the various federal and state taxes, since they are paid by the gas company.. He just purchased another gas station, but now he purchases the gas and must pay all the taxes. The gas station is located in Nassau County in New York and I need to know what Federal, State and Local taxes have to be paid and what are the filing requirements monthly, quarterly and annually. Also what Federal State and Local tax forms need to be filed.
Submitted: 1 year ago.Category: Tax
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Customer reply replied 1 year ago
I am submitting a copy of an invoice from the gas company for their first shipment of gas. Also, the client sent me this schedule which appears to be some kind of cost breakdown based on gasoline blend. I don't know what this schedule is.
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Answered in 8 hours by:
5/22/2016
Tax Professional: Mark Anderson, Tax Attorney replied 1 year ago
Mark Anderson
Mark Anderson, Tax Attorney
Category: Tax
Satisfied Customers: 541
Experience: Tax attorney and accountant
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http://www.boe.ca.gov/industry/gas_stations.html
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Tax Professional: Mark Anderson, Tax Attorney replied 1 year ago
http://nypost.com/2012/03/18/new-york-has-highest-gas-tax-in-us/
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Tax Professional: Mark Anderson, Tax Attorney replied 1 year ago
It looks like all the taxes are on the invoice.
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Tax Professional: Mark Anderson, Tax Attorney replied 1 year ago
https://www.tax.ny.gov/bus/gas/gasidx.htm
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Tax Professional: Mark Anderson, Tax Attorney replied 1 year ago
https://www.tax.ny.gov/pubs_and_bulls/publications/gasoline_pubs.htm
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Tax Professional: Mark Anderson, Tax Attorney replied 1 year ago
The sales tax is 4.5% for the county:https://www.tax.ny.gov/pdf/publications/sales/pub718f.pdf
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Tax Professional: Mark Anderson, Tax Attorney replied 1 year ago
https://www.tax.ny.gov/pdf/publications/multi/pub908.pdf
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Tax Professional: Mark Anderson, Tax Attorney replied 1 year ago
http://www.api.org/oil-and-natural-gas/consumer-information/motor-fuel-taxes/gasoline-tax
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Tax Professional: Mark Anderson, Tax Attorney replied 1 year ago
http://www.newyorkgasprices.com/tax_info.aspx
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Tax Professional: Mark Anderson, Tax Attorney replied 1 year ago
https://www.tax.ny.gov/pdf/2012/st/st100_10i_112.pdf
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Mark Anderson
Mark Anderson
Mark Anderson, Tax Attorney
Category: Tax
Satisfied Customers: 541
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