Accounting: Lesson 11
Lis Rousseau, the East Tennessee Regional Manager with the State of Tennessee for the Tennessee Department of Revenue, will be overviewing sales tax and what exactly the state requires for businesses that charge sales tax.
Video Lesson Topics
- Fun Facts About Sales Tax
- 60% of the tax collected for the state of Tennessee comes from sales tax
- Tennessee charges a base rate of 7% sales tax across the state
- Counties can determine what their rate will be and this ranges from 2% – 2.75%
- What is Sales Tax with Examples
Sales Tax applies to tangible personal property. Businesses that sell tangible personal items have to charge sales tax on those particular items.
Examples of items or services that would require sales tax:
– Dog grooming – Computer Software
– Car Repair – Extended Warranty
– Specified Digital Products – Concert Tickets (amusement tax)
- Business Sales Tax Responsibility
If you are a business that sales tangible personal property, it is your responsibility to collect that sales tax from your customer and remit it back to the state of Tennessee. When you collect the sales tax, you will report that on your sales tax return. The remittance back to the state of Tennessee can either be done monthly, quarterly, or annually depending on the type of business and how much sales tax you collect each period.
- Want More Information
If you would like more information, please visit our site at: tn.gov/revenue.
If you have questions you would like to answered, please email us at: email@example.com.
Topics & Lessons
Each Below Topic Contains a Video Lesson and Helpful Downloadable Information
Common Accounting Questions and Errors
Accountants, CPAs, and Bookkeepers
Accounting Systems and Software
Taxes (Links to Taxes/IRS Videos)
Why it Matters
Types of Tax Obligations
Franchise & Excise Taxes
IRS and State Tax Resources and Due Dates
Selecting a Business Tax Professional
Want to learn more about how this topic relates to your business?
Schedule a meeting with one of our consultants! All counseling sessions offered by the TSBDC are no-cost and provided by our staff of professional business consultants.