Gross Receipts taxes are imposed only on certain business activities. Any receipts that are subject to the Gross Receipts tax are exempt from Business Tax. Therefore, if you are subject to the Gross Receipts tax, you should report those sales on your gross receipts tax return, but exclude them from your business tax return.
Sometimes, employees will present a "receipt" in place of a List A, B, or C document. An acceptable receipt is valid for a short period of time so you can complete Section 2 or Section 3 (reverification) of Form I-9, Employment Eligibility Verification. You cannot accept receipts if employment will last less than 3 days.
Gross receipts are the total amount of money or other consideration received from the above activities. Although the Gross Receipts Tax is imposed on businesses, it is common for a business to pass the Gross Receipts Tax on to the purchaser either by separately stating it on the invoice or by combining the tax with the selling price.
Businesses that do not have a physical presence in New Mexico, including marketplace providers and sellers, also are subject to Gross Receipts Tax if they have at least $100,000 of taxable gross receipts in the previous calendar year. More information on this standard is available in FYI-206: Gross Receipts Tax and Marketplace Sales.
As of Tax Year 2022, Trade Show Vendors in Philadelphia must use the BIRT-EZ annual form to file their returns on the Philadelphia Tax Center. As a trade show vendor, the Department of Revenue permits the use of separate accounting to calculate taxable receipts and net income for the specific event within the City of Philadelphia. Tradeshow Vendors can compute a separate Profit & Loss/Income Statement for the specific event that reports the gross receipts generated and a computation of net income after deducting the ordinary, reasonable and necessary expenses related to the event.
The current rates for the Business Income & Receipts Tax (BIRT) are 1.415 mills ($1.415 per $1,000) on gross receipts, and 5.99% on taxable net income. In 2019 the rate was 6.25% on taxable net income.
A business is considered to have nexus in Philadelphia and is subject to BIRT if it has generated at least $100,000 in Philadelphia gross receipts during any twelve (12) month period ending in the current year.
The Combined Statement is recognized as the official publication of receipts and outlays. All other federal government reports containing similar data must be in agreement with the Combined Statement.
The report presents budgetary results at the summary and detail level. It's part of a group of three publications that includes: the Monthly Treasury Statement, a report of the government receipts and outlays based on agency reporting, and the Daily Treasury Statement, summarizing data on the cash and debt operations of the Treasury based on reporting of the Treasury account balances of the Federal Reserve banks.
This report provides detailed information for transactions reported on the Statement of Transactions (FMS 224, 1220, and 1221) for distributed offsetting receipts reflected in the Monthly Treasury Statement.
Agencies can use the report as an additional tool to assist with identifying and resolving differences between monthly budgetary reporting and the distributed offsetting receipts found on line 4200 of the Statement of Budgetary Resources.
Hard copy receipts should be electronically scanned and submitted with your electronic travel claim when your agency has fully deployed ETS and notifies you that electronic scanning is available within your agency (see 301-50.3 of this chapter). You may submit a hard copy receipt, in accordance with your agency's policies, to support a claimed travel expense only when electronic imaging is not available within your agency.
Companies that rent motor vehicles, including automobiles, motor homes, motorcycles, trucks, truck tractors, trailers, semi-trailers, travel trailers and park models, must collect motor vehicle gross rental receipts tax from their customers. The percentage of tax charged is based on the length of the rental contract.
The Commissioner of Taxation and Finance annually reviews the thresholds at which a corporation is deemed to be deriving receipts from activity in New York State and in the Metropolitan Commuter Transportation District (MCTD) for purposes of imposing the Article 9-A franchise tax and MTA surcharge. The Commissioner adjusts the thresholds if the Consumer Price Index has changed by 10% or more since January 1, 2015, or since the date that the thresholds were last adjusted by the Commissioner.
The thresholds at which a corporation and a unitary group are deemed to be deriving receipts from activity in New York State and in the MCTD for purposes of imposing the Article 9-A franchise tax and MTA surcharge are:
Additionally, when determining whether the deriving receipts thresholds are met for a unitary group, only total the receipts from corporations conducting a unitary business that meet the ownership requirements under Tax Law 210-C (except for corporations that may not be included in a combined report due to the exclusions in Tax Law 210-C.2(c)):
Thermal printing is the most commonly used form of physical receipt printing because it is low cost and easy to use. Today, however, paper receipts are increasingly giving way to electronic receipts in the form of emails or other digital record.
Common examples of receipts include packing slips, cash register tape, invoices, credit card statements, petty cash slips, and invoices. Although the format for these forms may vary, they all serve the same purpose of documenting the time and value of a business transaction.
Gross receipts are the total amount of cash or property that a business receives, without accounting for any other expenses or deductions. Accountants use a company's gross receipts as one factor to calculate the firm's net income and profitability.
Read receipts are used in emails to determine if a message has been opened or read by the recipient. They are used in a similar way to mail delivery receipts, as proof that a message has been delivered.
Tax due on the sale or transportation of natural or manufactured gas to retail consumers in Florida is computed by multiplying the quantity sold or transported by the appropriate index price and then applying the 2.5% gross receipts tax rate. Index prices used by distribution companies to calculate the gross receipts tax due on the sale or transportation of natural or manufactured gas to retail consumers are adjusted yearly.
Use Tax: Any person who imports into Florida electricity, natural gas, or manufactured gas, or severs natural gas for his or her own use as a substitute for purchasing utility, transportation, or delivery services, who cannot prove payment of tax, must register, report, and pay gross receipts tax.
Gross receipts tax on utilities is reported using a Gross Receipts Tax Return (Form DR-133 ). You can file and pay gross receipts tax electronically using the Department's free and secure File and Pay webpage.
Taxpayers who paid $5,000 or more in gross receipts tax on utilities during the most recent state fiscal year (July 1 - June 30) are required to file and pay electronically during the next calendar year.
The Office of Labor-Management Standards (OLMS) enforces certain provisions of the Labor-Management Reporting and Disclosure Act (LMRDA), including reporting and disclosure requirements for labor unions, their officers and employees, employers, labor relations consultants, and surety companies. The LMRDA also requires, in part, that unions meet basic standards of fiscal responsibility. This compliance tip provides guidance on proper recordkeeping and reporting of union receipts. While union receipts often come in the form of membership dues, many unions also have other forms of receipts, including: interest from checking accounts, savings accounts, and certificates of deposit; sale of union supplies (hats, T-shirts, etc.); and rent; as well as other receipts from raffles, refunds, rebates and other sources. Unions who receive all their dues and initiation fees in the form of employer dues check-off may still handle cash receipts; properly handling these receipts is also a subject of this compliance tip.
When recording the receipt in the cash journal or ledger, the date the money was actually received should be used rather than the date it was deposited, since this method corresponds to the manner in which receipts information must be reported on the appropriate LM report.
Finally, where cash receipts are handled, unions are strongly urged to issue a duplicate, numbered receipt to each individual making the payment, similar to when a salesperson completes a sales invoice (where the store retains the original receipt for recordkeeping purposes and provides the customer with a duplicate receipt).
Unions should also adopt internal controls, which consist of various checks and balances that ensure proper handling of all receipts and minimize the possibility of theft or embezzlement. One such control for receipt handling is segregation of duties. Here, at least two (and preferably three) different people should be involved in handling all receipts, as follows:
While the duties of the second and third person may be combined in smaller local unions, the advantages of segregating these duties is obvious: splitting these functions among different individuals significantly reduces the likelihood of improper handling of receipts and allows for early detection of any potential problems. Audit committees or trustees can easily compare the list, daybook, or receipt book from the first step to the cash journal or ledger, deposit slips, and bank records for the same time period.
Form LM-4 filers (unions with less than $10,000 in annual receipts) must report all receipts in Item 16. Form LM-4 filers are not required to itemize or separate receipts into additional categories, as is required for Form LM-3 and LM-2 filers. 041b061a72