| Latest Events |
|---|
|
View Full Calendar |
| Focus On Automotive: Recent Missouri Income Tax Ruling Affects Dealerships |
|
|
A recent ruling by the Missouri Supreme Court adds some clarity to the calculation of a Missouri dealership’s taxable income. Many businesses are able to pay Missouri income tax on only a portion of their taxable income. The income that they pay tax on in Missouri is calculated using the ratio of Missouri sales to total sales. A sale is considered a Missouri sale if it is delivered to the customer in Missouri. Since vehicles are typically delivered at the dealership, most dealerships do not use this apportionment method and report all their taxable income as Missouri income. The Missouri Supreme Court recently ruled that a dealership’s sales to out-of-state customers must be considered Missouri sales when calculating its Missouri taxable income. The dealer had considered sales to customers with out-of-state addresses as not having been delivered in Missouri. As a result of this ruling they were assessed additional tax, interest and penalties. For more information, contact:
John Butler, CPA
Partner-in-Charge Automotive Services Group
314.290.3333
This e-mail address is being protected from spam bots, you need JavaScript enabled to view it Cynthia McKee, CPA Manager Automotive Services Group
314.290.3441
This e-mail address is being protected from spam bots, you need JavaScript enabled to view it |
| Main Menu | |||
|---|---|---|---|
|
| Attend Events |
|---|
|
Ethics Seminar How Healthcare Reform Will Affect Your Business |
| Horizons Magazine | ||
|---|---|---|
Visit the Resource Center to access past issues of Horizons Magazine as well as a variety of other articles and topics of interest. |
