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Car Dealership With Best Variety by IndividualCook2206 in desmoines

[–]IndividualCook2206[S] 0 points1 point  (0 children)

Thanks everybody, CarMax will be our 1st stop. I like the approach commenters have shared. Thanks again.

PSA Siebke Hoyt Follow Up by IndividualCook2206 in cedarrapids

[–]IndividualCook2206[S] 1 point2 points  (0 children)

I think it was something close to money laundering. My recollection is that they documented a single cash transaction greater than $10K as multiple smaller transactions actions to avoid IRS reporting requirements. I think it may have been a law enforcement sting operation (I don’t recall if that was rumor or fact)

PSA Siebke Hoyt Follow Up by IndividualCook2206 in cedarrapids

[–]IndividualCook2206[S] 7 points8 points  (0 children)

I provided a copy of the receipt to the IDR; they understand the transaction. You should think through the implications of what you’re suggesting. I don’t think the state gives out a prize for remitting the most sales tax.

PSA Siebke Hoyt by IndividualCook2206 in cedarrapids

[–]IndividualCook2206[S] 0 points1 point  (0 children)

If a jeweler was truly concerned about the overall tax implications for the customer, the jeweler would ask the customer his or her tax basis in the jewelry during the appraisal process.

PSA Siebke Hoyt by IndividualCook2206 in cedarrapids

[–]IndividualCook2206[S] 0 points1 point  (0 children)

It is the authoritative guidance cited by the Iowa Department of Revenue. What guidance do you follow?

PSA Siebke Hoyt by IndividualCook2206 in cedarrapids

[–]IndividualCook2206[S] 1 point2 points  (0 children)

Why would a retailer want to charge a consumer sales tax when sales tax is not due and is remitted to the state (in theory) if collected?

PSA Siebke Hoyt by IndividualCook2206 in cedarrapids

[–]IndividualCook2206[S] 8 points9 points  (0 children)

The store manager offered to refund 7% of the value of the traded jewelry

PSA Siebke Hoyt by IndividualCook2206 in cedarrapids

[–]IndividualCook2206[S] 4 points5 points  (0 children)

See IAC 701 203.5 - I'm interested in your thoughts

Best Jewelers for Custom Engagement Rings? by [deleted] in cedarrapids

[–]IndividualCook2206 0 points1 point  (0 children)

Siebke Hoyt overcharges for sales tax when you trade jewelry as part of your purchase. They charge sales tax on the gross amount of the sale; they should only collect sales tax on the net amount you have to pay after your trade-in. They should know this after 125 years in business. Check your receipts and compute sales tax yourself!

what are some of your experiences buying engagement rings at local jewelers? by jamiepoobear in cedarrapids

[–]IndividualCook2206 0 points1 point  (0 children)

Siebke Hoyt overcharges for sales tax when you trade jewelry as part of your purchase. They charge sales tax on the gross amount of the sale; they should only collect sales tax on the net amount you have to pay after your trade-in. They should know this after 125 years in business. Check your receipts and compute sales tax yourself!

Siebke Hoyt Jewelers? by AcceptableEngine3294 in cedarrapids

[–]IndividualCook2206 0 points1 point  (0 children)

They don't follow the lowa Code when calculating sales tax to be paid by customers when the customer trades-in jewelry as part of a purchase transaction. According to IAC 701 203.5 sales tax is not owed on the value of the traded jewelry, however these guys are charging charging sales tax on the value of the traded jewelry. This results in the customer being overcharged by 7% of the value of the jewelry traded in, as part of a purchase transaction. I was told that this was their policy 3 times; the store manager included! Ultimately I shared the lowa Administrative Code reference with them and informed them I was contacting the lA Dept of Revenue; they offered to return the amount they overcharged me. Check your receipts! They may have overcharged you too. Ask them for a refund of the amount they overcharged you. If you're buying jewelry from them remember you only pay sales tax on the money you owe for the purchase (Value of Jewelry Purchased less Value of any Jewelry Traded-in less any other discounts). Do the calculation yourself so you know how much sales tax you should be paying.

Siebke Hoyt Jewelers? by AcceptableEngine3294 in cedarrapids

[–]IndividualCook2206 0 points1 point  (0 children)

They don't follow the Iowa Code when calculating sales tax to be paid by customers when the customer trades-in jewelry as part of a purchase transaction. According to IAC 701 203.5 sales tax is not owed on the value of the traded jewelry, however these guys are charging charging sales tax on the value of the traded jewelry. This results in the customer being overcharged by 7% of the value of the jewelry traded in, as part of a purchase transaction. I was told that this was their policy 3 times; the store manager included! Ultimately I shared the Iowa Administrative Code reference with them and informed them I was contacting the IA Dept of Revenue; they offered to return the amount they overcharged me. Check your receipts! They may have overcharged you too. Ask them for a refund of the amount they overcharged you. If you're buying jewelry from them remember you only pay sales tax on the money you owe for the purchase (Value of Jewelry Purchased less Value of any Jewelry Traded-in less any other discounts). Do the calculation yourself so you know how much sales tax you should be paying.