Section 1245 and 1250: Understanding Depreciation Recapture fo...
Navigating the complexities of tax law in real estate can be challenging, even for experienced in...
Sales tax refund claims are a crucial avenue to correct errors, recoup overpaid taxes, and ensure fairness in taxation. And under certain circumstances, many businesses did not know they could be eligible for a refund.
Many errors can occur during the sales tax collection process. Businesses might inadvertently charge incorrect tax rates, apply tax to exempt purchases, or miscalculate the tax amount. In such cases, the purchaser may end up paying more than the actual tax liability. To address these situations, taxpayers should consult the state jurisdiction for more information about filing.
Businesses might ask the question whether they are eligible to receive a sales tax refund or not, the answer is it depends on the circumstances of the claim. If any of these scenarios happened to your business, then you might qualify for a refund:
The process for filing a sales tax refund claim can vary widely. Generally, it involves the following steps:
If you believe you’re eligible for a refund, it’s important to gather the necessary documentation and follow the appropriate procedures for your jurisdiction. By understanding the eligibility criteria and the steps involved, you can easily navigate the sales tax refund process and potentially save money on your purchases.
Explore our latest insights
See more arrow_forwardNavigating the complexities of tax law in real estate can be challenging, even for experienced in...
The South Carolina Supreme Court recently invalidated a sales tax statute under the Commerce Clau...
In Uline, Inc. v. Commissioner (Minn., No. A23-1561, 2024), the court determined the market resea...
On August 8, 2024, the IRS provided an update on the status of Employee Retention Tax Credit (“ER...