Sales Tax – Texas Comptroller Relief

by | Mar 25, 2020

 

Client Communication – March 25, 2020

Today the Texas Comptroller of Public Accounts offered assistance with businesses struggling to pay the full amount of sales taxes collected in February.  They are offering short-term payment agreements, and in most instances, waivers of penalties and interest.  Please contact their Enforcement Hotline at 800-252-8800 if you are a business requesting relief.

A link of the questions and answers can be found at:

https://comptroller.texas.gov/about/emergency/

The Comptroller’s website will be updated periodically.  We recommend visiting their site regularly.

Five Steps to Recognizing Revenue in Financials

The FASB and IASB have provided standards for properly recognizing revenue in your financials. Using a five step process, companies recognize revenue based on the value and timing of when control of the goods and services are transferred to the customer. Learn about the standards and how to properly recognize revenue for your company.