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When filing my monthly/quarterly return, it is asking me for “gross sales”. Is this correct? Does this mean only taxable sales or all sales?
When filing my monthly/quarterly return, it is asking me for “gross sales”. Is this correct? Does this mean only taxable sales or all sales?
Gross sales are required to be reported on monthly/quarterly returns for tax years 2015 and beyond. Gross sales is defined as all sales. To obtain your taxable sales figure, subtract any allowable deductions from gross sales. Allowable deductions and calculation of tax due from taxable sales are not delineated on the monthly/quarterly return.
Refer to Form 5095, Sales, Use and Withholding Monthly/Quarterly and Amended Monthly/Quarterly Worksheet, for assistance in completing the monthly/quarterly return.