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Dec 19, 2024

What are the key steps to register for sales tax when acquiring a business in Hawaii?

Ready to automate your sales tax?

Ready to automate your sales tax?

Ready to automate your sales tax?

When acquiring a business in Hawaii, key steps to register for sales tax include:

  1. Determine Tax Obligations: Confirm if GET registration is required based on business activities.

  2. Obtain an EIN: Secure a Federal Employer Identification Number from the IRS.

  3. Register for GET: Complete and submit Form BB-1 via the Hawaii Tax Online portal.

  4. Verify Previous Compliance: Ensure the prior owner fulfilled all tax obligations to avoid liabilities.

  5. Receive GET License: Obtain and display the General Excise Tax license.

  6. Understand Filing Frequencies: Comply with monthly, quarterly, or annual filings based on sales volume.

  7. Maintain Accurate Records: Keep detailed records for filings and potential audits.

  8. Stay Updated: Monitor changes in tax laws to ensure ongoing compliance.

These steps ensure seamless registration and compliance post-acquisition, facilitating legal operations and effective tax management in Hawaii.

Ready to automate your sales tax?

Ready to automate your sales tax?

Ready to automate your sales tax?

Ready to automate your sales tax?