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Form 872 for Burbank California: What You Should Know
Apr 21, 2023 — See the Form 872 to determine whether persons required to file Form 872 also have to file a state income tax return. A. If the taxpayer is required to file Form 872, then it is required to be filed by the tax year to which the sale will be made (e.g., 2017) if the total sales tax value is expected to exceed 2,500,000 or 1,000,000 whichever the less. B. If a taxpayer receives a sale, does not have a seller's sales permit, has a seller's sales permit that can be revoked without penalty, and is required to file Form 872 for that year, then the sale shall be considered to be on a subsequent taxable year based upon the effective tax year of the sale. If the prior taxable year was a calendar year, the entire tax period for the prior calendar year must be included on this return, regardless of the number of months in the time period. C. For purposes of determining a state and local sales tax liability, a business shall be considered to be in the business of making sales when it contracts with or accepts deposits or payments or credit of sales from customers for the purpose of fulfilling sales (including any tax and penalty and/or service charge) pursuant to a contract between the business and the customer, regardless of whether its revenues are attributable to gross receipts or sales. F. A return for the tax year following the return period included in the return period covered by the return period for which this return is filed shall be required only if the total amount paid to any person (including sales tax) during such return period exceeds 500,000 and more than 50% of such amount (excluding any tax and penalty and/or service charge) will be considered to have been received by the business as a receipt for the purposes of its state and local sales tax liability. For purposes of this subsection, a “return period” is a calendar year. The first return required to be filed in this case shall be required to include the following information :- 1. A description of the gross sales reported. Such description may include gross sales (including sales tax). 2.
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