Podcast: Everything Sales Tax (Yeo & Yeo)

Business Opportunities
September 16, 2021 - Yeo & Yeo

This is a thought leadership article from PrimeGlobal member firm Yeo & Yeo in North America, taking an in depth look at sales tax.

Host David Jewell, Tax Partner in Kalamazoo, is joined by Kelly Brown, a Tax Manager in Yeo & Yeo's Saginaw office. Listen as David and Kelly discuss everything sales tax, the rules and regulations, and how it has changed since the Wayfair ruling.

  • How has Wayfair changed sales tax over the last three years? (1:20)
  • What are marketplace laws (2:45)
  • How do transaction counts affect small sellers and the sales tax collected? (3:25)
  • What is the current outlook of sales tax for multi-state sellers? (4:50)
  • What is the outlook of Michigan’s sales/use tax? Specifically for construction and contractors (6:02)
  • Review any issues for exempt projects for not-for-profit entities and governments (7:59)
  • Why is it important for contractors and nonprofit entities to understand their responsibilities and obligations? (9:19)
  • Knowing that contractors aren’t allowed to use the governmental agency’s exemption certificate can the agency buy materials with the contractor or for the contractor and not pay sales tax? (10:17)
  • How do the contractors pay the use tax and is this an honor system? (11:27)
  • Why are vendor contracts a big point of contention in an audit and why do they provide contractors with a false sense of security? (14:00)
  • How does a contractor show that they have paid use tax? (15:10)
  • How does use tax work for smaller jobs or contractors who also sell materials? (15:50)
  • What resources are available to wade through all of the sales tax rules? (17:40)

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Yeo & Yeo

Yeo & Yeo is a top 200 full-service assurance, tax and advisory firm with a reputation for personal service, commitment to clients and community support. Founded in 1923, Yeo & Yeo has grown to include more than 200 trusted professionals who have been successfully advising Michigan businesses. Through our four companies – Yeo & Yeo CPAs & Business Consultants, Yeo & Yeo Computer Consulting, Yeo & Yeo Medical Billing & Consulting and Yeo & Yeo Wealth Management – we have created a strong network of professionals with the expertise to solve complex problems in each industry we serve.

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