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  • 1.  SALES TAX

    Silver Most Valuable Member
    Posted 07-10-2018 10:49 AM
    A  client in NYC has a retail furniture establishment. It is understood that sales tax should be collected on an accrual basis. This client typically takes a full deposit (occasionally a partial) and  at that time collects the full sales tax. As the order will not be complete until a later month should they be remitting sales tax upon collection or can (and should) hold those funds until they ship the merchandise and create a final invoice

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    Gabriel Bentovim
    HOFFMAN & BENTOVIM, CPAs PC
    Commack NY
    631-499-1500
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  • 2.  RE: SALES TAX

    Silver Most Valuable Member
    Posted 07-11-2018 10:19 AM
    Gabriel,
    According to NYS Tax publication:

    No matter which recordkeeping method you choose to record your
    business's transactions, you must report any sales made, and remit the
    applicable sales tax based on the accrual method of accounting. That is,
    you are required to report taxable sales and remit the tax due on the return
    covering the period in which the sales are made,
    regardless of whether your
    customer has paid you.

    Brian Gordon




    Original Message


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