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Director NC Tax Increase: What About August Sales?

In summary, the NC tax increase for August sales is a 0.25% increase in the state sales tax rate, bringing it from 4.75% to 5%. This increase went into effect on August 1st, 2020. This may affect your Pampered Chef business by impacting customer prices and the amount of sales tax collected and remitted. There are exemptions to this tax increase for groceries, prescription medications, and certain medical supplies, but Pampered Chef products will still be subject to the increased rate. The increase is currently set to be temporary and expire on July 1st, 2021, but may be extended. To adjust prices, you will need to add 0.25% to your current
B
BethCooks4U
Gold Member
13,010
Evidently NC's tax rate is going up 1% tomorrow - I knew they were talking about it but this was the first that I heard a date.

Anyway, does anyone know how that effects sales from August that are submitted in September? The orders were collected in August but the show won't go in until later this week. Which tax rate will be used? I called HO and am awaiting a call back...
 
I know that either NH or MA just went through a tax change. With my luck today...hold out for the official HO word!!!:(
 
  • Thread starter
  • #3
Good news from HO!

I was told by finance that they will not charge us the higher tax rate until September 15th! HO will pay it for the first 15 days to cover things like August shows submitted after September 1 and early September shows and catalog shows where we have the info out there already!

What a great company! I was sure we would end up with a 1% cut in pay (in NC). Of course, I am urging my team to be sure to charge the new rate - you never know when a show will be delayed and then they'll have to pay that % out of pocket.
 
Great News! Its things like this that make me glad to be a part of this company. Now if we could just get our emails back I would be a happy camper.
 
  • Thread starter
  • #5
cheftiffany said:
Great News! Its things like this that make me glad to be a part of this company. Now if we could just get our emails back I would be a happy camper.
Click to expand...

...and just a few other things. :cool:
 

Related to NC Tax Increase: What About August Sales?

1. What is the NC tax increase for August sales?

The NC tax increase for August sales is a 0.25% increase in the state sales tax rate, bringing it from 4.75% to 5%. This increase went into effect on August 1st, 2020.

2. How will this tax increase affect my Pampered Chef business?

This tax increase may affect your Pampered Chef business in a few ways. First, it may impact the price of products for your customers, as the sales tax will now be higher. Second, it may affect the amount of sales tax you need to collect and remit to the state. We recommend consulting with a tax professional for specific guidance on how this may affect your business.

3. Are there any exemptions to this tax increase?

Yes, there are a few exemptions to this tax increase. These include groceries, prescription medications, and certain medical supplies. However, Pampered Chef products are not exempt and will be subject to the increased sales tax rate.

4. Will this tax increase be permanent?

At this time, the NC tax increase for August sales is set to be temporary. It is scheduled to expire on July 1st, 2021, unless lawmakers decide to extend it. We will continue to monitor any updates or changes and inform our consultants accordingly.

5. How do I adjust my prices to reflect the new tax rate?

To adjust your prices to reflect the new tax rate, you will need to calculate the difference between the old and new tax rates (0.25%), and then add that percentage to your current prices. For example, if a product is currently priced at $20, you would add 0.25% ($0.05) to that price, making the new total $20.05. We recommend reviewing your pricing with a tax professional to ensure accuracy.

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