Texas Comptroller Issues Guidance on Calculation of Sales Tax on Cash Transactions

The Texas Comptroller of Public Accounts published a memo containing guidance for the calculation of sales tax on cash transactions following the phase-out of penny production. The guidance authorizes taxpayers to round transactions to the next lowest or next highest nickel if the sales price plus sales tax results in an amount that cannot be collected without pennies, and the Comptroller will not adjust the sales price or recalculate tax due. The memo also states that the Comptroller will continue accepting pennies, and will round payments due down to the next lowest nickel and accept that amount as payment in ...