Form 5472 can be considered a guide for the IRS to understand the global transactions of domestic and foreign related parties, and the penalty for failing to file Form 5472 on time is up to $25,000.
Category: FAQs
What is a Resale Certificate?
A resale certificate is a signed document indicating that the purchaser intends to resell the goods and is usually provided by the retailer to the wholesaler.
STATES SALES/USE TAX NEXUS DEFINED
Take a look at our nexus definition summary, feel free to download for your own review.
What is the difference between Sales Tax and Use Tax?
Use tax is defined as a tax on the storage, use or consumption of taxable goods or services on which no sales tax has been paid. Learn more about difference between Sales Tax and Use Tax.
What is sales tax compliance? What should I do?
Simply put, sales tax compliance is just that - preparing and filing a sales tax return. We have broken down sales tax compliance into 7 steps.
Sales Tax Accounting Setting
Learn more about Sales Tax Accounting Setting for US states.