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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?

 

 

Solved
Best answer 01-21-2020

Best Answers
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Level 1

NYS Sale Tax - vendor collection credit

Thank you Rustler

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2 Comments
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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

Highlighted
Level 1

NYS Sale Tax - vendor collection credit

Thank you Rustler

View solution in original post

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