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Wednesday, April 22, 2015

Did you Know? Submitted by Hobe & Lucas CPA’s Inc

The state of Ohio has been stepping up its efforts to collect more revenue! Taxes based on the “honor system”, like sales tax, are lucrative targets. Did you know that buying dental products such as implants, Invisalign, and other tangible property out-of-state does not protect you from paying Ohio sales tax? If out-of-state vendors are not charging sales tax, the purhasers are responsible for paying use tax to the state of Ohio. Recently, Ohio has audited vendors such as Straumann Implants and Invisalign and determined that they are not charging sales tax properly. During the audit process Ohio auditors have extracted names of vendors’ dentist customers, and consequently audited them as well. This has been quite a gold mine for Ohio when you factor in tax plus sizable interest and penalties. 

One other thing…unclaimed funds audits are picking up in Ohio. Does your dental practice have old accounts receivable credit balances or uncashed refund checks that are over 3 years old? In many cases, these must be remitted to Ohio. 

Honesty is the best policy – if you don’t have a usetax account, you probably should; if you aren’t remitting unclaimed funds, maybe you should be. Contact Hobe & Lucas CPA’s Inc. or your tax advisor, or go to: http://www.
tax.ohio.gov/sales_and_use.aspx and http://www.com.ohio. gov/unfd/HolderFaq.aspx for more information.

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