Well, we know that sales tax compliance can be a tricky sport to master. And we know that sales tax collections in general have been down some as the economy re-sets itself.
And we sure know that localities and states are desperate for revenues.
In this story, all these factors come together. And its kinda funny, if you aren’t staff over at the Suffolk County, NY Finance Department or the New York State Department of Taxation and Finance.
It seems that the Suffolk County sales tax receipts were just a little overstated this quarter on the basis of a $9,999,900 mistake. You know, it happens all the time, right? A single taxpayer in a huge county remits about a thousand bucks one quarter and then, you know, reports a TEN MILLION DOLLAR tax obligation for the next quarter?
What can we say? Positive thinking and dreaming big might get you places in this world you never imagined possible, but it will not make the realities of sales tax compliance and the realities of sales tax collections suddenly get all warm and fuzzy.