Gross receipts: A fresh look has been saved
Gross receipts: A fresh look
Part of the Tax News & Views podcast series
Companies need to stay abreast of key decisions being made at the local level or risk significant underpayment penalties. In this episode, Deloitte’s transaction tax practice leader, Kirsten Gulotta, walks listeners through some of the most recent updates in the gross receipts space and their impact to reporting and compliance.
Tax podcast: Gross receipts: A fresh look
February 19, 2021
With many states and municipalities across the US looking to gross receipts taxes to support and increase their revenue, businesses operating in places like Oregon, Washington, and Ohio need to spend more time understanding the unique reporting and compliance requirements in these jurisdictions.
In this latest episode, host and Deloitte partner Carrie Falkenhayn invites Deloitte’s transaction tax practice leader, Kirsten Gulotta, to openly discuss the complexity of gross receipts tax compliance, and how failure to understand the definitions and challenges in each jurisdiction can result in potentially unfavorable outcomes for the business:
Taxing jurisdictions typically divide a company's gross receipts into categories and then apply different rules and tax rates to different receipts classifications…and for jurisdictions that tax gross receipts, a wide range of business activity is presumed taxable, and few deductions or exemptions are allowed.
Kirsten also probes the most recent changes of some of these states and municipalities, including Oregon and San Francisco, who have changed how they are taxing gross receipts.
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