Annual reconciliations can be a critical aspect for businesses as they work to achieve tax compliance. They are used to resolve all payments made to the state through the year and make any necessary corrections. For example, a company may have already filed its tax returns, but discovers there is a backdated transaction for one month due to an overpayment refund. Or perhaps there was additional tax due on a purchase, which could also require an annual reconciliation.
Several states have unique requirements, such as specific forms and due dates, for filing annual reconciliations. We’ve highlighted the key points for those states below.
Source: SOVOS
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