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. Both of these changes can directly impact your clients’ sales tax responsibilities.

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Sales Tax income tax tax planning 263

TaxConnex

MARCH 1, 2022

It’s that time of year again when everyone suddenly thinks about preparing their income taxes. But does tax preparation incur sales taxes – and if it does, where and how? For some 90 years, states have levied sales tax on goods (West Virginia was the first to do so , in 1921). Sourcing is huge.

South Dakota 246

South Dakota Sales West Virginia Tax 246

TaxConnex

FEBRUARY 15, 2022

A ccording to TaxConnex’s recent market survey of 100 top finance professionals, this could be the year to outsource sales tax. Three of these execs’ biggest in-house deficiencies to managing sales tax in 2022: bandwidth, internal knowledge and the right partner or solution. Seems like something needs to change.

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Sales Tax income tax tax return 264

TaxConnex

SEPTEMBER 29, 2020

Under the SSUT formula, 50 percent of all revenues from online sales from companies participating in the program go to the state. city council was also recently set to vote on giving a quarter of online sales tax revenue to the city’s schools in 2021. Sales taxes were up 8.2 The Decatur, Ala., The Decatur, Ala.,

Sales 246

Sales Tax Alabama Texas 246

TaxConnex

OCTOBER 7, 2021

There’s always something changing in the world of tax, especially sales tax. There are currently five states with no state-level sales tax. Alaska has long heard rumblings of a statewide sales tax. The growth rate for all Tennessee taxes in August was 22.11 The gross sales tax take finished 15.9%

West Virginia 246

West Virginia Sales Alaska Tax 246

TaxConnex

APRIL 20, 2021

This time of year, everybody’s mind is on income tax preparation. The fact is, when it comes to many companies’ federal and state income tax returns, they don’t rely on an automated income tax return. Why should sales tax be any different? Did you sign-up to be your own sales tax manager?

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Sales Tax tax return income tax 214

TaxConnex

APRIL 12, 2022

There’s always something changing in the world of tax, especially sales tax. Inflation and other spiraling prices have driven states’ lawmakers to consider relief via sales and other taxes. and nearly halve the state sales tax on groceries, to 3.5%. Give us a break. Additional Updates.

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South Dakota Sales Tax North Carolina 246

TaxConnex

APRIL 7, 2022

Federal Income Tax Day, April 18 th , looms large in everybody’s mind right now. Too bad sales tax doesn’t come with a deadline that simple. State sales tax filing obligations come in a dizzying number of deadlines for you to follow (potentially with bad consequences if you don’t). Contact TaxConnex ?to

Sales 246

Sales Tax Texas income tax 246

TaxConnex

JULY 12, 2022

There’s always something changing in the world of tax, especially sales tax. The fee will apply when at least one item is subject to sales or use tax and the delivery is mailed, shipped or delivered by motor vehicle. Wholesale sales or sales of exempt goods are not subject to the fee.

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Sales Tax Oklahoma Illinois 246

TaxConnex

FEBRUARY 9, 2021

If you sell into the handful of states that don’t have nexus or don’t have a general sales tax, you might think you’re home free when it comes to obligations to remit sales tax. Forty-five states and the District of Columbia have a statewide sales tax. No sales tax but…. Maybe, and maybe not.

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Sales Delaware Alaska Montana 221

TaxConnex

OCTOBER 5, 2021

Soon after you start dealing with states’ sales tax, you’re going to also run into another term: excise tax. What is excise tax? And is it different from sales tax? A different kind of tax pie. Federal, state, and local governments can all impose excise taxes. Calculating and Charging.

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Sales Tax South Carolina Hawaii 189

RogerRossmeisl

SEPTEMBER 9, 2024

You may expect to pay Uncle Sam the standard 15% or 20% federal income tax rate that usually applies to long-term capital gains from assets held for more than one year. However, some real estate gains can be taxed at higher rates due to depreciation deductions.

Real Estate 263

Real Estate Tax income tax CPA 263

inDinero Tax Tips

OCTOBER 22, 2024

This is true if you plan to do business there, but keep in mind it’s rarely advantageous for out-of-state businesses to incorporate somewhere other than their home state; taxes accrue where you do business, not where you incorporate. in state income tax, Nevada is one of a handful of states that doesn’t have personal income tax.

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Nevada Tax income tax payroll tax 105

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

NOVEMBER 1, 2024

However, they must pay themselves a reasonable salary, which is subject to payroll taxes. What are the Tax Preparation Requirements for an S Corporation? Income Tax Return for an S Corporation, annually. This form reports the corporation’s income, deductions, and credits.

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tax preparation tax planning corporation tax Tax 130

TaxConnex

APRIL 8, 2021

Of the 50 states, 45 (plus DC) charge a state-wide sales tax. Two of those states that have a state-wide sales tax, Missouri and Florida, have yet to adopt economic nexus standards set by the 2018 South Dakota v. 15 , which is reportedly projected to bring in about $1 billion a year in sales taxes and.

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South Dakota Sales Missouri Tax 162

MyIRSRelief

JANUARY 16, 2023

When it comes to tax season, many people are faced with the decision of whether to prepare their own taxes or use an income tax preparation service. While it may seem like an added expense, there are many benefits to using a professional tax preparation service that make it well worth the cost.

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tax preparation income tax Tax Real Estate 130

Accounting Today

AUGUST 4, 2023

If you have clients with businesses in multiple states, product or service sales in different states, or employees in other states, they need to know a thing or two about nexus.

income tax 98

income tax Sales Tax 98

TaxConnex

OCTOBER 1, 2020

sales tax post- Wayfair is confusing enough. You’ve heard it before that US sales & use tax laws are some of the most confusing, but how are things done with our neighbor to the north? The tax rates. Collectively, jurisdictions in Canada do impose less diverse sales tax obligations than U.S.

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Sales Tax tax return income tax 173

RogerRossmeisl

NOVEMBER 16, 2021

What are all applicable taxes? It may seem like a good option to simply move to a state with no personal income tax. But, to make a good decision, you must consider all taxes that can potentially apply to a state resident. In addition to income taxes, these may include property taxes, sales taxes and.

Tax 245

Tax income tax CPA Sales 245

TaxConnex

AUGUST 15, 2023

There’s always something changing in the world of tax, especially sales tax. Midyear sales tax. Among highlights: In some cases, local sales taxes exceed state rates. Among highlights: In some cases, local sales taxes exceed state rates. Tax breaks galore. Income we trust.

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Sales Tax Alabama Texas 130

RogerRossmeisl

NOVEMBER 6, 2023

Stocks vs. assets From a tax standpoint, a transaction can basically be structured in two ways: 1. Stock (or ownership interest) sale. The now-permanent 21% corporate federal income tax rate under the Tax Cuts and Jobs Act (TCJA) makes buying the stock of a C corporation somewhat more attractive.

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Tax income tax CPA Sales 256

TaxConnex

FEBRUARY 23, 2023

All hail sales tax! Taxing certain goods dates back as far as 4,000 years. Ancient Egypt taxed cooking oil, for instance. The tax was levied on a product people had to buy and were forbidden to reuse (coincidentally, the Pharaoh had a monopoly on production). Later, Caesar Augustus boosted the rate to 4%.

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West Virginia Sales Rhode Island Tax 130

RogerRossmeisl

SEPTEMBER 9, 2024

Here are some of the best opportunities to put money in your pocket without current federal income tax implications: Roth IRAs offer tax-free income accumulation and withdrawals. Unlike withdrawals from traditional IRAs, qualified Roth IRA withdrawals are free from federal income tax.

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Tax income tax CPA Sales 204

Cherry Bekaert

JULY 14, 2023

As these startups grow and take on investors, it’s important that financial managers understand the state tax ramifications of growth. Sales tax has been a hotbed issue in the technology world, especially since the South Dakota v. This can result in significant tax savings for many PTE owners. Wayfair, Inc.

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income tax Technology Tax South Dakota 97

TaxConnex

MAY 2, 2023

Mike Dunleavy is reportedly preparing to introduce a sales tax as part of a long-term budget plan for the state. Five states don’t have a statewide sales tax: New Hampshire, Oregon, Montana, Alaska and Delaware (aka the “NOMAD” states). Vermont was the last state to adopt a sales tax, in 1969.

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Alaska Sales Tax New Hampshire 130

TaxConnex

NOVEMBER 22, 2022

In our blog last week, we looked at how sales and use tax advisory services might be a good new field for CPAs and accounting firms. Another cost-effective approach to adding sales and use tax advisory services: partnering with sales and use tax experts. Review the sales tax payable account.

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accounting firms Sales Tax tax return 130

RogerRossmeisl

DECEMBER 10, 2022

As year-end approaches, consider making some moves to make the best tax use of paper losses and actual losses from your stock market investments. Tax rates on sales Individuals are subject to tax at a rate as high as 37% on short-term capital gains and ordinary income. net investment income tax.

Tax 246

Tax income tax CPA Sales 246

RogerRossmeisl

FEBRUARY 13, 2024

Tax-free treatment for eligible stock gains QSBCs are the same as garden-variety C corporations for tax and legal purposes — except QSBC shareholders are potentially eligible to exclude from federal income tax 100% of their stock sale gains. Stock acquisition date is.

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Tax income tax Legal CPA 200

RogerRossmeisl

OCTOBER 29, 2023

Be aware of the tax implications if you’re selling your home or you sold one in 2023. You may owe capital gains tax and net investment income tax (NIIT). The median home price was $467,500 in the Northeast, $304,600 in the Midwest, $366,200 in the South and $610,500 in the West.

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Tax income tax CPA Sales 264

TaxConnex

APRIL 20, 2023

If you refer to “filing taxes” most people think of income tax with its annual filing requirement. State sales tax is another beast altogether, with a dizzying number of deadlines – and, potentially, serious consequences for missing one. The states’ call Why no uniformity in sales tax requirements?

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Sales Tax income tax tax return 130

TaxConnex

DECEMBER 29, 2022

New sources of tax revenue, old ones robust but sputtering in spots, tax holidays as political tools amid inflation: It’s been a year of new trends in sales tax. Almost three out of four respondents reported that online sales as a percentage of revenue had increased since 2019 – no doubt fueled by pandemic eCommerce.

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Sales Tax Maryland Louisiana 130

TaxConnex

DECEMBER 7, 2021

Rolling the dice with sales tax compliance can backfire in a big way. Keep reading to see some recent sales tax missteps that had big costs. Tax air-or. New York responded that receipts from sales of services rendered by air inflation machines are subject to sales tax. An inconvenient truth.

Alabama 246

Alabama New York tax return Sales 246

RogerRossmeisl

SEPTEMBER 26, 2021

Small Business Tax Credit. Qualified small businesses will be able to offset either their income taxes or their sales and use taxes with the credit when filing their. The post California Main Street Small Business Tax Credit II Begins 11/1/21 appeared first on Roger Rossmeisl, CPA.

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Maine California business tax Tax 230

TaxConnex

MARCH 31, 2022

One such phrase is “sales and use tax.”. We sure know what “sales” tax is. What about Use Tax? Use tax is defined ?as as a tax on the storage, use or consumption of a taxable item or service on which no sales tax has been paid. Use tax or sales tax is due on a sale, but not both.

Alabama 246

Alabama Tax Washington California 246

TaxConnex

SEPTEMBER 22, 2022

There’s always something changing in the world of tax, especially sales tax. Sales tax on digital products was the subject of a white paper draft at the Multistate Tax Commission’s annual meetings in Anchorage, Alaska. Sales tax revenues continue their robust pandemic-driven rise in many states.

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Sales Tax Indiana Colorado 130

TaxConnex

OCTOBER 8, 2024

But not all search engines – or state tax websites – are created equal. What it’s like typing “sales tax” into that little rectangle with the magnifying glass on each state’s website? Here are first impressions from one-and-done searches for “sales tax” on the revenue site of each state.

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Sales Tax Rhode Island West Virginia 113