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Started By
Message
paging O-T buisiness owners.
Posted on 8/22/12 at 6:38 pm
Posted on 8/22/12 at 6:38 pm
got a visit from the tax accesor today. he now says we owe taxes on computers, desks, chairs, and everything else not attached to building. none of the above is part of our "inventory". never had this problem before. WTF??? soon to be fired CPA is "looking in to it" what did i miss???
8
Posted on 8/22/12 at 6:38 pm to sherrifftaylor
Are you an S-corp or what?
Posted on 8/22/12 at 6:38 pm to sherrifftaylor
Did you try the money board?
Posted on 8/22/12 at 6:40 pm to sherrifftaylor
Absolutely correct.
You owe, pay up.
ETA: your CPA sucks. Fire him/her.
You owe, pay up.
ETA: your CPA sucks. Fire him/her.
This post was edited on 8/22/12 at 6:42 pm
Posted on 8/22/12 at 6:44 pm to sherrifftaylor
quote:
Did you try the money board
this ... but your CPA should be claiming and depreciating these assets.
Posted on 8/22/12 at 6:47 pm to NOX
Your CPA will probably blame you for not bringing him/her the form the parish sends you every year. Fact is, you do owe tax on these assets and there is nothing your CPA can do about it now.
Posted on 8/22/12 at 6:49 pm to SippyCup
Sales use tax?
Did you pay tax when you purchased the assets? If so you shouldn't owe additional use tax...
Did you pay tax when you purchased the assets? If so you shouldn't owe additional use tax...
Posted on 8/22/12 at 6:51 pm to sherrifftaylor
It's called tangible property tax.
I pay it every year. Your CPA should know better.
I pay it every year. Your CPA should know better.
Posted on 8/22/12 at 6:53 pm to ATL TGR
quote:
Did you pay tax when you purchased the assets? If so you shouldn't owe additional use tax.
This.
The government is going after capitalist pig small business owners now? Who'd a thunk it?
Posted on 8/22/12 at 6:53 pm to sherrifftaylor
It's a property tax. You start paying in your second year of business.
Posted on 8/22/12 at 7:06 pm to fastedLSU
This guy should just close up shop right now. If he didnt know this, how is gonna run a damn business?
Posted on 8/22/12 at 7:16 pm to southernelite
If you paid sales tax @ purchase - no tax due.
If you purchased tax exempt, then the Use Tax is applicable.
That simple.
If you purchased tax exempt, then the Use Tax is applicable.
That simple.
Posted on 8/22/12 at 7:20 pm to Tigerntx
No.
Posted on 8/22/12 at 7:27 pm to Tigerntx
quote:
If you paid sales tax @ purchase - no tax due.
If you purchased tax exempt, then the Use Tax is applicable.
That simple.
this is not use tax, it is personal property tax for businesses. it applies to all equipment,furniture and fixtures, leasehold improvements and inventory.
you report the cost of these items to the assessor's office on a yearly basis.
if you did not send in the form, then they will usually estimate what they think you have and send you a bill.
in this case they decided to inspect to see what the taxpayer had. if you do not agree with their assessment you can sometimes appeal the decision with the assessor's office
it sounds like you have been getting away without paying this tax for a while.
Posted on 8/22/12 at 7:32 pm to simonizer
You should go be that guy's accountant.
Posted on 8/22/12 at 7:36 pm to southernelite
Yeah, I'm fricked. Closing up shop tomorrow. 
We've paid inventory tax, but never been accessed on equipment used for day to day operations.
We've paid inventory tax, but never been accessed on equipment used for day to day operations.
Posted on 8/22/12 at 7:47 pm to Tigerntx
quote:
If you paid sales tax @ purchase - no tax due.
If you purchased tax exempt, then the Use Tax is applicable.
That simple.
Wrongo
Posted on 8/22/12 at 7:57 pm to simonizer
quote:
this is not use tax, it is personal property tax for businesses. it applies to all equipment,furniture and fixtures, leasehold improvements and inventory.
you report the cost of these items to the assessor's office on a yearly basis.
if you did not send in the form, then they will usually estimate what they think you have and send you a bill.
in this case they decided to inspect to see what the taxpayer had. if you do not agree with their assessment you can sometimes appeal the decision with the assessor's office
it sounds like you have been getting away without paying this tax for a while.
Good information here. I will add that the assessors office picks this up by your depreciation schedule. What taxes you save by depreciating equipment and fixtures you lose by having to list them on the personal property tax form.
Sucks sometimes to be a business owner. I especially like the franchise tax and the $500 tax on my property that is dedicated for trash pickup. The city doesn't pick up my trash since I am a business, I have to pay Allied Waste $108/month for trash pickup.
Posted on 8/22/12 at 8:22 pm to sherrifftaylor
If you bought all your stuff used with a used value, you save a lot on this tax. Make sure you can produce receipts if needed. I was never asked for them but I did go down to the assessors office to get clarity on what they wanted and it helped alot.
The classes of assets follow a crummy depreciation schedule, like 18 years to depreciate a filing cabinet and maybe 7 years for a pc.
If they estimate your taxes, they will over estimate value of your junk by 2 or more times. The next year the tax will go up 10%. Until you file the form they send you every year properly. You can't do anything about past assessments, only the current one, in my experience.
The classes of assets follow a crummy depreciation schedule, like 18 years to depreciate a filing cabinet and maybe 7 years for a pc.
If they estimate your taxes, they will over estimate value of your junk by 2 or more times. The next year the tax will go up 10%. Until you file the form they send you every year properly. You can't do anything about past assessments, only the current one, in my experience.
This post was edited on 8/22/12 at 8:25 pm
Posted on 8/22/12 at 9:37 pm to sherrifftaylor
quote:
he now says we owe taxes on computers, desks, chairs, and everything else not attached to building. none of the above is part of our "inventory".
it's called property tax...
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