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 218

TaxConnex

JUNE 11, 2024

Do you need a state sales tax permit? How about a sales tax license? How about a sales tax certificate of authority? Collecting and remitting sales tax after you hit economic or physical nexus in a state comes with a lot of questions – and you usually answer no small number of questions to register for sales tax.

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Sales Tax North Dakota Nebraska 200

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 205

MyIRSRelief

FEBRUARY 9, 2024

A levy is a legal seizure of property to satisfy a tax debt, and when it comes to wages or bank accounts, the impact is direct and immediate. Get professional help today 1-877-78-TAXES [1-877-788-297]. Understanding IRS Levies Continue reading ›

Tax 130

Tax Legal accounted Account 130

Patriot Software

SEPTEMBER 13, 2022

If you employ relatives, you need to make sure you’re staying legally compliant and taxing them correctly. If your business falls into the majority, you’ve likely hired a few (or more than a few) family members to work at your company. Otherwise, […] READ MORE.

Legal 89

Legal Tax payroll 89

Anders CPA

SEPTEMBER 26, 2024

Take the Survey Knowing where you stand among the competition in the legal industry is power. To take the survey, please follow the link below: Take the Survey The post Participate in the Inaugural Anders Legal Industry Benchmarking Survey for Insights into Staffing, Revenue and More appeared first on Anders CPA.

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Legal CPA Tax 69

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 204

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.

Sales 204

Sales Tax accounting and finance auditor 204

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 177

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.

New York 147

New York payroll tax payroll audit 147

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.

South Carolina 198

South Carolina Sales Tax Alabama 198

Anders CPA

APRIL 29, 2024

The cannabis industry is at a very critical point as the recommendation and legal procedures needed to reschedule marijuana could have a massive impact on the taxation and profitability of legal cannabis. The NCIA is working with Congress to explore retroactively reimbursing businesses that were unfairly taxed under 280E.

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Going Concern

MARCH 5, 2024

Pictured: dramatic recreation of the Big 4 revolving door Senate Finance Committee Chair Ron Wyden (D-OR) spoke very highly of her in this statement just before her confirmation as IRS chief legal counsel last Thursday: First off, Ms. She has decades of tax and management experience, both in the private sector and in public service.

Legal 111

Legal accounting and finance Finance Tax 111

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 Account 224

CPA Practice

SEPTEMBER 26, 2024

There’s a big difference between “tax avoidance” and “tax evasion.” Simply put, tax avoidance relies on legitimate strategies that may be used to reduce your income tax liability. This is perfectly legal. Conversely, tax evasion is illegal. These penalties are added to the back taxes already due.

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Tax Missouri income tax tax return 105

Withum

MAY 2, 2024

As artificial intelligence (AI) continues to integrate into legal processes, the idea of utilizing large language models (LLMs) for interpreting contracts is gaining traction. Understanding Natural Language Complexity The main challenge for using AI in legal documents is the difficulty of natural language understanding (NLU).

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Legal Technology Maine Tax 59

CPA Practice

SEPTEMBER 19, 2024

The new tax season of 2024 brings multiple changes and updates, which makes it a rather challenging time for all tax professionals. At a minimum, tax professionals need to stay sharp and up to date with the laws and regulatory requirements that change from year to year. By Isaac Bock.

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Tax tax preparation tax return Education 132

TaxConnex

MAY 14, 2024

jurisdictions also involves dealing with sales tax. Responsibility to pay sales tax is based on a variety of factors, such as where the seller and buyer reside and the nature of the product being sold (some items qualify for sales tax exemptions ). On a marketplace platform, who has responsibility for the sales tax?

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Sales South Carolina Rhode Island Tax 232

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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TaxConnex

MARCH 23, 2021

should know about a relatively new kind of ta x – and tax obligation. The state will impose a gross receipts tax ranging from 2.5% Full of legal holes or not, will laws similar to Maryland’s mushroom in other states? TaxConnex is an outsourced sales department that can take the burden of sales tax off your plate.?

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West Virginia Maryland Tax Montana 232

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 146

ThomsonReuters

JULY 3, 2024

A new playing field for legal challenges Under the new framework established by the Loper ruling, challengers to agency rules now have a more level playing field. The post Legal expert discusses federal labor ramifications of overturning Chevron Doctrine appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

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Legal payroll Tax accounted 97

MyIRSRelief

FEBRUARY 23, 2024

Facing the IRS can be a daunting experience, especially when dealing with unpaid back taxes, unfiled returns, and the looming threat of bank levies. For many, the stress and confusion surrounding tax debt can feel overwhelming. Furthermore, failure to file tax returns can result in hefty fines and legal repercussions.

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tax return Tax CPA accounting and finance 130

CPA Practice

APRIL 24, 2023

Now is an excellent time to review how your clients’ legal structure affects their business and personal taxes. Let’s look at the types of entities, how taxes are filed, and when clients should consider changing their entities. However, the legally binding partnership agreement may outline a different partnership equity.

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Legal income tax tax return Mississippi 98

MyIRSRelief

MARCH 29, 2024

In the bustling city of Whittier, California, businesses face a myriad of tax-related challenges that can significantly impact their operations and financial health. From business tax preparation to dealing with unpaid back taxes and navigating complex audits, the tax landscape can be daunting.

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California tax services business tax Tax 130

CPA Practice

OCTOBER 9, 2024

The administration of tax is undergoing a significant transformation, driven by the rapid digitalization of processes and the integration of advanced technologies such as Generative Artificial Intelligence (GenAI). This evolution is not just a fleeting trend but a critical long-term priority for tax authorities and businesses alike.

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Technology Tax tax return Legal 115

MyIRSRelief

JUNE 3, 2024

Tax Audit Representation Learn how to navigate tax audits with confidence. Facing a tax audit can be a daunting experience, but with the right representation, you can navigate the process with confidence. Our step-by-step guide highlights the benefits of working with an Enrolled Agent for expert representation.

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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.”

Sales 147

Sales Tax West Virginia North Dakota 147

SMBAccountant

MARCH 8, 2023

One type of accounting that is well-known is tax accounting. According to Investopedia, tax accounting is “a structure of accounting methods focused on taxes rather than the appearance of public financial statements”. Tax accounting applies to individuals, businesses, and corporations.

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tax accountant Tax accountant accounted 130

Accounting Today

APRIL 25, 2024

Cum-Ex was a tax-driven trading strategy in which a global network of bankers, lawyers and agents exploited loopholes on dividend payout laws across Europe to reap duplicate tax refunds.

Legal 60

Legal Tax 60

MyIRSRelief

MAY 22, 2023

Chicago, Illinois is home to numerous businesses and individuals who may face tax-related challenges such as tax audits, back taxes, and payroll tax problems. The process of resolving tax issues can be overwhelming and stressful for taxpayers, and seeking professional (EA, CPA, Lawyer) tax help can be a wise decision.

payroll tax 147

payroll tax payroll audit Tax 147

Cherry Bekaert

OCTOBER 10, 2024

Contributor: Tiffany Rodi, Sales & Use Tax Senior Manager In today’s complex tax landscape, businesses must navigate a myriad of regulations that vary by state and region. Properly setting up PTCs maintains compliance and operational efficiency, along with accurate tax management across various states and jurisdictions.

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Tax audit Sales Legal 110

TaxConnex

NOVEMBER 8, 2022

How does sales tax fit into this? Sales tax when dollars and other “fiat money” are involved is clear: there is no sales tax due when acquiring the currency, and the currency can be used as legal tender to satisfy the purchase price of goods and services including any applicable sales tax due on the purchase price.

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Sales Tax Wisconsin Kentucky 130

MyIRSRelief

MAY 1, 2024

Yet, amidst the excitement lurks a dark alley – the realm of taxes. Navigating complex tax codes, understanding specific forms like 1120, 1120S, and 1065, and ensuring compliance can feel like deciphering ancient scrolls. Here’s where a qualified business tax professional becomes your secret weapon.

Tax 130

Tax tax planning audit Non-Profits 130

CPA Practice

JULY 16, 2024

The regulatory environment for digital assets is still evolving, which can lead to legal uncertainties and potential compliance issues, including the arduous tax reporting and basis tracking rules promulgated by the IRS. Moreover, recent tax proposals aimed at lowering the national debt may further increase this burden.

Tax 126

Tax Nevada tax planning Legal 126

Accounting Today

SEPTEMBER 6, 2023

Corporate tax departments are going through major transformation in response to the challenging legal and regulatory environment, according to a new survey from Deloitte.

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Tax corporation tax Legal 133

CPA Practice

JULY 22, 2024

But one that was barely noticed when it was delivered in June ends the strategy of closely held companies using life insurance-based methods to reallocate ownership stakes—tax-free—when a major shareholder dies. million estate tax exemption rate set to drop back to $7 million in 2025. That’s no longer the case.

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Tax Legal Florida audit 119