Wednesday, June 29, 2011
Convenience Stores, the Texas Comptrollers Favorite Target
Sales tax audits of convenience stores are at an all time high. It just seems that the Texas Comptroller is authorized to check what the stores buy from their suppliers. The liquor wholesalers and big box stores like Sam's provide the Comptroller with details regarding the purchases made by the store. The convenience store owner never knew what was going to hit them. If the sales tax reports do not match the reports there is an audit. The Comptroller knows at the beginning that the taxes are underpaid. Watch out if you are a convenience store owner. You could owe a fortune with penalties and interest.