19 Apr Trustee Taxes for New Businesses
When starting a new business one of the questions you need to be able to answer is what taxes will I be responsible for. If you hire people you will need to deal with payroll taxes. What are the sales tax rules where you do business? Are you selling food? Are you eligible for meals tax? Is there a liquor or tobacco tax you need to remit? Make sure you know the answers to these questions before you move forward. Wouldn’t it be terrible to spend thousands on a point of sale system, and its set up, to find out later that the goods you were selling are taxable and your point of sale items are not set up for that. We see it all the time. Twice this week in fact we have run it this. Out of state businesses set up point of sale systems or accounting systems for new businesses not adjusting for the tax laws in the state where the businesses were going to operate. Now the systems will need to be completely redone at the business owners’ expense. Contact an accountant or other qualified professional in the state you plan to do business that is familiar not just with corporate tax preparation but trustee taxes as well. Non-profits also need to be aware of local and state trustee taxes. In some cases even non-profits can be responsible to remit trustee taxes above and beyond payroll taxes. Be sure you have checked with your auditors too.
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