Indiana Summary of Account for Inventory of Business
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How to fill out Summary Of Account For Inventory Of Business?
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FAQ
Inventory is no longer taxed. Licensed motor vehicles, trailers, motorized boats, most airplanes, campers, recreational vehicles, and other registered vehicles that are subject to excise tax collected at the time of licensure by the Indiana Bureau of Motor Vehicles are not subject to personal property tax.
Tax-exempt goods Examples include most non-prepared food items, prescription drugs, and medical supplies. We recommend businesses review the Sales Tax Information Bulletins put forth by the Indiana Department of Revenue to stay up to date on which goods are taxable and which are exempt, and under what conditions.
As Indiana's State Examiner and the agency head for the State Board of Accounts, Paul Joyce coordinates and manages the post-audits and examinations of over 4,000 state and local governmental entities in Indiana.
(a) The state examiner shall require from every audited entity financial reports covering the full period of each fiscal year. These reports shall be prepared, verified, and filed with the state examiner not later than sixty (60) days after the close of each fiscal year.
The Board of Accounts, for more than 100 years, has been holding government officials accountable to their constituents for financial reporting and following the Indiana Code when making any type of decision that relates to taxpayer dollars.
Indiana does not have any local or county sales taxes, so the state-wide rate of 7.00% applies to all applicable purchases to which sales tax must apply. This makes calculation for out-of-state sellers much easier.
The average Indiana State Board of Accounts salary ranges from approximately $70,017 per year for a Field Examiner to $76,502 per year for a Field Examiner III (Auditor). Indiana State Board of Accounts employees rate the overall compensation and benefits package 3.5/5 stars.
