12. The number 12 is strongly associated with the heavens—the 12 months, the 12 signs of the zodiac, and the 12 stations of the Moon and of the Sun. The ancients recognized 12 main northern stars and 12 main southern stars. Reference Encyclopedia Britannica
That’s interesting but isn’t this a tax blog? Yes, a little bit of number trivia for the accountants.
The income tax is only one tax period. An income tax period is usually an annual period beginning on January 1, 20XX and ending December 31, 20XX. Your company will incur expenses and realize revenue over an annual period. During the income tax period there is minimal interaction with the IRS until tax season.
Every month is a separate tax period for sales and use tax compliance.
Every month is a sales and use tax period. Your company will collect, analyze, compile sales tax data, prepare a sales tax report and file a monthly sales and use tax return. Also every month your company has to pay any sales tax collected from customers and pay use tax if owed.
It’s fast paced compared to income tax. Accurate sales and use tax compliance requires monthly diligence, expertise, and very good time and resource management.
Most sales tax returns and sales tax payments are due the next following the tax period. Sales tax deadlines occur at a fast pace.
About GeoInvoice Upstream Expert Matrix
GeoInvoice Upstream Expert Matrix is a cloud-based solution that solves the current upstream system of disconnected invoice management and sales tax administration into one cohesive, automated workflow. GeoInvoice Upstream Expert Matrix provides service companies, vendors, and operators the benefits of increased control, flexibility, transparency, and standardization and savings of time and cost in invoicing and sales tax determination.
How does it work?
GeoInvoice Upstream Expert Matrix uses digital transformation and optimization tools to analyze oil and gas invoices and then validates the transaction tax determination. GeoInvoice Upstream Expert Matrix includes twenty-four states in the major oil & gas basins and sales tax rates for all US states.
Susette is the founder of GeoInvoice which provides sales tax solutions for the mobile workforce. Susette patented location-based sales tax calculation for sales to locations that do not have an address. U.S. Patent No. 9,589,259 B2.
Location-based sales tax calculation was derived from Susette’s experience in managing upstream oil and gas sales tax compliance.
She has worked to deliver sales tax content and services to help the upstream OFS segment get sales tax rights. Susette’s sales tax knowledge comes from her tax professional roles in the oil and gas industry.
Susette received a BBA in Finance, Magna Cum Laude from Sam Houston State University. She is a certified public accountant and certified global management accountant. Member of the AICPA, Texas Society Of CPAs, Petroleum Accountant Society of Houston