Overview

The Business Tax module is used to create and maintain business taxes and fees, adjust how those taxes and fees affect the associated General Ledger accounts, and report on those taxes and fees.

This module offers tax administrators the ability to streamline and automate traditionally cumbersome return processes, renewals, penalty and interest calculations, infraction notices, and past due processes.

Businesses

The business functions as the central entity of the Business Tax system. All financial activity is tracked against a business.

Business Organizations

Business Organizations are user-defined codes used to describe the organizational structure of a business. A few examples of organization types would be Corporation, Sole Proprietorship or LLC Partnership.

Business Statuses

Business Statuses are user-defined codes used to describe the current state of a business. For example, a business that is currently open and conducting business could be listed as Active while a business going through bankruptcy proceedings could be listed as Bankrupt.

Business Types

Business Types are user-defined codes used for various reporting purposes. Multiple business types can be organized under one Business Class grouping. For example, the business types Automotive Products, Chemical Products, and Wood Products could all be organized under the business class Manufacturing.

Infraction Types

Infraction Types are used as the basis for tracking any infractions against a particular tax return filing. Infraction types can be created to track user mistakes such as missing signatures on tax return documents.

Fees

Fees are user-defined codes used to generate an associated transaction on a business account. Fees are attached to Tax Types and then those Tax Types are used to assess taxes on businesses. Fees contain the basic information that is required for creating financial transactions in the BT system.

Tax Types

Tax Types are user-defined codes used to group taxes together into logical associations such as Payroll or Gross Receipts. As the central financial reporting grouping, tax types are attached to businesses and used to calculate taxes when returns are received in the Cash Receipts module.