Episode 14: Everything Sales Tax

CPAs & Advisors

Podcast Host: David Jewell, CPA

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Welcome to Everyday Business, Yeo & Yeo’s podcast. We’ve had the privilege of advising Michigan businesses for more than 95 years, and we want to share our knowledge with you.

Covering tax, accounting, technology, financial and advisory topics relevant to you and your business, Yeo & Yeo’s podcast is hosted by industry and subject matter professionals, where we go beyond the beans.

On episode 14 of Everyday Business, host David Jewell, tax partner in Kalamazoo, is joined by Kelly Brown, a tax manager in our Saginaw office. Listen in as David and Kelly discuss everything sales tax, the rules and regulations, and how it has changed since the Wayfair ruling.

  • How has Wayfair changed sales tax over the last three years? (1:20)
  • What are marketplace laws (2:45)
  • How do transaction counts affect small sellers and the sales tax collected? (3:25)
  • What is the current outlook of sales tax for multi-state sellers? (4:50)
  • What is the outlook of Michigan’s sales/use tax? Specifically for construction and contractors (6:02)
  • Review any issues for exempt projects for not-for-profit entities and governments (7:59)
  • Why is it important for contractors and nonprofit entities to understand their responsibilities and obligations? (9:19)
  • Knowing that contractors aren’t allowed to use the governmental agency’s exemption certificate can the agency buy materials with the contractor or for the contractor and not pay sales tax? (10:17)
  • How do the contractors pay the use tax and is this an honor system? (11:27)
  • Why are vendor contracts a big point of contention in an audit and why do they provide contractors with a false sense of security? (14:00)
  • How does a contractor show that they have paid use tax? (15:10)
  • How does use tax work for smaller jobs or contractors who also sell materials? (15:50)
  • What resources are available to wade through all of the sales tax rules? (17:40)

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The information provided in this podcast is believed to be valid and accurate on the date it was first published. The views, information, or opinions expressed during the podcast reflect the views of the speakers. This podcast does not constitute tax, accounting, legal or other business advice, or an advisor-client relationship. Before making any decision or taking action, consult with a professional regarding your specific circumstances.

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