Updated Form 5000 Now Posted Online

10-16-2015 16:38

Attention CFMA members:

At long last (that is an understatement) the modifications to form 5000 are complete and available ON LINE!! Remember back in the spring when this was the “last” TPT item to complete by the DOR? Well, neither do I, as my long term memory is pretty much shot . . . . but trust me, it WAS promised to us all!

Now, before you get too excited, realize that rather than merely modifying the form 5000 (ah, so simple), the DOR decided to modify the 5000 AND to add more forms (ah, not so simple); this in keeping with the “simplification” concept that has become synonymous with this new tax legislation!

So, as you go online you will now find:

Form 5000 – which has been modified:
- allowing for MRRA (see box #2)
- eliminating materials purchased for resale (the old box #1 is gone)
- limiting the duration to 12 months
- certain other changes in the exemption section that may or may not impact you
Form 5000A - the new form to be used for purchases for resale in the ordinary course of business
Form 5000M – for exempt purchases by a non-TPT licensed contractor on an MRRA job
Form 5000HC – to be issued by an exempt health care organization to vendor/contractor. Note the contractor still needs the “Exemption Letter” issued by the state to the organization

Sarcasm aside, it is good to finally have direction and forms available for our industry to use. The last puzzle piece is now in place! Time to kick back, pop open a cold one, and enjoy the ride!

David James, CPA, CCIFP
CFO, FNF Construction

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