Re: Are you guys aware of this ticking time bomb?

Don Y <blockedofcourse@foo.invalid> wrote:

On 10/19/2024 3:54 PM, Sergey Kubushyn wrote:

The cherry on the cake is that most people are not even aware they have to
submit such reports...

 
Of course, you are aware that you have to report and pay "Use Tax/Transaction
Privilege Tax/Sales Tax" on any items for which you did not have said taxes
taken out at time of purchase.  Regardless as to whether you are a business
or a private individual...
 
I.e., there are likely many requirements that you are unaware of.
You *do* have a lawyer and accountant, right?

I don't. I'm a one man shop filing my business taxes as Schedule C on my
personal tax return.

There are many such businesses (probably most of those 20 millions that
didn't submit that form yet?). People, e.g. make an LLC for renting out
their rental properties. There are no lawyers and accountants there. There
are also many one man shop LLCs made by consultants doing some contracts.
There are many LLCs created just to be able to talk to those big companies
who "do not deal with individuals".

Those are ALL subject to that law. Those who have lawyers and accountants
are more likely to have more than 5 million dollars yearly revenue so they
are all EXEMPT. This law is targeted at a LITTLE GUY who usually don't have
lawyers and accountants.

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