Business for sale Texas
Texas does not impose a state income tax, business or personal, so you’ll oftentimes come across national reviewers relate to Texas a “tax friendly” state. This is not all of the time the instance. Anyone practicing business with the Texas Comptroller of Public Accounts should be conscious of their harsh position about tax collection and the power of the Business for sale Texas Comptroller to accumulate sale taxes.
The tax landscape has business altered to a great extent throughout the last couple of years. We have an $18 Billion budget shortage coming into the 2011 legislative session. Comptrollers have been famous to fake early deficit numbers so that they seem to be champions as they come up with new sources of revenue to bring down the shortfall number. Taxpayers should be aware that the sale Comptroller is applying new appliances and formulas to press revenue out of businesses that have never had tax issues before.
Suppose- a housewife starts a home based business to sell home design fashions. She does not integrate but does apply for and get a sales tax admission. She alters her decision and never carries on any business. Being a beginner, she does not answer letters and certified Business for sale Texas mail from the Comptroller. She neglects efforts by the Comptroller to serve her with a lawsuit. Abruptly, from her view, she determines herself on the defective side of a $10,000 default judgment for sales tax.
How did this befall? The Comptroller is permitted to appraise sales tax patterns for those businesses who do not file tax returns. Once calls and letters are not answered, the aggregation curse can’t be ceased, eventually fetching up in a default judgment with lawful Business for sale Texas bungs and court disbursements.
This story has a pleasant end in that it was determined for $1,000.00. This never should have taken place, but anyone working with the Comptroller has to know that their job is to accumulate taxes.
Another relevant instance- an out of state business purchases specific assets of another out of state business. During its due diligence the purchasing company does not come across anything that shows that the selling Business for sale Texas company has any associations with Texas. The arrangement is ended and both sides go for their business.
Many years went by and abruptly the Comptroller sends a warning of tax owed to the purchaser. The Comptroller claims that the vendor had contacts with Texas; that the vendor failed to file returns for many years and appraised taxes due; and that the sale of assets comprised of the whole business and consequently purchaser is Business for sale Texas accountable for Texas taxes due – over $150,000.
