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I received gross receipts in excess of $100,000 in one year, but not in subsequent years. Am I still required to stay registered and file annual use tax returns?

April 26, 2017excess gross receipts received tax returns year

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I received gross receipts in excess of $100,000 in one year, but not in subsequent years. Am I still required to stay registered and file annual use tax returns?

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Yes. If you meet the requirements of a Qualified Purchaser in any one year, you are required to stay registered and file annual use tax returns until your business ceases to operate or there is a change in ownership.