"Nc Sales Tax Forms"
Filing Procedures All departments within the University will report their monthly sales figures in an identical manner to the Corporate Tax Office. This method will promote proper compliance with state and local sales tax laws. Each department is responsible for keeping track of its gross sales, taxable sales and sales tax collected. At present, each department has a different method of keeping track of these items (e.g., Quickbooks, cash register receipts and handwritten paper receipts, etc.) Regardless of the method used, all departments within the University will be responsible for reporting monthly sales and sales tax. Information compiled by individual departments must be forwarded to the CTO on or before the 5 th day of each month. Appendix 1 Gross sales, taxable sales and sales tax collected must be entered by object code into the attached “Monthly Sales- Reconcilation to Ledger Worksheet”. Non-taxable sales will be calculated automatically once gross sales and taxable sales have been entered. These totals must agree with Appendix 2 which is representation of a North Carolina sales and use tax return. The total tax collected will populate into the second section of Appendix 1 under the "Monthly Worksheet" column. Any necessary adjustments must be recorded in Object Code 2118 / Program Value 0133 including but not limited to: · Adjustments for prior month return, refunds, or reclasses · Any reclass for improperly booked sales tax (i.e. tax collected but booked improperly in revenue object code) · Accrual of sales tax not collected to ensure that taxes inadvertently not collected from the customer are paid Appendix 2 Taxable sales information must be entered by location in the "Input Information" section of the worksheet. The top portion of the worksheet automatically calculates the sales tax due based on Appendix 1. Appendix 1 and 2 are the underlying support for filed tax returns. However, all invoices and supporting documentation should be maintained for 7 years for audits purposes. Appendix 3 City and County sales tax rates. Please note that these rates are subject to change. Contact the tax office if you need to verify the current rates. Appendix4 To the extent that a department begins selling any additional products or services during the month, the Corporate Tax Office must be informed within two weeks of the introduction of the new item. A “New Product/Service Notification Worksheet”, attached should be submitted, and should contain the following information: (a) A description of the product, (b) When the product was introduced, (c) What is the expected customer base and (d) The 26-digit account number for reporting the new revenue stream Centers must collaborate with the Corporate Tax Office as soon as possible regarding the taxability of any additional products or services but no later than two weeks prior to the sales of the new item(s). Trustees of the University of Pennsylvania APPENDIX 1 Monthly Sales - Reconciliation to Ledger Department: Month/Year: Note: There is an additional .25% county tax for Mecklenberg county (see appendix 3) Object Gross Taxable Non Taxable Tax Codes Sales Sales Sales Collected 4320 $ - $ - $0.00 $ - 4321 $ - $ - $0.00 $ - 4322 $ - $ - $0.00 $ - 4340 $ - $ - $0.00 $ - 4350 $ - $ - $0.00 $ - 4360 $ - $ - $0.00 $ - 4361 $ - $ - $0.00 $ - 4370 $ - $ - $0.00 $ - 4371 $ - $ - $0.00 $ - 4380 $ - $ - $0.00 $ - 4398 $ - $ - $0.00 $ - 4399 $ - $ - $0.00 $ - $ - $ - $ - $ - Month Monthly BEN Posted Worksheet Financials Sales Tax $ - Adjustments $ - Additions $ - Subtractions Adjusted Sales Tax $ - $ - UNIVERSITY OF PENNSYLVANIA North Carolina Department of Revenue APPENDIX 2 Dept 0 Month/Yr 1/0/00 NC Taxable Gross Receipts $ - Receipts exempt from tax xxxxxxxxxxxxxxx Net Taxable Sales $ - Tax Rate 5.75% NC State Sales Tax $ - NC Local $ - Total $ - Input County Tax Input Info Rates See Appendix 3 Total City and County Taxable Sale State Rate State Tax County Rate Local Tax - 5.75% - - - 5.75% - - - 5.75% - - 5.75% - - 5.75% - - 5.75% - - 5.75% - - 5.75% - - 0.00 - - 7/22/2010 D:\Docstoc\Working\pdf\711904a3-3188-475a-bc9a-ef2db3618500.xls Total Tax - - - - - - - - - 7/22/2010 D:\Docstoc\Working\pdf\711904a3-3188-475a-bc9a-ef2db3618500.xls APPENDIX 3 ****NOTE**** RATES ARE SUBJECT TO CHANGE Listed below by county are the combined (5.75% State rate plus applicable local rates) sales and use tax rates in effect: County Rate County Rate County Rate Alamance 7.75% Franklin 7.75% Pamlico 7.75% Alexander 8.00% Gaston 7.75% Pasquotank 7.75% Alleghany 7.75% Gates 7.75% Pender 7.75% Anson 7.75% Graham 7.75% Perquimans 7.75% Ashe 7.75% Granville 7.75% Person 7.75% Avery 7.75% Greene 7.75% Pitt 8.00% Beaufort 7.75% Guilford 7.75% Polk 7.75% Bertie 7.75% Halifax 7.75% Randolph 7.75% Bladen 7.75% Harnett 7.75% Richmond 7.75% Brunswick 7.75% Haywood 8.00% Robeson 7.75% Buncombe 7.75% Henderson 7.75% Rockingham 7.75% Burke 7.75% Hertford 7.75% Rowan 7.75% Cabarrus 7.75% Hoke 7.75% Rutherford 7.75% Caldwell 7.75% Hyde 7.75% Sampson 8.00% Camden 7.75% Iredell 7.75% Scotland 7.75% Carteret 7.75% Jackson 7.75% Stanly 7.75% Caswell 7.75% Johnston 7.75% Stokes 7.75% Catawba 8.00% Jones 7.75% Surry 8.00% Chatham 7.75% Lee 7.75% Swain 7.75% Cherokee 7.75% Lenoir 7.75% Transylvania 7.75% Chowan 7.75% Lincoln 7.75% Tyrrell 7.75% Clay 7.75% Macon 7.75% Union 7.75% Cleveland 7.75% Madison 7.75% Vance 7.75% Columbus 7.75% Martin 8.00% Wake 7.75% Craven 7.75% McDowell 7.75% Warren 7.75% Cumberland 8.00% Mecklenburg * 8.25% Washington 7.75% Currituck 7.75% Mitchell 7.75% Watauga 7.75% Dare 7.75% Montgomery 7.75% Wayne 7.75% Davidson 7.75% Moore 7.75% Wilkes 7.75% Davie 7.75% Nash 7.75% Wilson 7.75% Duplin 7.75% New Hanover 7.75% Yadkin 7.75% Durham 7.75% Northampton 7.75% Yancey 7.75% Edgecombe 7.75% Onslow 7.75% Forsyth 7.75% Orange 7.75% * Includes the 0.5% local sales and use tax for public transportation. ales and use tax rates in effect: Trustees of the University of Pennsylvania APPENDIX 4 New Product/Service Notification Worksheet Department: Month/Year: Introduction New Product or Service Date Description Possible Customers Please submit this form within 2 weeks of introduction of new product or service to: Corporate Tax Office 3451 Walnut Street Room 329 Franklin Building Philadelphia, PA 19104-6284