Tax invoice (USA)

08:42 Dec 7, 2007
English language (monolingual) [PRO]
Bus/Financial - Law: Taxation & Customs
English term or phrase: Tax invoice (USA)
Dear collegues,
can somebody explain to me what a tax invoice in the United States is? Unfortunately, I have absolutely no context, just these two words.
I'd appreciate any help regarding this term.

Best regards,
Louise
LKraus (X)
Local time: 23:57


SUMMARY OF ALL EXPLANATIONS PROVIDED
3 +1bill from the government asking a person or company to pay taxes
conejo
2possib. expl.
BusterK


  

Answers


48 mins   confidence: Answerer confidence 2/5Answerer confidence 2/5
tax invoice (usa)
possib. expl.


Explanation:
Sometimes, such as in an acquisition structured as an asset deal, you have a contract to purchase all or part of the assets of the company. And the total amount is paid.
Then of some of the item (such as inventories), you have to pay taxes. So you make an invoice and pay only the taxes (since the principal has already been paid).

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Note added at 50 minutes (2007-12-07 09:32:24 GMT)
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Sorry : Then ON some of...
Also the vendor makes the invoice, is paid and pays the taxes to tax authorities. The purchaser pays the taxes and then may, in some situations, recover the taxes from the tax authorities.

BusterK
Local time: 23:57
Works in field
Native speaker of: Native in FrenchFrench
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10 hrs   confidence: Answerer confidence 3/5Answerer confidence 3/5 peer agreement (net): +1
tax invoice (usa)
bill from the government asking a person or company to pay taxes


Explanation:
For example, if a person or company owes taxes to the government, after a certain amount of time has passed, and the person/company has not paid the taxes that are due, the government will send out an 'invoice' or 'bill' stating how much taxes are owed, and when the person needs to pay it by to avoid penalties (additional penalty money being added to it that the person/company has to pay).

So the included information in such a document could be:
Person's name/company name: Joe Brown
Social security no./Tax ID no.: 000-000-0000
Amount of taxes owed: $3,500.00
Must pay by: Mar. 1, 2008
Possible penalties: If not paid by Mar. 1, 2008, an additional 1% per month will be added as a penalty.
Other information: If Joe Brown thinks this amount is in error, then Joe Brown can contact the Internal Revenue Service and meet with someone to talk about having it adjusted.

I hope this helps.

conejo
United States
Local time: 16:57
Native speaker of: English

Peer comments on this answer (and responses from the answerer)
agree  zax
1 day 17 hrs
  -> Thanks.
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