Julie Thomas
help! I need help with Accounting Theory!
I am working on a case regarding OCBOA. The business startup date is Oct.1, but I made business purchases in Sept.(including some non-taxable for which I would now owe sales & use tax). Would my first set of financials cover quarter ending in September, or quarter ending in December? The Dept. of Revenue says that I would file my first sales and use tax return at the end of the quarter that I started business, which would be October. What about the purchases in September? I am terribly confused.
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