3 posts shown.
I'm working on my sales tax return through the IRS website. I fill out the header, move to the main form, enter the state code, and put in my EIN. The acquisition amount looks correct, so I hit tab, find the little floppy disk icon to save, and plug in the total value. But then, get this—when I try to review everything, the button to sort by row number just won't work. It's showing me zero. I feel like there's some weird glitch happening here. Does anyone know what's up?
Ashley Ortiz3 said:Over on CNN, there’s a form for reserving a business name ()—but it doesn't say where I actually need to take it! Do I hand it in to the local agency or go straight to the clerk's office? Also, since I have to attach the payment receipts, will they accept a printed confirmation from my online banking app—or do I really need an official stamped receipt from the bank or the Treasury?
Thanks so much!
The easiest thing to do is just check the Secretary of State website and search for the name you want. If it’s already taken, you won't be able to use it. I think you have to turn that form in to the tax office along with the original receipts. I'm not totally sure about using an online banking printout, because when I started my company, I just went into the bank and made a cash deposit directly into the account.
mistyfox2 said:Does sending out a pro forma invoice to get an advance payment on a larger total trigger a tax liability?
Absolutely, if you’re issuing that pro forma before the service has actually been rendered.
The standard IRS guidelines usually talk about invoices, but I'm a little fuzzy on whether a pro forma falls under that same umbrella.
(5) Once an official invoice is issued, the tax obligation kicks in right then and there, regardless of how much you've billed or whether the work is even finished yet.
No, there’s no tax liability just from issuing a pro forma. It happens the moment that advance payment hits your bank account. At that point, you need to issue a formal invoice for the deposit, including sales tax. Then, once you finally deliver the product or complete the service, you simply void that initial deposit invoice and issue the final one.