A state mandated tax whereby consumer goods are assessed a fee on the final price as a form of revenue to the state to augment tax revenues. In most states, a portion of the sales tax is passed back to the locality for certain programs and compliance of the law.
Many businesses especially retail have to collect sales tax as a function of their legal mandate from state governments. In effect the business is a collection agent for the state. If properly set up, this […]
An audit is defined as a methodical examination. Audits are grouped into two principal sets – financial and organizational compliance (usually related to licensure). For the small business entrepreneur, it is almost unheard of for […]