Basics About Sales, Use, and Other Transactional Taxes , livre ebook

iUniverse - Esther E. Carranza

Découvre YouScribe en t'inscrivant gratuitement

Je m'inscris

Obtenez un accès à la bibliothèque pour le consulter en ligne
En savoir plus

150 pages

English

Vous pourrez modifier la taille du texte de cet ouvrage

Obtenez un accès à la bibliothèque pour le consulter en ligne
En savoir plus

A propos
Informations
Extrait

Description

This book provides an overview of transactional taxes, including insights on maximizing tax compliance and minimizing tax costs.
Basics about Sales, Use, and Other Transactional Taxes explains transactional taxes in layperson’s language, so you can better understand and manage transactional taxes and minimize tax-related costs.
Transactional taxes are taxes that are imposed upon the value of items, goods, and services at the time of their sale, use, or storage. This includes taxes known as sales, use, value-added, goods and services, and excise taxes.
In straightforward language, the author aims to:
• explain the basic principles and scope of transactional taxes;
• help readers perform basic tax-related activities without hiring a professional tax expert;
• provide information that may be used to avoid overpaying transactional taxes;
• identify best practices to ensure compliance with tax laws and regulations;
• help readers recognize when they should seek assistance from tax experts and/or lawyers.
The author also describes activities associated with the implementation, management, and remittance of transactional taxes, including the role of regulatory agencies, descriptions of different rules and regulations, and how applicable taxes are collected. She also highlights responsibilities regarding the remittance of taxes, recordkeeping, and the reporting of taxes, and what happens during an audit.

Sujets

Corporate

Taxation

Economie gestion

Corporate tax

Economics

Business

Informations

Publié par	iUniverse
Date de parution	10 avril 2023
Nombre de lectures	0
EAN13	9781663249524
Langue	English

Informations légales : prix de location à la page 0,0200€. Cette information est donnée uniquement à titre indicatif conformément à la législation en vigueur.

Extrait

BASICS ABOUT SALES, USE, AND OTHER TRANSACTIONAL TAXES

Overview of transactional taxes for consideration when striving toward the maximization of tax compliance and minimization of tax costs.

ESTHER E. CARRANZA

BASICS ABOUT SALES, USE, AND OTHER TRANSACTIONAL TAXES
Overview of transactional taxes for consideration when striving toward the maximization of tax compliance and minimization of tax costs.

Copyright © 2023 Esther E. Carranza.

All rights reserved. No part of this book may be used or reproduced by any means, graphic, electronic, or mechanical, including photocopying, recording, taping or by any information storage retrieval system without the written permission of the author except in the case of brief quotations embodied in critical articles and reviews.

The information, ideas, and suggestions in this book are not intended to render professional advice. Before following any suggestions contained in this book, you should consult your personal accountant or other financial advisor. Neither the author nor the publisher shall be liable or responsible for any loss or damage allegedly arising as a consequence of your use or application of any information or suggestions in this book.

iUniverse
1663 Liberty Drive
Bloomington, IN 47403
www.iuniverse.com
844-349-9409

Because of the dynamic nature of the Internet, any web addresses or links contained in this book may have changed since publication and may no longer be valid. The views expressed in this work are solely those of the author and do not necessarily reflect the views of the publisher, and the publisher hereby disclaims any responsibility for them.

Any people depicted in stock imagery provided by Getty Images are models, and such images are being used for illustrative purposes only.
Certain stock imagery © Getty Images.

ISBN: 978-1-6632-4953-1 (sc)
ISBN: 978-1-6632-4936-4 (hc)
ISBN: 978-1-6632-4952-4 (e)

Library of Congress Control Number: 2023900462

iUniverse rev. date: 04/21/2023

Contents
Introduction

1 Elements of Transactional Taxes
2 Tax Jurisdictions, Authorities, and Laws
3 Tax Types
4 Tax Exemptions and Certifications
5 More Industry-Specific Considerations
6 Responsibilities Related to Tax Reporting
7 Tax Audits by Tax Authorities
8 Management of Transactional Taxes
9 Other Tax-Related Considerations
10 Tax Compliance Goals
11 Personal Transactions
12 Summary

Appendices
1 Tax Exemption Certification Forms
2 Application Forms for Tax Exemption
3 Tax Reporting Forms

About the Author

Introduction
Throughout my career, I have found that people with different levels of education and business experience express some fear of sales taxes. The most common comment I have heard from these people is that taxes are too complicated and that they do not have the skills or knowledge to understand them. Surprisingly, this list of people includes CPAs, financial accountants, lawyers, business executives, middle management, and clerical personnel. Well, I disagree with all these people.
Anyone who is sufficiently interested and willing to open his or her mind can learn about and understand taxes. I know this for a fact. For more than forty years, I have taught and explained taxes to many individuals. Now, they may not be tax experts today, but they do understand enough to be more proficient in their job responsibilities and are more comfortable with, and better at, making decisions that involve transactional taxes.
If you are living in a civilized society, chances are quite high that either you have paid or will have to pay taxes, either directly or indirectly, on items or services that you acquire or possess. Taxes are imposed upon the majority of things that you buy, use, and/or possess. As it has been said, taxes are unavoidable.
Some people may not believe this, but taxes are important, contributing to the well-being of the society in which you live and to your personal well-being. But in order to understand, appreciate, and take advantage of some of the benefits of any tax, you will need to have a basic understanding of taxes, tax implementation, and tax application.
Basics about Sales, Use, and Other Transactional Taxes is intended to explain transactional taxes in layperson’s language with the purpose of making it easier for the reader to understand and manage his or her transactional taxes and minimize tax-related costs. Transactional taxes are taxes that are imposed upon the value of items, goods, and services at the time of their sale, use, or storage. This includes taxes known as sales, use, value-added, goods and services, and excise taxes, which are imposed by authorized governments and entities.
Using the information shared herein should make it easier for you to understand and recognize how transactional taxes are involved with your business and personal transactions. It should also make it easier for you to understand how to avoid paying more taxes than you owe.
Basics about Sales, Use, and Other Transactional Taxes describes the different components of transactional taxes—its primary focus—that are imposed upon the sale, purchase, or bartering of items and services. It also focuses on consumption taxes, which are commonly known as use taxes, and provides information on taxes imposed upon international trade. This information should make it easier for you to understand transactional taxes and help you recognize when you need to ask for help from a tax expert, tax lawyer, or other tax professional.
Basics about Sales, Use, and Other Transactional Taxes also describes activities associated with the implementation, management, and remittance of these taxes, including elaboration on the regulatory agencies that enact the rules and regulations associated with taxes, descriptions of the different rules and regulations, and identification of applicable taxes and the method of collecting said taxes. Also addressed are responsibilities regarding the remittance of taxes, recordkeeping, and the reporting of taxes, and tax audits.
My goal is to share some basic understanding of transactional taxes in a manner that is easy for the reader to understand. With this in mind, Basics about Sales, Use, and Other Transactional Taxes seeks to do the following:
1) Describe transactional taxes in a nontechnical manner for easy reading.
2) Describe the basic principles and scope of transactional taxes.
3) Help the reader to understand transactional taxes sufficiently so he or she may perform the most basic of tax-related activities without the need to hire a professional tax expert.
4) Provide information that may be used to help identify and avoid the overpayment of transactional taxes.
5) Help identify activities one needs to complete to be compliant with tax laws and regulations.
6) Help the reader recognize when to request assistance from tax experts and/or lawyers.
Basics about Sales, Use, and Other Transactional Taxes is not intended to give professional advice. Instead, it is intended to share basic information about transactional taxes. It is also intended to help you, the reader, to decide when to seek advice from a tax professional or do more research and/or studying on the subject matter, that is, if you feel sufficiently comfortable to do so.

Chapter 1
Elements of Transactional Taxes
Taxpayers should keep in mind the different elements involved in transactional taxes. To address the basics of taxes, we should start with the purpose and goals of taxes. Some taxpayers consider some of the elements, such as understanding the related legislative processes, tax agencies and authorities, and the information shared among tax authorities, to be unimportant. However, all taxpayers should consider the responsibilities with taxes, tax reporting, and remittances to be very important. Some taxpayers will deal with each of these elements regularly, whereas others will deal with only some of them on an as-needed basis.
Taxes are implemented and used with two primary goals in mind: (1) to provide benefits to the society and the population from which they are collected and (2) to finance these benefits via government services. Most taxes are implemented to finance common government services including health care, public education, police, and environmental protection. Some taxes are implemented for very specific purposes and for a specific time period. In all cases, before a tax law is passed, its benefits to the society will be considered, and when the law is passed, its purpose, scope, and implementation will be described. The revenue derived from the different types of taxes enables the protection and support of the society and its population, along with enabling the financing of the tax agencies and the government(s) responsible for the management of these taxes.
Taxes are implemented by the legislative branch of a government via the enactment of laws and regulations. Through such enacted legislation, the rights and obligations associated with transactional taxes are also defined.
Tax enforcement and tax management is addressed from two perspectives: (1) governmental and (2) business. From the governmental perspective, the identification, collection, and disbursement of taxes is defined, enacted, and enforced by the governmental taxing authorities. Tax laws and regulations are levied at the federal, state, and local level of government. From the business perspective, agreements are made between two or more parties when negotiating a business transaction and may include terms and conditions relating