Posts by slycobra7

Jack Young said:Everything's running smooth, no issues at all.

Thanks!

slycobra7 said:I'm thinking about making the jump from Windows 7 to Windows 10.

Has anyone actually done this yet? I’m mostly wondering if there are any headaches with digital certificates for the IRS, my bank, or Medicare after switching over to Windows 10, or does everything just work smoothly?

Thanks!

Nobody?

I'm thinking about making the jump from Windows 7 to Windows 10.

Has anyone actually done this yet? I’m mostly wondering if there are any headaches with digital certificates for the IRS, my bank, or Medicare after switching over to Windows 10, or does everything just work smoothly?

Thanks!

I’ve got a client on a quarterly VAT filing schedule who started importing from the USA back in April, and they already have an EIN.
Do I keep filing their returns on a quarterly basis, or am I now required to switch them over to monthly filings along with the specific import forms?

Does anyone know the best way to handle the bookkeeping here? I've got an entrepreneur who isn't part of the standard sales tax system, but they do have a Tax ID and end up paying sales tax in the US.
Usually, if a business is fully registered for sales tax, it looks like this:

/2210
to the inventory account/
14022/
/24022

The tax gets offset.

Since this specific person is actually paying the tax, it should go under the 24022 payment code.
But I can't double-entry the same account twice, and I definitely need a matching credit entry.
My brain is totally fried!😵

I’ve got a contractor friend who files his sales tax quarterly.
He’s looking to get a sales tax ID so he can pick up some tires for his van in Canada without paying the extra tax.
If he uses that ID, does he automatically have to switch to monthly filings?

ruggedmaker2 said:Look, you've got yourself a fake three-way deal because one of the parties isn't based in the USA.
On your tax forms, this goes under Section II 13 (received goods from non-resident taxpayers) and Section III 13 (input tax... from non-resident taxpayers).
It doesn't count toward standard domestic sales tax.

Thanks a million!

Drew Rogers6 said:First off, there is no such thing as an import from the EU—it's called an acquisition of goods now. If you aren't getting an invoice from the Italians and are getting it from the Mexicans instead, I’d handle that as a standard import. Seriously, go ask a different freight forwarder. I'm not convinced this guy knows what he's talking about...

On top of that, on your tax forms, you'll have to list the company from the invoice, which isn't even in the EU database—so the IRS won't be able to match anything up...

My bad, I was actually thinking about asset acquisition too.😵

I'm also skeptical about what the Freight Forwarder said. Since it's an import from Mexico, I'm stuck on how to report it—I know it can't go on the sales tax forms.
I'll try reaching out to some IRS advisors tomorrow morning.
Maybe they'll have more clarity on this.

Thanks!👍

Could use a little help here if anyone knows the drill.
My company is buying goods from Italy, but there's a twist: the shipment passes through a sister company owned by the same person over in Mexico. When the goods actually arrive, the invoice will be coming from the Mexican entity, not the one in Italy.
The freight forwarder is telling me we don't need to worry about sales tax because it’s being treated as goods coming from the European Union.
So, how am I supposed to record this in the books?
If I categorize it as an import from the European Union, how does that look on my tax filings?