Sales Tax Demystified: What Every Business Owner Needs to Know

Episode Summary

In this episode, Lance Drury and LPN host Kevin Rosenquist discuss common issues and challenges businesses face with sales tax. Lance emphasizes the criminal implications of not remitting collected sales tax, shares a shocking case involving 96 felony charges for sales tax fraud, and provides advice on maintaining compliance. Key tips include keeping meticulous records, segregating business and personal accounts, and consulting a tax attorney early to avoid criminal prosecution. The conversation concludes with strategies for staying current with sales tax laws and how proper planning can help businesses navigate these complex regulations.

 

Timestamps:

[00:23 - 01:10] Common Challenges and Criminal Implications of Sales Tax Nonpayment

[01:10 - 02:36] Real Case: 96 Felony Charges for Sales Tax Fraud

[02:36 - 04:35] Mismanagement in Restaurants & Liability Risks

[04:35 - 05:44] Local Sales Tax Rates and Filing Deadlines

[05:44 - 07:05] Consequences of Missed Payments and Bureaucracy Delays

[07:05 - 08:18] Sales Tax Audits: Triggers and Common Targets

[08:18 - 10:26] The Audit Process and Expanding Scopes

[10:26 - 11:53] Keeping Accurate Records to Minimize Liability

[11:53 - 13:09] Financial Struggles of Restaurants in Current Economy

[13:09 - 14:07] Staying Current with Sales Tax Laws and Compliance Tips

[14:07 - 14:48] Importance of Consulting a Tax Attorney Early

 

About The Show

Resilience and Resolve with Lance Drury is a podcast that demystifies complex tax issues, offering practical advice for business owners navigating financial and legal challenges. Hosted by tax attorney Lance Drury and LPN Host Kevin Rosenquist, the show covers real-world cases, legal insights, and strategies to help businesses stay compliant and avoid costly mistakes. Each episode provides actionable guidance on topics like sales tax, audits, and tax law, blending expert knowledge with engaging stories to empower listeners with the tools they need to manage their tax responsibilities confidently.