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Business Tax Law
Roland Said:I've a Delaware Corporation, but I'm based in California. Can the business have bank account in CA? tax law?
We Answered:Yes, the company can have a bank account wherever it wants to. The state of incorporation is irrelevant.
Likewise, income is taxed based on the state(s) of nexus, which is based on the states in which the company has sales, payroll and property.
DE also assesses tax based on the # of shares and the par value of the shares outstanding.
You can follow the link below to read more about how CA assesses tax on 'foreign' (non-CA) corporations, and the process of apportionment of income
Vernon Said:What is the Internet tax law for sales and use for a small Texas business?
We Answered:I agree with the first person.
Basically, so far, on the Internet, the precendent is to charge sales tax for sales delivered in Texas if your business is based in Texas. Supposedly, it is the responsibility of the seller, out of state, to pay their own state's sales tax on their purchases from Texas.
What you also need to be aware of is that if you are a business is Texas and you purchase products out of Texas, say from California, and you get these products sales-tax-free, you are supposed to report it to Texas (and pay sales tax to Texas) for those purchases unless you resell the products and collect sales tax on your item then.
The organization that oversees Texas sales tax is The Comptroller of Public Accounts at http://www.window.state.tx.us/taxinfo/sa…
Isaac Said:What are the sales tax laws on an online business?
We Answered:Dear CM: This is state question and look at your states dept of taxation to see what services are taxed. You should also get registered with the states taxation authority(get a tax ID number) and learn your filing requirements. Keep good records and possiblly you can claim a home office and computer.
This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided. Click on my profile to read more. Errol Quinn Enrolled Agent
Perry Said:Foreign based business, tax vat law, trade:ecommerce?
We Answered:The end customer is liable for VAT in the County where they live (as all those eBay Auction Winners who suddenly get stung for VAT and Customs when goods are posted from USA / Hong Kong etc. have discovered).
Basically a Company pays Tax in the Country where it is based (so if it's Registered in Israel, the Company pays Israeli Corporation Taxes) == it's actually a bit more complex than that, however that's what Company Accountants get paid for).
You (as an individual) pay Tax in the country where you live (eg UK) = if you receive money from the Company, you pay UK Income Tax (if it's wages) or Investment Tax (on Dividends) on that money.
So yes, of course is OK to do business via a foreign based company so long as you pay your taxes ... (a lot of Companies operating in UK are foreign based for tax reasons).
Dale Said:Is Business Law & Taxation a difficult major to undertake? And what career opportunities follow?
We Answered:No, business and tax are not hard. You should go ahead and switch over to a BBA though. You should also expect to take on an additional graduate degree -- either a MA in tax or a JD (a law degree).
You can then work as a CPA, lawyer, or in the finance field or corporate world. Tax lawyers do the most interesting work, followed by CPAs at the final four accounting firms. There are smaller firms that would hire you too. The IRS and state tax authorities also hire.
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