Governor Parson signed Senate Bill 87 (SB 87) into law on July 11, 2019 and it goes into effect on August 28, 2019. Included in that bill are several provisions and there are two that directly impact sales tax:
1. Any seller who provides a sales receipt or sales invoice to a purchaser must include on such sales receipt or sales invoice the total rate of all sales tax imposed on the sale. Such total rate shall include all applicable state and local sales taxes. This impacts any seller that has more than $500,000 in calendar year sales of goods and services.
2. Current law allows a taxpayer to receive a refund for any tax, penalty, or interest that has been paid more than once, or has been erroneously or illegally collected or computed, provided such claim for refund is filed within three years from the date of overpayment. This act modifies such deadline to ten years.
As with all transactional taxes, we advise our clients to review their systems for compliance and opportunities on a regular basis. And we are available to help you as well.
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