TaxConnex

JULY 9, 2024

Sales tax compliance has many moving parts, not just in the filing but in everything that goes into making sure you stay on the legal side of the jurisdictions where you have sales tax nexus. Billing systems You charge the customers sales tax for online purchases, they pay and you remit the money to the tax jurisdictions.

Sales 264

Sales Tax Colorado tax return 264

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. They report taxes owed in exchange for a waiver of penalty and a limited look-back period.

Sales 264

Sales Tax audit tax accountant 264

TaxConnex

JANUARY 10, 2023

We have completed our third annual survey of top financial professionals on how they are managing sales tax. The nationwide survey, conducted by In90Group in October of 2022, is composed of responses from 100 top finance professionals in a variety of industries regarding their thoughts and experiences in managing sales tax.

Sales 246

Sales Tax audit Finance 246

TaxConnex

NOVEMBER 18, 2021

Most businesses don’t set out to be non-compliant with sales tax, or anything for that matter. In fact, you probably have the best of intentions of meeting your sales tax obligations in the future. But what about sales tax liability from prior months? When do your sales tax obligations and liability start?

Sales 246

Sales Tax Non-Profits Start-ups 246

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 264

Sales Tax Education audit 264

TaxConnex

NOVEMBER 2, 2023

October 15 th ended the last major income tax due dates in 2023. Most CPAs use the fourth quarter of the year for audit and tax planning for clients, strategic planning for the firm and of course, CPE. Look out for our December webinar for an additional CPE credit!)

Sales 263

Sales Tax income tax tax planning 263

TaxConnex

NOVEMBER 4, 2021

TaxConnex is pleased to announce the completion of their second annual sales tax survey finding that the increasing sales tax complexities, growing nexus, fear of sales tax audits and limited resources to do what is necessary to remain compliant are among the top worries of financial professionals heading into 2022.

Sales 246

Sales Tax audit Finance 246

TaxConnex

DECEMBER 2, 2021

Many manufacturers, wholesalers, and distributors believe they have minimal sales tax obligations due to the likelihood of sales tax-exempt transactions. The concept to consider is whether the sales by these types of businesses are exempt or not from sales tax collection. However, there are numerous pitfalls to be aware of.

Manufacturing 245

Manufacturing Sales Tax Non-Profits 245

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 246

Sales Tax tax return Start-ups 246

TaxConnex

MAY 26, 2022

However, certain exemptions could apply making the sale of TPP exempt from sales tax in some situations. The buyer wants to make the original purchase exempt from sales tax, and they expect to then charge sales tax when they sell the item. Sales tax obligations start with nexus. Assessing your footprint.

South Dakota 244

South Dakota Sales South Carolina Illinois 244

TaxConnex

APRIL 26, 2022

Not paying attention to your sales tax obligations is never wise. True, it’s a relatively new requirement to collect sales and use tax from remote customers, but it’s one the taxman has always taken seriously from businesses – and that seriousness is only intensifying. Your sales tax obligation starts with nexus. Services are?not?tangible

audit 245

audit Sales Tax Start-ups 245

TaxConnex

DECEMBER 3, 2020

Alpharetta, GA - TaxConnex, Inc today released the results of a new survey finding that the increasing sales tax complexities, growing nexus, limited resources and additional audits are among the top worries of financial professionals in 2021. 71% of companies are not fully satisfied with their current approach to sales tax.

South Dakota 211

South Dakota Sales Tax Finance 211

TaxConnex

JULY 20, 2023

Maintaining current, valid exemption certificates is critical in managing your overall sales tax risk. Under audit, an otherwise exempt sale will be deemed taxable without such documentation from a customer – and just a few missing certificates can result in large penalties and interest. If you don’t, you could be in great trouble.

audit 130

audit Sales Tax auditor 130

TaxConnex

AUGUST 31, 2021

A Voluntary Disclosure Agreement (VDA) can be a great tool to address past sales tax obligations, but it’s important to consider all the plusses and minuses and ensure you make the right decision for your business when it comes to mitigation efforts. You’ve collected the sales tax but have yet to register and remit to the state.

audit 244

audit Sales Tax Maine 244

Withum

MAY 10, 2022

I am scheduled to present four free webinars primarily for CPAs, but anyone in business that uses financial statements might also find them interesting and insightful. Also, I am presenting an IRA/401k webinar for the general public and not accountants or tax professionals. There will be 1 A&A CPE credit for each webinar.

financial statements 105

financial statements audit auditor CPA 105

ThomsonReuters

NOVEMBER 29, 2023

Most tax professionals know that dealing with forces beyond their control—and the costly disruptions they cause—is a way of life. Unfortunately, many tax departments are feeling a strain on their resources as a result of these events. This, in turn, puts tax departments at greater risk for even more audits and stiffer penalties.

audit 98

audit Technology Tax corporation tax 98

Withum

AUGUST 2, 2023

On July 25, 2023, the Office of Fraud Enforcement and National Fraud Counsel of the IRS hosted a webinar on the Employee Retention Credit (ERC) and discussed the current landscape of enforcement for tax professionals. If you want a more robust analysis of these rules, read our article here or watch our ERC Audits on-demand webinar.

audit 96

audit income tax auditor tax return 96

TaxConnex

APRIL 27, 2021

Sales tax obligations are getting more complicated for businesses of all industries. In this blog, we’ll talk to some of the common missteps businesses make when trying to manage sales tax on their own. Figuring out where you have nexus is key to determining your sales tax liability. Not evaluating economic nexus.

Sales 147

Sales Tax Wisconsin Missouri 147

MyIRSRelief

DECEMBER 13, 2024

How CPAs and Lawyers Can Collaborate with Mike Habib, EA for Tax Representation Referrals Mike Habib, EA, is a trusted tax resolution expert with extensive experience helping individuals and businesses resolve complicated tax issues. Contact us today at 1-877-78-TAXES [1-877-788-2937].

cpas 130

cpas Tax payroll tax audit 130

TaxConnex

APRIL 6, 2023

The 2018 Supreme Court Wayfair decision gave us a bright line standard for determining sales tax nexus: Generate a set amount of revenue in a state in a set amount of time and your company has to collect and remit the applicable sales tax. Managing sales tax is burdensome. Seems clear. Who handles compliance?

Technology 130

Technology Sales Tax tax return 130

TaxConnex

NOVEMBER 9, 2023

Exactly how long will it take you to set up a process to evaluate and comply with your sales tax obligations? Depends on your business and where you are in your sales tax journey. Do you need a sales tax solution? Typically, a triggering event causes a company to investigate whether it needs a sales tax process.

Sales 147

Sales Tax Missouri Start-ups 147

Nancy McClelland, LLC

AUGUST 15, 2022

My colleagues at the National Society of Accountants for Cooperatives are offering a 75-minute webinar on Tuesday, August 23 to discuss the requirements and pitfalls in claiming Employee Retention Credits (ERC). You can expect their enforcement division to ramp up audits in the next few years.

cpa firm 19

cpa firm bookkeeping Education CPA 19

Cherry Bekaert

OCTOBER 25, 2023

Recent legislation, through the Inflation Reduction Act (IRA), greatly enhanced and created energy tax credits and incentives available to many industries through the U.S. Contact Us The post Sustainable Manufacturing: Harnessing Energy Tax Credits appeared first on Cherry Bekaert.

Manufacturing 111

Manufacturing Tax audit 111

ThomsonReuters

DECEMBER 2, 2024

← Blog home At a high level, SAS 145 brings with it refinements to risk assessment standards in audits, reinforcing the need for vigilance and critical thinking. So, let’s explore the impact of SAS 145 on risk assessment in audits, particularly the importance of understanding inherent risk and its evolving nature.

auditor 52

auditor audit public accounting Account 52

TaxConnex

OCTOBER 12, 2023

And one thing that can pound a stake through the heart of a promising M&A is unearthing past tax liability during due diligence. Enter past-due sales tax, a sometimes-overlooked and haunting liability that might not get the attention of, say, overdue income or property tax, until it’s too late. Requirements can vary widely.

Sales 113

Sales Tax audit tax return 113

TaxConnex

MARCH 16, 2023

Many manufacturers, wholesalers, and distributors believe they have minimal sales tax obligations due to the likelihood of  sales tax-exempt transactions. The concept to consider is whether the sales by these types of businesses are exempt or not from sales tax collection. There could be a sales tax obligation here as well.

Manufacturing 130

Manufacturing Sales Tax E-commerce 130

ThomsonReuters

OCTOBER 29, 2024

The rise of continuous transaction controls (CTCs)—and the increasing number of other digital real-time controls being implemented every year—makes managing indirect tax more complex and riskier than ever. Webinar Digital transformation for end-to-end indirect tax compliance Watch on-demand That’s where digital transformation comes in.

Technology 52

Technology accounting and finance Tax accounts payable 52

Withum

DECEMBER 8, 2022

Withum’s State and Local Sales Tax Team will discuss developments related to how the Wayfair decision has affected businesses and the related sales tax compliance requirements including collections, remittance, and software solutions. View More On-Demand Webinars. Recognize nexus creating activities for sales/use tax purposes.

Sales 59

Sales Tax audit 59

ThomsonReuters

SEPTEMBER 2, 2021

Is this an audit, and what should we expect if it is? ANSWER: The request for documents probably does signal the beginning of a DOL civil investigation (often referred to as an “audit”). We strongly advise seeking the assistance of experienced legal counsel to assist with a DOL audit. Contributing Editors: EBIA Staff.

audit 98

audit payroll Legal Tax 98

CPA Practice

AUGUST 28, 2024

CPA Practice Advisor has announced the 2024 Tax and Technology Innovation Award winners and finalists. After voting by the awards committee panel each year, the top five products are presented as winners of the Tax and Accounting Technology Innovation Awards. Award winners and finalists are presented alphabetically.

Technology 124

Technology accounting firms Account accountant 124

ThomsonReuters

DECEMBER 8, 2023

Jump to: How AI is transforming audit AI-Assisted Decision Making in Thomson Reuters Cloud Audit Suite Ready to transform audit? How AI is transforming audit Traditionally, auditors have heavily relied on manual processes to uncover risk in financial statements and business operations.

audit 98

audit auditor financial statements Technology 98

ThomsonReuters

JUNE 6, 2022

When you can flag changes in accounting, auditing, and tax that clients didn’t know about, and help them manage commercial impacts with innovative solutions, then you’re well on your way to gaining their trust. But how do you stay current on accounting and auditing standards when there are new developments happening all the time?

accounting standards 142

accounting standards Account accountant accounted 142

TaxConnex

AUGUST 8, 2023

Valid exemption certificates from your customers are critical in managing your overall sales tax risk. Under audit, an otherwise exempt sale will be deemed taxable without such documentation. Plan across There are a lot of moving pieces to consider: sales, order entry, billing, credit, tax, customer service, etc.

auditor 130

auditor audit Sales Tax 130

Withum

JANUARY 4, 2024

Click Here Listen in as John Smith and James Trubenbach-Byrne discuss in this timely webinar how to ensure your healthcare organization is prepared for all the year-end tax accounting and auditing qualifications. View On-Demand Webinar Learning Objectives: Interpret implementation and general tax updates.

Healthcare 52

Healthcare Tax payroll tax accounting standards 52

Withum

MARCH 22, 2023

Withum’s Healthcare Services Team discuss the 2023 Healthcare Industry Tax Updates. List and categorize potential Clean Energy Refundable Tax Credits and other opportunities for healthcare organizations as a result of the Inflation Reduction Act of 2022.

Healthcare 52

Healthcare Tax Hospitality CPA 52

ThomsonReuters

FEBRUARY 6, 2024

Jump to: When to consider an automated tax software solution Benefits of sales tax automation software What if you don’t have a complex business model? Amidst a rapidly changing regulatory landscape, it can seem more challenging than ever to understand your sales tax obligations in every jurisdiction in which you do business.

Sales 98

Sales Tax audit Account 98

Withum

OCTOBER 16, 2024

This webinar will provide valuable insights into the CSRD requirements and how companies can effectively prepare to comply,” says Holman.  Our History Established in 1974 , Withum is a national top-ranking public accounting firm that provides advisory, tax, and audit services to businesses and individuals on a local-to-global scale.

audit 98

audit Washington New York public accounting 98