How Much Time Does it Take?
March 25, 2014
Have you ever had the time to sift through and read recent legislative changes or court cases as they relate to the sales and use tax issues going on within your state or even your company? I didn’t think so. And even if it may not be an issue right now that’s not to say it won’t be in six months, a year or even beyond that.
Legislative changes and court cases are made and decided frequently throughout the year and how many times have you ever heard about the outcome unless you had the time or the staff to look for these items? For example, have you read about the three recent Missouri Supreme Court cases that were recently heard and how the taxpayer was on the losing end of two of the three! One of the two losing court cases dealt with utilities used in processing baked goods and the other dealt with chemicals used at an industrial launderer. However, not all court cases are ruled in favor of the state. If you own or operate an apartment or condominium complex in Missouri you may be entitled to a refund of sales tax paid on utilities for all tax periods that fall within the statute of limitations period. Did you hear about that? I didn’t think so!
As boring as it may seem, we enjoy taking the time to review and research new rulings and cases to see how the outcome will impact our family of clients. It’s what we do and what we will continue to do– even if you don’t have the time.
Photo by adamr at freedigitalphotos.net