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GP CPA Charlotte Sales Tax News Update
Estimated Reading Time: 1 minute 35 seconds
Charlotte area residents have a major sales tax decision coming up, which will have an impact on businesses that collect and remit sales tax.
As many area businesses know (OR SHOULD KNOW!), Charlotte’s sales tax rate is either 2%, 7.25%, or 8.25% and what rate belongs to your business is based on what the business is selling. The city council recently authorized a 0.25% increase to be added to the upcoming November 5th election, in which voters can make the choice of passing or halting the tax increase. If the increase is passed, the good news is that the proceeds will stay in Charlotte and are allocated according to a specific formula, heavily favoring the arts.
The bad news is that the sales tax rate increase would raise [sales] taxes on everyone. The Charlotte Agenda has a solid take on both sides and be sure to vote on November 5th.
Justin Prusiensky, GP CPA
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Dear Client, I have good news!
Since we now have less than 90 days left in the year, kindly keep me apprised of when you expect the major revenue collections to be during the next few weeks and we can adjust accordingly.
Hi GP CPA Client!
At the rate the company is going, you will end up with an $18,000 tax bill at the end of year.
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