MyIRSRelief

FEBRUARY 21, 2025

Running a business in Los Angeles comes with its fair share of challenges, and one of the most daunting can be navigating the complexities of Californias Employment Development Department (EDD) payroll tax requirements. For business taxpayers facing EDD employment payroll tax controversies, the stakes are high.

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payroll tax payroll Tax audit 130

TaxConnex

JULY 18, 2024

Sales Tax Accruals Ensure that sales tax is stated in your general ledger as a separate GL account number. This separation helps in clearly identifying and tracking sales tax amounts. These certificates validate the tax-exempt status of certain sales and are vital during an audit.

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audit Sales Tax tax return 264

TaxConnex

APRIL 25, 2024

There’s nothing like just walking down the hall of your office or clicking into a virtual team meeting to get an answer on something as complex and important as your company’s sales tax obligations. Almost as many (43%) relied on internal resources for the all-important task of calculating the correct sales tax.

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Sales Tax accounting and finance auditor 264

RogerRossmeisl

MAY 16, 2024

There are several financial and legal implications when adding a new partner to a partnership. More complex than it seems Although adding a new partner may appear to be simple, it’s important to plan the new person’s entry properly to avoid various tax problems. Here are two issues to consider: If there’s a change in the partners’.

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Tax Legal CPA business tax 252

TaxConnex

JANUARY 11, 2024

And how do you manage sales tax when selling on it? Shopify , another cutting-edge eCommerce outlet, is not required to collect and remit sales tax for its sellers as it is not a marketplace facilitator like Amazon, eBay, or Etsy.) TikTok Shop collects and remits sales tax on behalf of its sellers.

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Sales Tax Utah tax return 264

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.

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Sales Tax Colorado tax return 264

TaxConnex

MARCH 21, 2024

There’s always something changing in the world of tax, especially sales tax. The Court of Appeals of South Carolina has affirmed a state Administrative Law Court (ALC) finding that the online retail giant remains liable for eight figures in unpaid sales tax on third-party sales from 2016, interest and penalties. The ol’ one-two.

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South Carolina Sales Tax Alabama 264

RogerRossmeisl

SEPTEMBER 26, 2022

The IRS has compiled the annual Dirty Dozen list for more than 20 years as a way of alerting taxpayers and the tax professional community about scams and schemes. The list is not a legal document or a literal listing of agency enforcement priorities. “Taxpayers.

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Tax CPA Legal Sales 243

TaxConnex

NOVEMBER 30, 2023

Blog authored by Scott Schwertner, National Director of Sales and Use Tax for Invoke Tax Partners. It is common for businesses across the United States to pay sales tax and accrue use tax on purchases that are not taxable, resulting in an unnecessary hit to their bottom lines each year.

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Sales Tax accounts payable tax consultant 256

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. Legal liability. Seems like something needs to change.

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Sales Tax income tax tax return 264

TaxConnex

OCTOBER 28, 2021

It may be the season of ghosts and goblins, but sales tax obligations last all year, and as many would admit, keeping track of all your sales tax obligations can be quite scary. What’s your shield when the sales tax monster comes after you? With an average sales tax rate of 8%, that’s more than $2.9M A nexus review.

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Sales Tax audit Legal 246

CTP

OCTOBER 28, 2024

In recent years, tax planners have increasingly been recruited to work alongside family offices. Adding a knowledgeable tax planner to their team can greatly increase the value the firm provides its clients. Tax planners should be aware that the smaller the family office is, the more problematic it becomes from a tax perspective.

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Tax Government Real Estate payroll tax 105

TaxConnex

OCTOBER 27, 2020

We can’t say it enough – sales tax is complex. We’ve compiled some of the top questions we get from clients on sales & use tax. Part 1 of these questions was on sales tax and business services. What is the difference between sales and use tax? Most states have both a "sales" and a "use" tax.

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Sales Tax Retail auditor 246

TaxConnex

NOVEMBER 19, 2020

When it comes to managing sales tax compliance, for most businesses there are really three ways you can do it. Outsource sales tax compliance. We’ve compiled some of the top questions we get from clients on the risk and liability of sales tax non-compliance. Attempt to manage everything in-house. Do nothing and roll the dice.

Sales 246

Sales Tax audit Legal 246

RogerRossmeisl

MAY 30, 2022

Adding a new partner in a partnership has several financial and legal implications. Not as simple as it seems Although the entry of a new partner appears to be a simple matter, it’s necessary to plan the new person’s entry properly in order to avoid various tax problems. Here are two issues to consider: First, if there’s a change.

Tax 243

Tax Legal CPA business tax 243

TaxConnex

APRIL 14, 2022

Sales tax is more complicated than ever, especially in a post-Wayfair world. And what’s worse is that everyone who says they’re simplifying sales tax is still leaving the hardest parts – and the liability – up to you. Sales tax registrations are completed at the Department of Revenue within each state. sales tax registrations ?will

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Sales Tax tax return Start-ups 240

TaxConnex

FEBRUARY 27, 2024

Your sales tax obligations depend on knowledge and that knowledge often resides in a professional tax specialist (usually an accountant) who helps your company meet its sales tax obligations. This is a complicated time for sales tax obligations – and a terrible time to try to hire an accountant.

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Sales Tax accountant accounted 264

CPA Practice

OCTOBER 22, 2024

The AICPA has provided recommendations as a starting point for issuing guidance to cannabis businesses and tax practitioners, urging that they be implemented as soon as possible in anticipation of the potential rescheduling of marijuana as a controlled substance.

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cpas Non-Profits Legal Tax 116

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. Florida seems to be leading the way, proposing sales tax holidays and other short- and long-term tax relief on a broad range of products.

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South Dakota Sales Tax North Carolina 246

CPA Practice

NOVEMBER 25, 2024

If you’re a business owner or a tax professional who represents one, the IRS wants to hear from you. 22 that it’s conducting virtual focus groups starting in December to gather feedback on the business tax account (BTA) online self-service tool. “We The agency said in an email on Nov. Your input will help shape and improve this tool.”

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tax accountant business tax accounting online Tax 111

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 24, 2022

One relatively new development is the complex overlay of sales tax on these transactions. Add internet sales to the mix and you’ve got sales tax obligations sprouting up these days more than ever. About half managed sales tax compliance completely internally and about a third managed it with technology and some internal personnel.).

South Dakota 246

South Dakota Sales Retail Tax 246

TaxConnex

JUNE 8, 2021

There’s always something changing in the world of tax, especially sales tax. They were the last two states with a sales tax to set up such requirements.). The bill requires the collection and remittance of sales and compensating use tax by most marketplace facilitators beginning July 1. And 2021 continues to prove that.

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Sales Tax Arkansas South Carolina 223

TaxConnex

SEPTEMBER 20, 2022

The sales tax audit can be one of the scariest – and costliest -- things an online business ever goes through. If you determine you have significant sales tax exposure, a Voluntary Disclosure Agreement (VDA) is an option to mitigate this risk. At TaxConnex, our goal is to take sales tax off your plate.

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audit Sales auditor Tax 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?

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Sales Tax Non-Profits Start-ups 246

TaxConnex

DECEMBER 21, 2021

Staying on top of the ever-evolving sales tax landscape takes constant time and attention. But how does that impact your sales tax compliance and is there a way to lighten the load on your finance teams who may already be feeling the pain of doing more with fewer and fewer resources? What’s ‘Great’ about it?

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TaxConnex

OCTOBER 15, 2020

As if understanding your nexus obligations wasn’t confusing enough, you throw in words and phrases like marketplace facilitator, TPP, tax situs and economic vs. physical nexus and even the most advanced finance professionals can be thrown for a loop. Let’s take a look at some of the terms associated with sales tax and their definitions.

Sales 242

Sales Tax South Dakota Legal 242

TaxConnex

JULY 7, 2022

If it feels to you like the whole economic nexus and sales tax landscape is one-sided, the U.S. A GAO report states that all states with a statewide sales tax and D.C. A GAO report states that all states with a statewide sales tax and D.C. your sales tax obligations?and and whether you should be collecting sales tax,?

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Sales Tax audit Legal 245

TaxConnex

FEBRUARY 24, 2022

But sometimes, the deal is held up for various reasons – including sales tax exposure within the company being acquired. But many business owners have been gut-punched during due diligence when an unanticipated sales and use tax? This could all be avoided if founders know their potential risk with sales and use tax?beforehand

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Sales Tax tax return financial statements 246

TaxConnex

SEPTEMBER 30, 2021

Last week we talked about all of the different filing frequencies and deadlines you have to manage with your sales tax obligation. T rying to meet your sales tax obligations across many different states confronts you with a head-spinning assortment of deadlines and filing frequencies. If you missed that – check it out!

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Sales Tax Maryland tax return 246

TaxConnex

MAY 5, 2022

You’re trying to run a business and sales tax is not at the forefront of your plans. Make sure you aren’t making these common mistakes to ensure you have sales tax in order and aren’t at risk for penalties and fees in the case of an audit. SaaS), you deal with one of the most complex sales tax situations today.

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Sales South Dakota Tax Hawaii 244

TaxConnex

SEPTEMBER 24, 2020

At this point, the majority of finance professionals understand the need to maintain sales & use tax compliance. Or you acquire a business that has done very little to manage sales and use tax compliance? Sales tax is meant to be a pass-through tax and thus one that should have minimal impact on a company’s bottom line.

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Sales Tax Start-ups Legal 246

TaxConnex

JULY 21, 2022

Understanding economic and physical nexus and the taxability of your products and services goes a long way to ensuring your sales tax compliance. But nothing’s that simple with sales tax. nexus requires remote sellers to collect sales tax because they hit certain thresholds of revenue or sales in states. Off to marketplace.

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Sales Tax Pennsylvania Ohio 246

TaxConnex

JUNE 9, 2022

What’s new in May for state sales and use taxes. There’s always something changing in the world of tax, especially sales tax. Exempting groceries from sales tax as American families struggle with inflation and other economic woes is politically tempting. million in taxes a year on the sale of groceries.

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Sales Tax Colorado Massachusetts 246

RogerRossmeisl

FEBRUARY 13, 2024

Operating your small business as a Qualified Small Business Corporation (QSBC) could be a tax-wise idea. That translates into a 0% federal income tax rate on QSBC stock sale profits! Finally, there are limitations on the amount of QSBC stock sale gain that you can exclude in any one tax year (but they’re unlikely to apply).

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Tax income tax Legal CPA 200

CPA Practice

OCTOBER 28, 2024

Whether due to a failure to file reports, pay taxes, or meet regulatory obligations, there may be a time when a company falls into bad standing. Most importantly, it saves on the costs associated with continuing to operate after the new year, such as fees as taxes. By Nellie Akalp. When this occurs, dissolution may be a solution.

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tax return payroll tax payroll Legal 116

MyIRSRelief

MAY 19, 2023

With this bustling economy comes a complex tax system, which can be overwhelming and confusing for many taxpayers. Whether you are a small business owner, self-employed, or an individual taxpayer, you may face tax issues such as tax audits, back taxes, and 941 payroll tax problems. Contact us for tax help today.

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New York payroll tax payroll audit 147