Remove income tax Remove Sales Remove Tax
article thumbnail

The Hidden World of Sales Tax Crimes

TaxConnex

Income tax often seems to grab most of the headlines, but sales tax can make for a hefty crime – and punishment – too. A famous case recently examined in the TaxConnex podcast It Depends episode, “Sales Tax Crimes - Pt. States are watching For Kozlowski, the sales tax matter was a $3.2

Sales 203
article thumbnail

What’s new in sales tax?

TaxConnex

There’s always something changing in the world of tax, especially sales tax. The five-letter acronym stands for the states without a statewide sales tax – New Hampshire, Oregon, Montana, Alaska and Delaware – and two of those states might be leaving the group sooner than later. NOMAD news.

Sales 162
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

How Section 1231 Gains and Losses Affect Business Asset Sales

RogerRossmeisl

When selling business assets, understanding the tax implications is crucial. One area to focus on is Section 1231 of the Internal Revenue Code, which governs the treatment of gains and losses from the sale or exchange of certain business property.

Sales 182
article thumbnail

How to Maintain Compliance Documentation for Sales Tax Audits | TaxConnex

TaxConnex

This can lead to auditors assuming transactions are taxable, or making historical projections or arbitrary assessments of taxable sales. Sales Tax Accruals Ensure that sales tax is stated in your general ledger as a separate GL account number. Invoices Keep both sales and purchase invoices well-organized.

audit 264
article thumbnail

Why are some states’ sale taxes higher than others?

TaxConnex

When you sell across multiple states – or even within various localities in a single state – one striking observation emerges: the consistent inconsistency of sales tax rates. The federal income tax has just seven brackets to cover the whole span of what somebody can make. Why do sales tax rates have to be so complex?

article thumbnail

Wayfair: Sales Tax and State Income Tax Implications

TaxConnex

Wayfair created enormous changes for businesses making remote sales into the states related to sales tax. Could Wayfair have also impacted the way you manage your state income tax obligations? Sales Tax Perspective. Sales tax nexus can be physical or economic – or both. Wayfair, Inc.

article thumbnail

S Corporations: Tax Preparation, Tax Planning, and the Benefits of Professional Tax Help

MyIRSRelief

S Corporations: Tax Preparation, Tax Planning, and the Benefits of Professional Tax Help S Corporations , often referred to as S Corps, are a popular business structure in the United States, particularly among small to medium-sized businesses. However, navigating the tax landscape for S Corps can be complex.