Tax Reports
Ensure tax compliance with comprehensive sales tax, VAT, and regulatory reporting.
Tax Report Categories
TAX REPORTING OVERVIEW
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┌─────────────────────────────────────────────────────────────────────────────┐
│ TAX REPORTS │
└─────────────────────────────────────────────────────────────────────────────┘
│
┌───────────────┬───────────┴───────────┬───────────────┐
│ │ │ │
▼ ▼ ▼ ▼
┌───────────────┐ ┌───────────────┐ ┌───────────────┐ ┌───────────────┐
│ SALES TAX │ │ VAT │ │ WITHHOLDING │ │ 1099 │
│ │ │ │ │ │ │ │
├───────────────┤ ├───────────────┤ ├───────────────┤ ├───────────────┤
│ • Tax Summary │ │ • VAT Summary │ │ • W/H Summary │ │ • 1099 Report │
│ • By Nexus │ │ • EU Listing │ │ • By Vendor │ │ • Vendor List │
│ • Liability │ │ • Returns │ │ • Certificates│ │ • Validation │
│ • Exemptions │ │ • Audit │ │ • Payments │ │ • Filing │
└───────────────┘ └───────────────┘ └───────────────┘ └───────────────┘
Sales Tax Reports
Tax Summary Report
Navigation: Reports → Tax → Sales Tax Liability
SALES TAX LIABILITY REPORT
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Period: Q4 2024
┌─────────────────────────────────────────────────────────────────────────────┐
│ Tax Authority │ Taxable Sales │ Tax Rate │ Tax Collected│ Tax Due │
├──────────────────────┼───────────────┼──────────┼──────────────┼───────────┤
│ California │ $1,245,000 │ 7.25% │ $90,263 │ $90,263 │
│ New York │ $892,000 │ 8.00% │ $71,360 │ $71,360 │
│ Texas │ $678,500 │ 6.25% │ $42,406 │ $42,406 │
│ Florida │ $534,200 │ 6.00% │ $32,052 │ $32,052 │
│ Washington │ $412,800 │ 6.50% │ $26,832 │ $26,832 │
│ ... │ ... │ ... │ ... │ ... │
├──────────────────────┼───────────────┼──────────┼──────────────┼───────────┤
│ TOTAL │ $4,890,500 │ │ $328,913 │ $328,913 │
└──────────────────────┴───────────────┴──────────┴──────────────┴───────────┘
Filing Schedule:
Monthly Filers: CA, NY, TX (due by 20th of following month)
Quarterly Filers: FL, WA, others (due by end of following month)
Tax by Nexus
SALES TAX BY NEXUS
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┌─────────────────────────────────────────────────────────────────────────────┐
│ State │ Nexus Type │ Threshold │ YTD Sales │ Status │ Action │
├───────┼────────────────┼───────────────┼─────────────┼───────────┼─────────┤
│ CA │ Physical │ N/A │ $2,450,000 │ Collecting│ Filed │
│ NY │ Physical │ N/A │ $1,890,000 │ Collecting│ Filed │
│ TX │ Economic │ $500K │ $1,245,000 │ Collecting│ Due │
│ FL │ Economic │ $100K │ $892,000 │ Collecting│ Filed │
│ CO │ Economic │ $100K │ $125,000 │ Collecting│ New │
│ NV │ Marketplace │ N/A │ $85,000 │ Exempt │ Monitor │
└───────┴────────────────┴───────────────┴─────────────┴───────────┴─────────┘
Economic Nexus Monitoring:
⚠️ Approaching threshold: OH ($92K of $100K), PA ($88K of $100K)
VAT Reports (International)
VAT Summary
VAT SUMMARY REPORT
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Period: Q4 2024
Subsidiary: EU Operations Ltd
┌─────────────────────────────────────────────────────────────────────────────┐
│ VAT Category │ Net Amount │ VAT Rate │ VAT Amount │ │
├───────────────────────┼───────────────┼──────────┼─────────────┼────────────┤
│ OUTPUT VAT (Sales) │
│ ├── Standard Rate │ €1,250,000 │ 20% │ €250,000 │ │
│ ├── Reduced Rate │ €180,000 │ 5% │ €9,000 │ │
│ ├── Zero Rate (Export)│ €450,000 │ 0% │ €0 │ │
│ └── Exempt │ €85,000 │ N/A │ €0 │ │
│ ───────────────────────────────────────────────────────────────────────── │
│ Total Output VAT €259,000 │ │
│ │
│ INPUT VAT (Purchases) │
│ ├── Standard Rate │ €680,000 │ 20% │ €136,000 │ │
│ ├── Reduced Rate │ €45,000 │ 5% │ €2,250 │ │
│ └── Import VAT │ €125,000 │ 20% │ €25,000 │ │
│ ───────────────────────────────────────────────────────────────────────── │
│ Total Input VAT €163,250 │ │
│ │
│ ═══════════════════════════════════════════════════════════════════════════ │
│ NET VAT PAYABLE €95,750 │ Due: Jan 31│
└─────────────────────────────────────────────────────────────────────────────┘
Withholding Tax Reports
Withholding Summary
WITHHOLDING TAX REPORT
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Period: 2024
┌─────────────────────────────────────────────────────────────────────────────┐
│ Vendor │ Gross Amount │ W/H Rate │ Tax Withheld│ Net Paid │
├──────────────────────┼───────────────┼──────────┼─────────────┼────────────┤
│ Consulting Group LLC │ $125,000 │ 24% │ $30,000 │ $95,000 │
│ Legal Partners LLP │ $85,000 │ 24% │ $20,400 │ $64,600 │
│ Marketing Agency │ $62,000 │ 24% │ $14,880 │ $47,120 │
│ IT Contractors Inc │ $48,500 │ 24% │ $11,640 │ $36,860 │
│ ... │ ... │ ... │ ... │ ... │
├──────────────────────┼───────────────┼──────────┼─────────────┼────────────┤
│ TOTAL │ $420,500 │ │ $100,920 │ $319,580 │
└──────────────────────┴───────────────┴──────────┴─────────────┴────────────┘
Deposit Schedule:
Monthly deposits required (>$50,000 annual liability)
Next deposit due: January 15, 2025
1099 Reports (US)
1099 Vendor Summary
1099 VENDOR REPORT
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Tax Year: 2024
Threshold: $600
┌─────────────────────────────────────────────────────────────────────────────┐
│ Vendor │ TIN Status │ 1099 Type │ YTD Payments│ Status │
├──────────────────────┼────────────┼───────────┼─────────────┼─────────────┤
│ Consulting Group LLC │ Valid │ 1099-NEC │ $125,000 │ ✓ Ready │
│ Legal Partners LLP │ Valid │ 1099-NEC │ $85,000 │ ✓ Ready │
│ Marketing Agency │ Valid │ 1099-NEC │ $62,000 │ ✓ Ready │
│ IT Contractors Inc │ Missing │ 1099-NEC │ $48,500 │ ⚠️ Need TIN │
│ Rent Properties LLC │ Valid │ 1099-MISC │ $36,000 │ ✓ Ready │
│ ... │ ... │ ... │ ... │ ... │
├──────────────────────┴────────────┴───────────┴─────────────┴─────────────┤
│ SUMMARY │
│ Total 1099-NEC Vendors: 45 Total Payments: $892,500 │
│ Total 1099-MISC Vendors: 12 Total Payments: $156,000 │
│ Missing TIN: 3 ⚠️ Action Required │
│ Invalid TIN: 1 ⚠️ Action Required │
└─────────────────────────────────────────────────────────────────────────────┘
Filing Deadline: January 31, 2025 (1099-NEC)
February 28, 2025 (1099-MISC, paper)
March 31, 2025 (1099-MISC, electronic)
Tax Exemption Reports
Exemption Certificate Status
TAX EXEMPTION CERTIFICATES
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┌─────────────────────────────────────────────────────────────────────────────┐
│ Customer │ Exempt States │ Cert Date │ Expiry │ Status │
├──────────────────────┼───────────────┼────────────┼────────────┼───────────┤
│ Federal Agency │ ALL │ 01/15/2023 │ 12/31/2025 │ ✓ Valid │
│ State University │ CA, OR, WA │ 03/20/2023 │ 03/19/2024 │ ⚠️ Expired │
│ Non-Profit Org │ NY │ 06/01/2024 │ 05/31/2025 │ ✓ Valid │
│ Reseller Corp │ TX, FL, GA │ 09/15/2024 │ 09/14/2025 │ ✓ Valid │
│ Manufacturing Inc │ OH │ 11/01/2022 │ 10/31/2023 │ ❌ Expired │
└──────────────────────┴───────────────┴────────────┴────────────┴───────────┘
Action Required:
⚠️ 2 certificates expiring within 30 days
❌ 1 certificate expired - request renewal or start collecting tax
Tax Audit Reports
Audit Trail
TAX AUDIT TRAIL
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For any tax transaction, NetSuite maintains:
┌─────────────────────────────────────────────────────────────────────────────┐
│ Audit Element │ Description │
├──────────────────────┼──────────────────────────────────────────────────────┤
│ Transaction Date │ When the taxable event occurred │
│ Tax Code Applied │ Which tax rate/rules were used │
│ Taxable Amount │ The amount subject to tax │
│ Tax Amount │ Calculated tax │
│ Tax Authority │ Jurisdiction receiving the tax │
│ Exemption Applied │ If exempt, which certificate │
│ Override Reason │ If manually changed, why │
│ User │ Who processed the transaction │
│ Timestamp │ Exact date/time of processing │
└──────────────────────┴──────────────────────────────────────────────────────┘
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