4 posts shown.
I’m looking at an independent insurance broker who operates with just one employee and still handles all their reporting via physical paperwork. They don't even have an electronic filing system set up.
The folks over at Hanf are claiming that all reports should be submitted electronically. I'm curious, how are you all handling your filings with Hanf?
Thanks, ruggedmaker2. The real headache is that I actually recorded those 6 dollars back in 2013 and filed it under my sales tax returns. They’re only just now getting around to fixing it. Back then, they sent over some kind of proforma invoice to correct the previous bill for those 6 dollars, but I completely missed the mark and just processed it as if it were a standard invoice...
If I try to reverse that 2013 entry and re-record everything in 2016, my balance will sit at exactly 0.00. There won't be anything for me to report on the sales tax filings, but once they process their side, a discrepancy is going to pop up out of nowhere. It’s just a complete mess...
🤦A supplier over in the European Union just flagged an error dating all the way back to 2013. They reported an amount on their sales tax return that was 6 dollars less than what I recorded... back then, nobody even blinked at the discrepancy.
Now they’ve gone and sent me an invoice—dated 2016—to cover that 6-dollar gap from 2013, but I already accounted for the higher amount in my own filings years ago.
I’m sitting here wondering if I actually need to go back and amend my 2013 sales tax returns to lower them, just so I can report those 6 dollars in 2016... otherwise, our records won't match the federal verification systems.
Does anyone know what kind of margin the IRS actually allows for these kinds of tiny differences before it becomes an issue?