Should a Financial Institution Be Registered for Sales and Use Tax Purposes? Are You Next on the List for an Audit?

Financial Institutions

October 01, 2015
by Craig Cookle, Linda Feirn, CPA, Daryl Ohland, CPA, CIRM, MST

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Craig Cookle Craig Cookle

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Linda Feirn Linda Feirn, CPA

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Daryl Ohland Daryl Ohland, CPA, CIRM, MST

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Generally financial institutions are thought of as a service industry. Services are generally not subject to sales taxes in most states. However, recently more financial institutions have had to deal with repossessed assets. While there are no sales tax issues with the repossession of real property, there can be issues with the repossession of personal property.

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Length: 2 pages (PDF 55 kB)

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