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Level 1

NYS Sale Tax - vendor collection credit

When I file the sales tax return and pay the full amount due on time, I received
a vendor collection credit. This credit reduces the amount due I send to New York State with the sales tax return. I made the adjustment in Quickbooks using the sale tax adjustment under the vendor menu. My question is this early payment credit taxable on the company income tax return?

 

 

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Best answer January 21, 2020

Best Answers
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Level 1

NYS Sale Tax - vendor collection credit

Thank you Rustler

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2 Comments 2
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Level 15

NYS Sale Tax - vendor collection credit

yes it is, use other income as the source account for the credit

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Level 1

NYS Sale Tax - vendor collection credit

Thank you Rustler

View solution in original post

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