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| WHATS NEW! |
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10/9/2009
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Michelle Steel, BOE
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TAX ASSESSMENT UNIFORM
Proper bookkeeping is often the first casualty of a hectic small business.
For those of you who aren’t in retail, the State Board of Equalization is the tax collection agency for sales and use tax. Created in 1879 by a constitutional amendment, the BOE was initially charged with responsibility for ensuring that county property tax assessment practices were equal and uniform throughout the state.
Currently the tax programs administered by the BOE are concentrated in four general areas: sales and use tax, property tax, special taxes and the tax appellate program. Sales tax enforcement generates the most cases that come before the BOE.
For example, running a restaurant is a 7day nearly 24 hour job. A small restaurant owner can be stretched pretty thin trying to handle the multitude of events that arise in a normal business day. On top of all that, you’ve a laundry list of local and state agencies to report to.
Restaurants are a favorite target of the BOE for two reasons. First, they are a cash business which presents an opportunity for underreporting. Secondly, they are a good place to train new auditors. This means they receive a disproportionate share of visits from the taxman.
Unlike our justice system, you are guilty until proven innocent with our state’s tax agencies. I’ve been working to fix this inequity but until then; proper record keeping is your best defense.
Small businesses can protect themselves by retaining invoices, bank records and other documentation of business related expenses and activities. It is also important to keep them in an easy to access format. Handing an auditor from the BOE a shoebox full of receipts isn’t likely to result in a favorable outcome. They will most likely then utilize an industry template to guess your earnings. You then have to prove them wrong. This is not a good predicament to be in.
As your taxpayer advocate, I stand ready to assist you in every way. It has been said the best defense is a good offense. Be proactive and keep good records. This way I can run blocks for you as you cross the goal line of success.
MICHELLE STEEL is a California state Board of Equalization member, representing the 3rd District. She can be reached via e-mail at BoardMemberSteel@boe.ca.gov.
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