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. As of Feb. Illinois lawmakers have passed S.B.

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Sales Tax Louisiana North Carolina 219

CPA Practice

APRIL 10, 2023

By Gail Cole A bill making its way through the Colorado General Assembly could help all businesses, and especially small businesses, comply with the retail delivery fee (RDF) that took effect July 1, 2022. What is the Colorado retail delivery fee? Benefits to the state The retail delivery fee benefits Colorado in a few ways.

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Colorado Retail Sales Tax 107

TaxConnex

JULY 30, 2024

Sales tax isn’t simple. Here’s a step-by-step overview of various complications of sales tax compliance – and how to handle them. Then came 2018’s South Dakota vs. Additional complexities: The five NOMAD states – New Hampshire, Oregon, Montana, Alaska and Delaware – do not have a statewide sales tax.

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South Dakota Alaska New Hampshire Montana 264

TaxConnex

MAY 11, 2021

Both the process of reporting sales tax and the level of sales tax detail required varies from state to state. Some reporting requirements that should be considered in your sales tax compliance process are: 1. Returns are typically due either monthly, quarterly, or annually. Know your Deadlines. Due dates also vary.

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Sales Tax Colorado tax return 162

TaxConnex

SEPTEMBER 7, 2023

Nonprofits are often thought to be exempt from sales taxes, but is that correct? Other stats say more than 2 million charities exist that are tax-exempt according to Internal Revenue Service rules. Are non-profits exempt from sales tax obligations? These same organizations are not necessarily exempt from sales tax.

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Sales Tax Non-Profits North Carolina 147

MyIRSRelief

AUGUST 2, 2024

This dichotomy creates a complex tax landscape for cannabis businesses, particularly concerning compliance, audits, and the infamous Section 280E of the Internal Revenue Code (IRC). Get professional tax help by calling our tax firm at 1-877-788-2937. Recordkeeping Good recordkeeping is essential for tax compliance.

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audit Tax Nevada Colorado 130

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.”

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Sales Tax West Virginia North Dakota 147

TaxConnex

FEBRUARY 9, 2023

States aren’t the only ones who can complicate your life with sales tax: Local governments want to play their part, too. Cities, counties and towns nationwide – which have almost all seen an increase in their sales tax revenues in recent years – constantly tinker with their own sales taxes.

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Sales Louisiana Alabama Tax 130

TaxConnex

AUGUST 22, 2024

There’s always something changing in the world of tax, especially sales tax. 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). Two states have changed their sourcing rules for the application of sales tax obligations.

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Sales Tennessee Illinois Tax 147

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’.

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accountant Account accounted North Carolina 231

TaxConnex

OCTOBER 4, 2022

So you’ve done the smart thing and determined that your company has sales tax obligations in various states. Now you must collect, file, and remit sales tax in multiple states. 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

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. People face a July 17 deadline to file their returns.

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Rhode Island tax return Tax West Virginia 122

MyIRSRelief

OCTOBER 11, 2024

Enrolled Agent: Comprehensive Tax Services for Individuals and Businesses When it comes to managing your taxes, finding a qualified and reliable tax professional is crucial. An Enrolled Agent (EA) is a federally-authorized tax practitioner who has technical expertise in the field of taxation and is empowered by the U.S.

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tax services payroll tax Tax tax preparation 130

CPA Practice

FEBRUARY 11, 2023

After several days of requests by taxpayers, state agencies and the National Taxpayer Advocate , the Internal Revenue Service has provided clarifying the federal tax status involving special payments made by 21 states in 2022. Alaska is in this group as well, but please see below for more nuanced information.

Rhode Island 131

Rhode Island South Carolina income tax Idaho 131

CPA Practice

AUGUST 21, 2023

By Joy Taylor, Kiplinger Consumer News Service (TNS) Businesses that sell marijuana have a heavy federal income tax burden. They are taxed on their income but can’t write off most of their business expenses. Here is the main federal income tax implication. Legal marijuana businesses are an enforcement priority of the IRS.

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income tax Tax tax return Oregon 98

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. In total, Stevens caused a tax loss of approximately $737,128.

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Colorado Tax payroll tax tax return 52

Snyder

JUNE 9, 2022

For e-commerce business owners, income tax filing season marks the start of a highly stressful time. Among the taxes that e-commerce businesses need to file, income tax is the most common one. To help you meet the income tax filing season fully armed and prepared, we have compiled a step-by-step guide. What is income tax?

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income tax tax return E-commerce Tax 52

Anders CPA

MAY 23, 2023

Remote workers have become a staple of the workplace, but hiring out-of-state employees can lead to payroll tax complications. Multi-state payroll tax withholding done incorrectly can lead to penalties and interest for employers and create tax headaches for employees.

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payroll tax payroll Rhode Island South Dakota 98

SingleTrackAccounting

OCTOBER 6, 2020

An alarming amount of business owners are not taking advantage of a major federal tax saving filing status, s-corporation. You are probably overpaying your taxes. . The key feature that makes an s-corp different is the tax advantages it offers. An s-corp is a tax filing status with the IRS. . We’ll unpack this for you.

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Tax bookkeeping corporation tax Colorado 98

ThomsonReuters

JULY 10, 2023

Jump to: What is sales tax? What is use tax? Sales tax vs. use tax Summary Calculating, collecting, and reporting sales tax and use tax can get complicated as a business grows, and it can be easy to confuse these two types of indirect taxes. What is sales tax?

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Sales Tax Arizona Georgia 97

Going Concern

FEBRUARY 9, 2024

Big 4 Big Four Lobby Congress on Accounting Pipeline, AI, Crypto [ Bloomberg Tax ] PwC spent the most at $3.27 In a summary of the report, Linklaters said six unidentified partners outside Australia should have asked where the tax information had come from and that disciplinary action had been taken against them. “Win big?

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Technology Colorado audit cpa firm 104

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’.

accountant 130

accountant Account accounted North Carolina 130

MyIRSRelief

JUNE 9, 2020

IRS has the authority to compromise a taxpayer’s tax liability. An OIC is an agreement between the taxpayer and IRS that compromises a taxpayer’s tax debt for less than the full amount owed. Delinquent return filings: IRS will not default an OIC for those taxpayers who are delinquent in filing their tax return for tax year 2018.

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tax return Kansas New Jersey Colorado 100

SingleTrackAccounting

FEBRUARY 7, 2020

We are starting down the third year of the Tax Cuts and Jobs Act and tax savings are all around us. Every year the standard tax brackets increase with inflation. Here’s a breakdown of the 2020 tax brackets. . Here are 5 tax saving strategies for small businesses. You would end up paying $1,530 in taxes.

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Tax income tax tax return Start-ups 75

MyIRSRelief

JULY 3, 2023

Contact us for professional tax help today! During an ERC audit, the IRS reviews the business’s records, including payroll records, tax returns, and supporting documentation related to ERC claims. What Skills Should I Look for in a Tax Professional for ERC Audit Representation? Understanding ERC IRS Audits 1.1

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audit North Carolina Oklahoma Ohio 130

CPA Practice

OCTOBER 18, 2023

With sales tax compliance, it’s the latter. The fact is, not all states are equal when it comes to sales tax filing and remittance. For a variety of reasons, sales tax compliance in certain states takes more time and causes more headaches than sales tax compliance in others. There’s no one reason why this is so.

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Sales South Dakota Tax Missouri 59

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.

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Retail Colorado tax return Sales 52

SingleTrackAccounting

FEBRUARY 11, 2020

All is good in the entrepreneur hood until the tax man comes around in April. 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.

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Tax income tax Colorado payroll 75

CPA Practice

SEPTEMBER 12, 2024

Avantax Welcomes $60M Advisor Ali Kazemi and His Northern California-based Sentinel Financial Group Avantax, a Dallas-based leader in tax-intelligent financial planning and wealth managemen, recently welcomed Ali Kazemi, a seasoned financial services industry veteran with 30 years of experience. All promotions were effective June 1, 2024.

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Kansas Pennsylvania audit accounting and finance 104

ThomsonReuters

FEBRUARY 9, 2022

Typically, when an employer needs to terminate an employment relationship with workers, the employer’s unemployment tax rate for the following year may increase. If a state does not repay these loans within around two years, the Federal Unemployment Tax Act (FUTA) tax credit for employers in those states is reduced.

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payroll California Connecticut New Jersey 98

ThomsonReuters

DECEMBER 19, 2023

Jump to: What are the tax credits available for electric vehicles? How does the electric vehicle tax credit work? For accountants, understanding these tax credits is essential in ensuring clients make the most of their investment in clean vehicles. What are the tax credits available for electric vehicles?

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Tax Colorado accounting and finance tax return 52

ThomsonReuters

JULY 7, 2021

Federal Employment Taxes. The United States first imposed a federal income tax briefly during the American Civil War and also in the 1890s. Constitution in 1913 that permanently legalized a federal income tax. Next, in 1939, the Federal Unemployment Tax Act (FUTA) was passed, which resulted in an employer tax (typically, 0.6%

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payroll Tax income tax payroll tax 59

CPA Practice

APRIL 19, 2024

But running a marketplace also brings unique tax and compliance challenges. Our 2024 Avalara Tax Changes report explores new and changing requirements for marketplace facilitators and sellers across a variety of industries. They all face different tax compliance obligations and challenges. Read the report now.

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Tax Wyoming Alaska Louisiana 59

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. Under the law, taxpayers usually have three years to file and claim their tax refunds.

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. Under the law, taxpayers usually have three years to file and claim their tax refunds.

Rhode Island 52

Rhode Island West Virginia South Dakota North Dakota 52

ThomsonReuters

JUNE 14, 2021

The guidance is aimed at helping multi-state employers determine to which state wages should be reported and unemployment taxes paid. Being familiar with the DOL’s “localization of work” provisions may be helpful to employers that want to make sure wages are reported and unemployment taxes are paid to the correct state.

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payroll Missouri Virginia Delaware 98

PYMNTS

NOVEMBER 16, 2018

states (and the District of Columbia) where marijuana has been legalized for sale in some capacity, it has thrown off a fairly large chunk of tax revenue in the last year. billion in taxes from legal cannabis companies last year, an amount of money that is undoubtedly a sizzle for the federal coffers.

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