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part of our ongoing series on small business tax obligations. 

NC sales and use tax information: http://www.dornc.com/taxes/sales/

who must collect sales tax and file returns:

A merchant must file a sales and use tax return for each reporting period showing gross sales, receipts, purchases, and the sum of all exempt sales or receipts which are not included in the computation of tax due.

FAQ: http://www.dor.state.nc.us/faq/sales.html

Penalties for late filing:

Is there a penalty for late filing of tax returns?
     Yes. If tax is due, both a failure to file penalty of 5% per month or fraction thereof with a maximum of 25% (minimum $5.00 State and $5.00 county) and a failure to pay penalty of 10% (minimum $5.00 State and $5.00 county) will be due. Interest is due on the amount of tax due from the date the tax was due until it is paid.

If you have been engaged in business for several years and have never collected sales tax you will most likely be audited and forced to pay back taxes with penalty and interest charges if the North Carolina Department of Revenue learns of your failure to collect sales tax. 

Merry Christmas

[Tags:]

Tags: sales tax north carolina state laws taxes 

[BellisimaJ.]

Oh, how absolutely sweet!      


EDIT: typo