TaxConnex

FEBRUARY 13, 2024

To help financial leaders better understand what their peers are doing when it comes to sales and use tax in 2024, TaxConnex® conducted its fourth annual sales tax survey in November of 2023. If you’re struggling with how to manage sales tax in 2024, consider outsourcing. Their responses are included in the following blog.

Sales 207

Sales Tax audit CPA 207

TaxConnex

MARCH 5, 2024

Some NFTs alone on OpenSea have sold for millions and in recent years the average sales price of an NFT (an admittedly volatile commodity) jumped from about $150 to $4,000. Nevertheless, how long before states start trying to tap this market to collect sales tax? Sales of digital products are generally subject to retail sales tax.

Sales 147

Sales Tax Wisconsin Minnesota 147

TaxConnex

FEBRUARY 1, 2024

It’s also safe to say that its storyline of repetition seems to echo what you must do, over and over and over, to comply with sales tax laws. It’s a doozy! – “Needlenose Ned” Ryerson There are multiple steps to make sure your sales tax compliance works well. The days you get over and over with sales tax are deadline days.

Sales 230

Sales Tax Minnesota Colorado 230

TaxConnex

FEBRUARY 6, 2024

Sales tax is not something top of mind for most executives, but it is something that the majority of businesses will have to manage at some level. No matter the size of your business, if you are selling a taxable product or service and establish nexus in specific states or jurisdictions, then you have a sales tax obligation.

Sales 214

Sales Tax Technology auditor 214

TaxConnex

FEBRUARY 27, 2024

Your sales tax obligations depend on knowledge and that knowledge often resides in a professional tax specialist (usually an accountant) who helps your company meet its sales tax obligations. This is a complicated time for sales tax obligations – and a terrible time to try to hire an accountant.

Sales 220

Sales Tax Account accountant 220

TaxConnex

JANUARY 2, 2024

Is one of your new year’s resolutions to make sure you’re complying with sales tax in 2024? If you’ve determined nexus to exist for your business and understand that your products or services are taxable, but you’ve yet to comply to sales & use tax rules.

Sales 227

Sales Tax financial statements audit 227

TaxConnex

MARCH 26, 2024

We are at the end of Q1 of 2024 and continue to discuss how to ensure your business is set up to get sales tax right in 2024. If you’re like the over 49% of businesses who participated in our annual sales tax trends survey and are unsatisfied with the way you are managing sales tax, then you’re in the right place.

Sales 159

Sales Tax tax return Retail 159

TaxConnex

DECEMBER 7, 2023

There’s always something changing in the world of tax, especially sales tax. Johns County, Florida, received a $750 credit from Amazon after discovering that the marketplace facilitator had been overcharging her for sales tax for more than a decade, news reports said. New York state sales tax collections jumped 2.5%

Sales 147

Sales Tax West Virginia South Dakota 147

TaxConnex

DECEMBER 12, 2023

But not for sales tax liability, where most states still maintain strong responsible party laws. And they can come as a real shock: CEOs, CFOs, directors and other execs can be held personally responsible for sales tax shortfalls. That’s true for many of the fiscal messes that can befall a company. How do they know who’s responsible?

Sales 194

Sales Tax Ohio Georgia 194

TaxConnex

SEPTEMBER 28, 2023

Now it’s time to register with the states to collect and remit sales tax. You complete your sales tax registrations and file them with the departments of revenue or taxation in each state. These registrations are called sales tax permits, sometimes licenses. New York calls theirs a “sales tax certificate of authority.”

Sales 147

Sales Tax West Virginia North Dakota 147

TaxConnex

OCTOBER 26, 2023

Sales tax is a major obligation for your business. Sales tax rates and taxability rules differ by state and even locality. Software that has the rates and taxability rules built-in helps make sure you charge the right sales tax with each purchase. Sales tax calculation software does make sense. Applying sales tax.

Technology 147

Technology Sales Tax E-commerce 147

TaxConnex

NOVEMBER 28, 2023

does not free you from the complexities of sales tax. In many countries, you will run into some kind of sales tax – familiar if you’re used to selling in the U.S., The provinces that levy a PST in addition to the GST are British Columbia, Manitoba, Quebec (the Quebec sales tax is the “QST”) and Saskatchewan. but different, too.

Sales 209

Sales Tax Transportation Maine 209

TaxConnex

DECEMBER 21, 2023

It’s the end of the year and as we all start to think about our New Year’s resolutions, it’s also a good time to start thinking about correcting any sales tax missteps your business may be facing. If you believe you have sales tax exposure, contact us to learn how we can help. The states’ response to the VDA application will vary.

Sales 220

Sales Tax audit tax accountant 220

TaxConnex

JANUARY 23, 2024

Sales and use tax generally applies to the sale or use of tangible personal property and certain services. Since software, and especially Software-as-a-Service, may not be delivered in a tangible form, many technology and software companies have considered themselves exempt from sales and use tax. Check out our SaaS map here!

Sales 188

Sales Tax Washington Technology 188

TaxConnex

SEPTEMBER 26, 2023

(We generally recommend that companies start watching their nexus requirements when they hit the $100,000 in sales in a state. Companies also must always consider how physical presence , such as offices or even just sales reps, can create nexus.) They also take the burden of sales tax obligation off the seller. Taxability.

Sales 202

Sales Tax South Dakota Colorado 202

TaxConnex

OCTOBER 24, 2023

Know what word in sales tax also has five letters? Our third annual survey of financial professionals showed that although most companies (67%) reported that state sales tax audits have remained at the same level over the past two years, almost one in four respondents (23%) said they expect such audits to increase in coming months.

audit 147

audit Sales Tax auditor 147

TaxConnex

MAY 24, 2022

Taxable sales of products direct to end users has been a staple of business for ages. One relatively new development is the complex overlay of sales tax on these transactions. Add internet sales to the mix and you’ve got sales tax obligations sprouting up these days more than ever. Assessing your footprint.

South Dakota 186

South Dakota Sales Tax Retail 186

TaxConnex

OCTOBER 19, 2023

Often as things change in sales tax – and they change often – one constant keeps lurching along. Why are so many businesses managing this in-house when they are comfortable outsourcing other aspects of finance and sales tax? Often, it’s because their sales tax software providers do not offer this as a service. and not just “Hi.”

Sales 147

Sales Tax audit Finance 147

TaxConnex

AUGUST 24, 2023

Sales tax automation has come a long way since the Quill vs. North Dakota case in 1992. Now, even the smallest multi-state businesses and startups have access to sales tax automation options that lower costs and ease the burden of compliance. Sales tax automation provides the most value at the point of sales tax calculation. 

Sales 184

Sales North Dakota Tax Technology 184

TaxConnex

SEPTEMBER 14, 2023

How is sales tax managed for this growing industry? The sales tax obligations related to subscription box services depend on many of the same questions as other remote sellers: Are your products taxable or exempt in tax jurisdictions where you have customers? You generally have to charge sales tax on ornamental plants and flowers.

Sales 147

Sales Rhode Island Tax Kansas 147

TaxConnex

FEBRUARY 20, 2024

At the beginning of January we announced the release of our annual sales tax survey. This year’s results provided insights into how businesses are managing the complexities of sales tax and how they are being impacted by economic and regulatory structures. 5 of our key findings are below: 1. 5 of our key findings are below: 1.

Sales 205

Sales Tax Finance 205

TaxConnex

AUGUST 15, 2023

There’s always something changing in the world of tax, especially sales tax. Midyear sales tax. The Tax Foundation released its “State and Local Sales Tax Rates, Midyear 2023” report of the 45 states (and the District of Columbia) that collect statewide sales taxes and the 38 states where local sales taxes are collected.

Sales 130

Sales Tax Alabama Texas 130

TaxConnex

NOVEMBER 30, 2023

Blog authored by Scott Schwertner, National Director of Sales and Use Tax for Invoke Tax Partners. With extensive experience in both the industry and sales tax consulting side, Invoke Tax Partners National Director of Sales and Use Tax, Scott Schwertner, knows how difficult it can be for businesses to get sales tax right on every transaction.

Sales 174

Sales Tax accounts payable tax consultant 174

TaxConnex

AUGUST 22, 2023

If you’re in this industry, the last thing you need added to your load is sales tax. Generally, a business in the construction industry is performing a service, and most services are excluded from sales and use tax. But sales tax has to be your concern if you engage in contracts in different states. State, job and client.

Construction 130

Construction Sales South Dakota Tax 130

TaxConnex

DECEMBER 27, 2022

Sales and use tax nexus is defined as a connection between a person or entity and a taxing jurisdiction. Sales tax nexus is the basis for all your sales tax decisions because without sales tax nexus you have no further obligation to a state. That is unless an exemption applies.

Sales 188

Sales Tax Non-Profits Maine 188

TaxConnex

DECEMBER 28, 2021

And that means that more companies may find themselves with new sales tax obligations. eCommerce sales – topping the $200-billion mark for the first time. How does this impact sales tax obligations? Then there’s the danger of sales tax audits. Online shopping from Thanksgiving through Cyber Monday (Nov. billion in U.S.

Sales 182

Sales Tax audit tax return 182

TaxConnex

JULY 18, 2023

It’s easy to determine when the entire transaction occurs at the point-of-sale but is more difficult when the transaction involves numerous sites. A company may, for instance, have a customer based in a state that levies sales tax on SaaS but many other users who access the software from all over the country.

Sales 130

Sales Tax Washington Retail 130

TaxConnex

JULY 29, 2021

Sales tax is complex for any business selling into multiple states. To further complicate this, Chicago does not apply sales tax to SaaS rather they apply a personal property lease transaction tax which is currently 9%. This non-sales tax “tax” is just one of many tax types that the City of Chicago has implemented. Got all that?

Sales 242

Sales Tax Illinois audit 242

TaxConnex

AUGUST 1, 2023

Except when sales tax becomes involved. And the state or local sales tax you also charged on the purchase? Here it gets complicated: How much did you charge the customer in sales tax? Where was the sale made (and did it incur sales tax based on destination or origin )? It seems like a simple part of selling online.

Sales 130

Sales Rhode Island Tax Michigan 130

CPA Practice

APRIL 16, 2024

Retail sales continued to increase in March along with job growth and tax refunds, which put more money in shoppers’ pockets, according to data from the U.S. While sales were mixed, several factors supported retail sales including an early Easter holiday, slightly larger 2023 tax refunds and stronger payroll growth over the last three months.

Sales 119

Sales Retail payroll Tax 119

TaxConnex

JULY 27, 2023

Sales tax is meant to be a pass-through tax and thus one that should have minimal impact on a company’s bottom line. The sales tax is collected by businesses and “passed-through” to the taxing jurisdictions. The “compliance” aspect that we are describing here is focused on the filing of returns and remittance of sales tax collected.

Sales 130

Sales Tax audit Start-ups 130

TaxConnex

OCTOBER 6, 2022

It’s a common scenario: A company has decided to sell, then due diligence turns up a $2 million risk in past sales tax obligations and compliance. Do you have solid positions and reasons for your sales tax decisions? Can you defend your sale tax position to minimize the escrow’s impact? Let’s say you’re the seller.

Sales 198

Sales Tax tax return audit 198

TaxConnex

JANUARY 9, 2024

We are excited to announce the completion of our fourth annual sales tax survey. This year’s results provided insights into how businesses are managing the complexities of sales tax and how they are being impacted by economic and regulatory structures.

Sales 223

Sales Tax audit Education 223