TaxConnex

JUNE 11, 2024

Some states charge nothing to register electronically but do charge for paper registrations (many states also require electronic filing and sales tax remittance, too). Among other states, Nevada’s security formula is complicated, with a $1,000 tax-due threshold and the amount calculated by frequency of filing.

Sales 264

Sales Tax North Dakota Nebraska 264

TaxConnex

JULY 30, 2024

Additional complexities: The five NOMAD states – New Hampshire, Oregon, Montana, Alaska and Delaware – do not have a statewide sales tax. Home rule ” localities’ tax jurisdictions in such states as Alabama and Colorado have their own nexus requirements, as do those in Illinois (Chicago) and Louisiana (parishes).

South Dakota 264

South Dakota Alaska New Hampshire Montana 264

TaxConnex

MAY 11, 2021

In a few states, most notably Alabama, Colorado, and Louisiana, there are separate local level returns that you are required to file. Colorado alone has 73 home-rule jurisdictions each requiring their own sales tax return to be filed. Don’t get tripped up by specialty tax rates (non-sales tax rates).

Sales 162

Sales Tax Colorado tax return 162

PANALITIX

DECEMBER 3, 2020

Specifically, they want to work with clients who VALUE their skills and insights, rather than ‘checking tax returns’. As stated by the founder of a firm in Colorado Springs , “The problem actually lay with the partners who wouldn’t move over and allow others to properly contribute. Dedicate some available time to… ‘play time’.

Account 231

Account accountant accounted North Carolina 231

TaxConnex

JULY 15, 2021

There’s always something changing in the world of tax, especially sales tax. Colorado lawmakers have adopted SB21-282 , which extends the exception to destination sourcing requirements; the exception applies only to businesses with less than $100,000 in retail sales. The state’s HB 514 , which would indefinitely extend a 0.45

Sales 219

Sales Tax Louisiana North Carolina 219

TaxConnex

FEBRUARY 10, 2022

Some states — notably Alabama, Colorado, Louisiana, Alaska, among others — empower municipalities and other jurisdictions to levy sales taxes. Also with some states, you must specify the tax you’re registering for (e.g., sales tax or use tax). Returns are typically due monthly, quarterly or annually.

Sales 246

Sales Tax E-commerce Alaska 246

CPA Practice

FEBRUARY 11, 2023

The IRS has determined that in the interest of sound tax administration and other factors, taxpayers in many states will not need to report these payments on their 2022 tax returns. During a review, the IRS determined it will not challenge the taxability of payments related to general welfare and disaster relief.

Rhode Island 131

Rhode Island South Carolina income tax Idaho 131

MyIRSRelief

AUGUST 2, 2024

They must withhold federal income tax, Social Security, and Medicare taxes from employees’ wages and pay the employer’s share of these taxes. Additionally, businesses must file employment tax returns and make timely deposits. Ensure that your tax returns accurately reflect these limitations.

audit 130

audit Tax Nevada Colorado 130

TaxConnex

FEBRUARY 9, 2023

California is then responsible to see that the local taxes are distributed to the appropriate local jurisdictions. Other states allow local jurisdictions to administer their own taxes. This is prevalent in Alabama, Colorado, and Louisiana. Louisiana also offers a single Remote Seller Return.

Sales 130

Sales Louisiana Alabama Tax 130

CPA Practice

APRIL 12, 2023

million people across the nation (state-by-state list below) have unclaimed refunds for tax year 2019 but face a July 17 deadline to submit their tax return. billion in refunds remain unclaimed because people haven’t filed their 2019 tax returns yet. Need to file a 2019 tax return?

Rhode Island 122

Rhode Island tax return Tax West Virginia 122

CPA Practice

JULY 23, 2023

A Colorado man has been sentenced to 15 months in prison for evading the payment of more than $700,000 in employment taxes he owed to the IRS. After failing to collect from the businesses, the IRS assessed the tax against Stevens personally.

Colorado 52

Colorado Tax payroll tax tax return 52

TaxConnex

SEPTEMBER 7, 2023

Any sales tax exemption for a nonprofit depends on the transaction’s relation to the organization’s main mission. Location, location, location 501(c)(3) organizations are exempt from sales tax on their purchases in Colorado and in Utah. Most states, like Michigan , require special registration for exemption.

Sales 147

Sales Tax Non-Profits North Carolina 147

CPA Practice

AUGUST 21, 2023

They are taxed on their income but can’t write off most of their business expenses. Section 280E of the federal tax code bars marijuana firms from claiming business expenses on their federal tax return other than for their cost of goods sold. Look for more states to follow suit. _

income tax 98

income tax Tax tax return Oregon 98

TaxConnex

SEPTEMBER 28, 2023

Among other states, Nevada’s security formula is especially complicated; Colorado has a refundable deposit. The challenges Generally, you need to pin down several details no matter what tax jurisdiction you’re registering with. Should you register for sales tax, seller’s use tax or consumer’s use tax?

Sales 147

Sales Tax West Virginia North Dakota 147

Snyder

JUNE 9, 2022

State income taxes. Business income taxes. Local income taxes. Assessment tax return and short tax return. Income tax deadlines. Income tax extension: when is the last day to file income tax? Federal income tax brackets 2021 vs IRS income tax brackets 2022.

income tax 52

income tax tax return E-commerce Tax 52

TaxConnex

OCTOBER 4, 2022

Your compliance process should start with identifying sales tax nexus and determining taxability of your products and services in those states where you have sales tax nexus. You then need to create a billing process to apply tax to your invoice, manage your sales tax-exemption certificates and prepare and file sales tax returns.

Sales 130

Sales Tax tax return Colorado 130

TaxConnex

AUGUST 22, 2024

Only Colorado and Minnesota have RDFs so far, though other states are discussing this potential new source of revenue (and using various names to describe one). For two months in late 2019 and for three months shortly afterward, the ice cream shop filed a New York sales tax return but did not remit the full amount of taxes stated as due.

Sales 147

Sales Tennessee Illinois Tax 147

PANALITIX

NOVEMBER 30, 2020

Specifically, they want to work with clients who VALUE their skills and insights, rather than ‘checking tax returns’. As stated by the founder of a firm in Colorado Springs , “The problem actually lay with the partners who wouldn’t move over and allow others to properly contribute. Dedicate some available time to… ‘play time’.

Account 130

Account accounted accountant North Carolina 130

TaxConnex

JUNE 6, 2023

Local sales taxes can also apply, especially in home-rule states like Colorado, Illinois and Alabama. California also has a ton of local taxes, and Louisiana has a sales tax system infamously complex. But it isn’t so different from Canada , where provinces apply widely varying combinations of their three sales taxes.

Sales 130

Sales Tax South Dakota Alaska 130

MyIRSRelief

JUNE 9, 2020

Delinquent return filings: IRS will not default an OIC for those taxpayers who are delinquent in filing their tax return for tax year 2018. Taxpayers may still submit an OIC if they can’t pay their full tax liability, or if doing so would create a financial hardship.

tax return 100

tax return Kansas New Jersey Colorado 100

Anders CPA

NOVEMBER 29, 2022

Who will be most impacted by the new retail delivery fee Colorado has begun collecting, and how can businesses adjust? Although the retail delivery fee is based in Colorado, businesses in other states that sell taxable goods to Colorado customers will also feel the effects. New Colorado Retail Delivery Fee.

Retail 52

Retail Colorado tax return Sales 52

Going Concern

FEBRUARY 9, 2024

IRS warns tax professionals to be aware of EFIN scam email; special webinars offered next week [ IRS ] The IRS warned that scammers are posing as tax software providers and requesting EFIN documents from tax professionals under the guise of a required verification to transmit tax returns.

Technology 104

Technology Colorado audit cpa firm 104

Anders CPA

MAY 23, 2023

State Payroll Reciprocity Agreements It’s possible for remote or out-of-state workers to be taxed twice, but this double taxation can be resolved by the taxpayer when preparing their state tax returns. The taxpayer would then be refunded for taxes withheld unnecessarily from their paycheck.

payroll tax 98

payroll tax payroll Rhode Island South Dakota 98

MyIRSRelief

JULY 3, 2023

During an ERC audit, the IRS reviews the business’s records, including payroll records, tax returns, and supporting documentation related to ERC claims. Certain factors, such as high claim amounts or inconsistencies in reported data, may trigger an audit. ERC IRS Audit Process 2.1 What Happens During an ERC Audit?

audit 130

audit North Carolina Oklahoma Ohio 130

CPA Practice

OCTOBER 18, 2023

Of the 45 states (plus the District of Columbia) that have a general sales tax, 10 stand out as being especially tricky for sales tax compliance: Arizona, California, Colorado, Florida, Illinois, Louisiana, Missouri, New York, Tennessee, and Texas. To illustrate the knottiness, here are some examples.

Sales 59

Sales South Dakota Tax Missouri 59

Going Concern

SEPTEMBER 1, 2023

Law & Order Co-Owner of Media Brokerage Firm Pleads Guilty to Filing a False Tax Return [ Department of Justice ] According to court documents and statements made in court, Susan K. Despite receiving the completed and accurate tax returns from the accounting firm, Patrick did not file them with the IRS.

accounted 111

accounted Account accountant audit 111

CPA Practice

APRIL 14, 2023

have unclaimed refunds for tax year 2019 but face a July 17 deadline to submit their tax return, the IRS said on Wednesday. billion in refunds remain unclaimed because people have not filed their 2019 tax returns yet. People face a July 17 deadline to file their returns. million people across the U.S.

Rhode Island 52

Rhode Island West Virginia South Dakota North Dakota 52

CPA Practice

APRIL 13, 2023

have unclaimed refunds for tax year 2019 but face a July 17 deadline to submit their tax return, the IRS said on Wednesday. billion in refunds remain unclaimed because people have not filed their 2019 tax returns yet. People face a July 17 deadline to file their returns. million people across the U.S.

Rhode Island 52

Rhode Island West Virginia South Dakota North Dakota 52

CPA Practice

SEPTEMBER 12, 2024

Matt holds a Masters in Accounting and an MBA from the University of Colorado. Becca Martin specializes in partnership taxation and supports clients in tax planning, tax consulting and tax return preparation. All promotions were effective June 1, 2024.

Kansas 104

Kansas Pennsylvania audit accounting and finance 104

SingleTrackAccounting

OCTOBER 6, 2020

6- Changes to Tax Filing. 3- Separate corporate tax returns. You may be wondering if it’s too late to take advantage of the tax savings in this fiscal year. Living in the resort town of Steamboat Springs, Colorado [.]. Steps to s-corp conversion . 1- Ensure eligibility. 2- Financial & Service Ramifications.

Tax 98

Tax bookkeeping corporation tax Colorado 98

SingleTrackAccounting

FEBRUARY 7, 2020

Carrying health insurance is still mandatory under the Affordable Care Act and most small business owners can deduct health insurance related expenses for themselves and their employees on their business tax return. On her business tax return, she can deduct the entire $15,000. Let’s dive more into this.

Tax 75

Tax income tax tax return Start-ups 75

ThomsonReuters

JUNE 14, 2021

The IRS has posted a June 2021 draft version of the Form 941 , Employer’s Quarterly Federal Tax Return, instructions that take into account the amended and expanded coronavirus (COVID-19) pandemic tax credits and the new COBRA premium assistance credit from the American Rescue Plan Act (ARPA). Federal News. State and Local News.

payroll 98

payroll Missouri Virginia Delaware 98

ThomsonReuters

DECEMBER 19, 2023

To illustrate how electric vehicle tax credits work, let’s take a closer look at Colorado’s clean vehicle tax incentive program. Beginning January 1, 2024, Colorado residents purchasing an EV with an MSRP up to $35,000 will be eligible for an additional $2,500 tax credit.

Tax 52

Tax Colorado accounting and finance tax return 52

PYMNTS

NOVEMBER 16, 2018

“The reality is 99 percent of banks don’t want to mess with them, [because] there’s a lot of internal compliance if you’re going to serve the cannabis industry,” noted Jim Marty of Bridge West CPAs, a Colorado accounting firm that represents roughly 250 cannabis businesses and license holders nationwide.

Legal 70

Legal Alabama Colorado Virginia 70

SingleTrackAccounting

FEBRUARY 11, 2020

Self Employment tax on the entire amount on your 1099 …. on top of your regular income tax! Most self-employed people only find out about this nightmare situation after they file tax returns with 1099s and are then hit with the tax bill. YOU are paying the highest % of tax out there.

Tax 75

Tax income tax Colorado payroll 75

ThomsonReuters

JULY 7, 2021

For example, Form 941 , Employer’s Quarterly Federal Tax Return, is used by most employers (agricultural employers use Form 943 , small employers use annual Form 944 and Form 945 for annually reporting nonpayroll payments) each quarter to report employment taxes. Jumpstart program offering money to returning unemployed workers.

payroll 59

payroll Tax income tax payroll tax 59

CPA Practice

APRIL 19, 2024

Remit sales tax to the proper tax authority Once sales tax has been collected as required, it must be remitted on time with a sales tax return to the proper tax authority. Some states require marketplace facilitators to identify their own sales separately from third-party sales on their sales tax returns.

Tax 59

Tax Wyoming Alaska Louisiana 59