New York SBDC Research Network

Segregated accounts Establish a segregated bank account for sales taxes. NYS Tax Department encourages all sales tax vendors to voluntarily establish a separate bank account for sales taxes that they collect on behalf of New York State to make it easier to comply with the tax law. To improve sales tax compliance, they can require certain sales tax vendors to deposit sales tax into a separate bank account. This tax law change was effective March 31, 2011. Sales Tax Filing Responsibilities A sales tax return is still required to be filed, if a registered vendor, did not collect any tax for the tax period in question. Vendor Collection Credit (currently at 5% of tax payable except monthly filers with a maximum of $200 ) Sales Taxes are trust taxes – A responsible person can be held personally liable for payment of taxes. If a business ceases doing business, they must file a final sales tax return and return the Certificate of Authority to the Department. Sales Tax Exemp

I had intended to highlight books some of the newer books we have in the library and this is one very practical one. This list does not list all the subsections for all the chapters - I have listed only the sections from the chapter on essential recordkeeping for small businesses. Keeping the Books: Basic Recordkeeping and Accounting for the Successful Small Business 6th ed.(2004) by Linda Pinson Chapters Recordkeeping Basics Income and Expenses Cash Accounting Versus Accrual Accounting Essential General Records for Small Business Single and Double Entry Systems Chart of Accounts Debits and Credits An Overview of Four Accounting Tasks Using QuickBooks Pro® Summary: Accounting Software Revenue & Expense Journal Petty Cash Record Inventory Record Fixed Assets Log Accounts Receivable Accounts Payable Payroll Records