What is the overview process of tax registration, tax collection, return filing, and tax remittance?
A general overview of the tax process is:
- Register your business to collect taxes. Tax registration is required annually (with the exception of certain severance operators).
- Collect taxes from customers. Business should provide receipts to the customer showing the tax amount paid by the customer. Collected taxes should be segregated from normal revenues and held until remitted to the borough.
- File your quarterly tax return. Tax returns are required based on your registration type (Regular or Seasonal) and are required for each applicable quarter.
- Remit quarterly taxes. Taxes remitted to the borough must be accompanied by a tax return.
- Retain your tax records. Tax records must be retained by the operator for a minimum of three years.