Registering a business for sales tax sounds simple. But it can be fraught with contention and bring up concerns as requirements become known. All those who are identified as “responsible parties” – the business owners, officers, directors, shareholders, and employees - can be personally liable for sales tax obligations. This begs the question, what exactly is a responsible party and why is the ask so invasive?
The short answer is because, due to per federal and other laws, these executives, owners and employees are required to relinquish their personal information before the business can be entrusted with state and local tax funds. Although legal and binding, this requirement doesn’t always go over well, particularly when these individuals realize that by signing on as responsible parties, they become personally liable for sales taxes of the business.
Join Judy Vorndran as she discusses the “why” behind the sales tax registration requirement and how can you best protect your business, people and clients from personal liability.
- Why there’s risk in complying with requirement to hand over personal information in the sales tax registration process.
- Assuming trustee status.
- Declaring who you say you are.
- Who is responsible
- Best ways to protect your business and people from personal liability
As usual Judy did an excellent job. She marries practical application with knowledge and law so well. She covers a vast amount of info in a relatively short time and graciously shares valuable resource info.
~Cheryl Rinaldi, VonLehman & Company, Senior Tax Manager/Consultant, VonLehman & Company
Thursday, January 24, 2019: 12:00 PM MST / 2:00 PM EST
CPE credits: 1.0 hour
On-demand webinars presented by Judy Vorndran
Let's talk tax
Judy Vorndran can be reached at email@example.com or 720.227.0093. Follow Judy on LinkedIn.
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Specialties: #salestax, #stateregistration, #taxrisk