You are an accountant hired to complete the tpt-ez form for your client Tacos Locos. Tacos Locos is a restaurant that sells food and beverages. In addition, Tacos Locos rents part of their building to EZ Street. Based on the details below, you must complete the tpt-ez form using the January 2019 rates listed on the Arizona Department of Revenue website. Figure out the protentional deduction(s) on schedule A. Determine if Tacos Locos is allowed an accounting credit. What form does Tacos Locos need to complete for its vendor Big Market for exemption of sales tax? Find the form and complete it for Tacos Locos. In addition to completing the tpt-ez form and the exemption certificate, help Taco Locos complete the business property statement form. After completion of the above mentioned forms, you must provide answers to the questions listed below.

Tacos Locos 1 Pollo Way Mesa, AZ 85202 480-555-5555 EIN 45-398686 License 223689

Food sales for January 2019 is $10,253 Beverage sales for January 2019 is $4,532 Rent collected from EZ Street $2,000 Cost of food $4,000 Cost of beverages $665 Sales Tax Collected Food $1,331 Rental tax collected $36 Enter your name for preparer.

Vendor used to supply food and beverages: Big Market 23 Super Store Drive Mesa, AZ 85202 480-667-7777 Account # 25869

Inventory: Business property Account number 456234. None of the items were transferred from another location and taxes were not already paid.

Purchased 9/5/18 Stove $1,300 Sold 12/1/18 Grill $2,500 Purchased 5/5/18 Beverage Machine $1,000 Purchased 6/12/17 listed Booths $5,000 Balance as of 12/31/18 Food $3,000 Balance as of 12/31/18 Beverages $2,250 Balance as of 12/31/18 Office Supplies $1,400 Enter your name as authorized agent.

1. What happens to Tacos Locos if they submit the tpt-ez form on the 25th of February?
2. Calculate the penalties for filing the January 2019 tpt-ez form 6 months late. Can any of these penalties be waved?
3. Are there any penalties if you submit the tpt-ez form on time but do not submit payment?
4. What happens if you make a mistake on an already filed return? Let's say for January 2019 the total beverage sales should be $8,663. What are the steps to make the correction?
5. What if Tacos Locos did not make a profit? Do they need to file the January 2019 tpt-ez form?
6. What if Tacos Locos forget to collect transaction privilege tax from the customers? Do they need to file the tpt-ez form?
7. Is Tacos Locos required to renew their tpt-license every year? If so, what is the process or cost to renew the license?
8. Why is it important for Tacos Locos to complete the exemption form to Big Market? What would happen if the form was never completed?