A worldwide firm, General Electric (GE) works in a number of sectors, including aviation, healthcare, and energy. GE is compelled to disclose its financial accounts, including its tax payments, as a publicly traded firm. The business paid $-5.9 billion in taxes last year, according to GE’s 2020 annual report, meaning it earned a tax benefit as opposed to paying taxes.
GE has already paid negative taxes, so this is nothing new. The business has come under fire for its use of offshore tax havens and other tax-evasion techniques to lower its tax obligations. GE has countered that it complies with all applicable tax laws and rules and that its tax planning techniques are legitimate.
If you own a business in Hawaii, you might be concerned about your tax responsibilities and how to adhere to state tax regulations. One query that can come up is whether Hawaii requires a business license. The majority of companies doing business in Hawaii must apply for a general excise tax (GET), sometimes referred to as a business license. The license enables the state to track and collect the GET, which is a tax on the gross revenue of firms.
You can submit your G-45, the Hawaii GET tax return, online through the website of the Hawaii Department of Taxation. You must register for an account and submit information about your company, including your tax ID number. Depending on the gross income of your company, the G-45 may be due monthly, quarterly, or annually on the 20th of the month after the end of the tax period.
You can access a 1099-G form online on the website of the Hawaii Department of Labor and Industrial Relations if you are anticipating receiving one from the state of Hawaii. This form reports specific government payments you received. Your Social Security number and the year you need the form for must be provided.
In Hawaii, the G-49 is a supplemental schedule that is used to report additional taxes or deductions that are not included in the G-45. This should answer your question about the distinction between the G-45 and G-49. Only certain enterprises with specific tax requirements, such as those engaged in leasing tangible personal property, are needed to file the G-49 together with the G-45.
In conclusion, it has been debated that General Electric paid negative taxes last year. Understand your tax responsibilities and abide by state tax rules if you own a business in Hawaii. This includes accessing your 1099-G form if required, submitting your G-45 and getting a business license online. Additionally, you might need to file a G-49 in addition to your G-45 if your company has specific tax responsibilities.
Businesses can only collect and remit the general excise tax (GET) for the state of Hawaii with the help of a license known as a GE tax license. This tax, which is analogous to a sales tax in other states, is imposed on all commercial activities, including the sale of products and services. A GE tax license is required for businesses before they may operate in Hawaii.