TaxConnex

APRIL 1, 2021

Every state can apply tax exclusions on goods and services within their state. However, there are further tax-exempt purchases. Tax exemptions can also be applied at the customer level as opposed to the product level. Some entities that are not resellers of goods may also be exempt from sales tax. Entity-based exemptions.

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Sales Tax Manufacturing Education 246

TaxConnex

FEBRUARY 8, 2022

There’s always something changing in the world of tax, especially sales tax. State sales tax revenues and their local portions are reported up from Auburn, N.Y., Many other states are finding more late-2021 sales tax revenue to funnel toward local governments. billion in sales taxes for December, $101.9

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Sales Tennessee Tax Massachusetts 245

Cherry Bekaert

OCTOBER 25, 2023

Recent legislation, through the Inflation Reduction Act (IRA), greatly enhanced and created energy tax credits and incentives available to many industries through the U.S. Contact Us The post Sustainable Manufacturing: Harnessing Energy Tax Credits appeared first on Cherry Bekaert.

Manufacturing 111

Manufacturing Tax audit 111

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

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

MAY 26, 2022

However, certain exemptions could apply making the sale of TPP exempt from sales tax in some situations. The buyer wants to make the original purchase exempt from sales tax, and they expect to then charge sales tax when they sell the item. Sales tax obligations start with nexus. Assessing your footprint.

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South Dakota South Carolina Sales Illinois 244

TaxConnex

FEBRUARY 7, 2023

Findings from the third annual Sales Tax Market Survey indicate that a perfect storm is brewing for financial leaders in the new year. Companies still struggle to navigate workforce shortages and retention of internal expertise, yet they remain highly dependent on in-house resources to perform many of the vital functions related to sales tax.

Sales 245

Sales Tax audit Construction 245

TaxConnex

JULY 19, 2022

Sales tax obligations are among them. Only now are federal lawmakers beginning to wonder if the current sales tax landscape overburdens online businesses. In the meantime, your business may have to start collecting and remitting states’ sales tax – with severe penalties if you don’t. What do you need to know? The back story.

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South Dakota Sales Tax tax consultant 246

AccountingDepartment

NOVEMBER 21, 2023

The landscape of tax legislation is constantly evolving, and clients are undoubtedly experiencing its impact. Even in the best of times, manufacturers face distinctive challenges when it comes to sales and use tax.

Manufacturing 88

Manufacturing Tax Sales Technology 88

Accounting Today

OCTOBER 10, 2024

While the potential rewards are attractive, for many of the small to midsized players, there are a host of operational and tax-related implications that need to be addressed.

Manufacturing 116

Manufacturing Tax 116

CPA Practice

DECEMBER 1, 2023

Under the excluded entity restriction, vehicles are not eligible for the clean vehicle credit if the battery contains battery components manufactured or assembled or applicable critical minerals extracted, processed or recycled by a foreign entity of concern (FEOC).

Manufacturing 122

Manufacturing Tax 122

TaxConnex

JANUARY 18, 2022

There’s a lot of talk in sales tax about nexus, thresholds, forms, filing and many other details of compliance. One often overlooked aspect of compliance, but extremely important, is the sales tax exemption certificate. An exemption certificate is used to exempt an otherwise taxable transaction from sales tax. Trust but verify.

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auditor Manufacturing Sales Tax 246

TaxConnex

APRIL 6, 2021

There’s always something changing in the world of tax, especially sales tax. The Alaska Remote Seller Sales Tax Commission has approved its “Remote Seller Sales Tax Code & Common Definitions” that would apply to local municipalities in Alaska that choose to adopt it. 10 to report use tax.

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West Virginia Sales Nebraska Alaska 147

TaxConnex

DECEMBER 3, 2024

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. billion-plus from a 4% sales tax in FY25.

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Sales Tax Montana Alaska 162

TaxConnex

AUGUST 11, 2022

A few recent developments – including scams and fine definitions –across the country show how sales tax compliance can be complicated. New York: An appeals court ruled last month against a company that claimed eligibility for sales tax refunds on several purchases of concrete. Ecommerce and sales tax cybercrime is on the rise.

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Sales Tax North Carolina Pennsylvania 130

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

AUGUST 29, 2023

Online selling of products and services has always been in the vanguard of sales tax obligations. And of course, states’ thresholds vary widely, as do what products or services each state or tax jurisdiction considers taxable. One industry’s details Take manufacturing for instance. It's not as easy as one would think.

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Sales E-commerce Manufacturing Tax 130

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

TaxConnex

DECEMBER 29, 2020

An exemption is an exception that eliminates the need to pay sales tax. The purchaser has the responsibility for determining whether a sale is exempt from tax. If the purchaser does not submit a valid exemption certificate to the business, the business must assess and collect the sales tax from the purchaser.

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auditor audit Sales Tax 242

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

CPA Practice

DECEMBER 19, 2023

Firearms and ammunition are already subject to New York sales tax. If New York State Senate Bill 7733 is enacted, it will place an additional excise tax on the sale of firearms and ammunition in the Empire State. SB 7733 would impose an excise tax on licensed dealers in firearms, firearms manufacturers, and sellers of ammunition.

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New York Tax Manufacturing tax return 133

MyIRSRelief

APRIL 29, 2024

But for these go-getters, navigating the complexities of running a business, especially the ever-challenging world of taxes and accounting, can feel overwhelming. This is where specialized tax and accounting firms step in, becoming a crucial partner for small businesses with under 100 employees.

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Tax bookkeeping Entertainment accounted 130

Withum

JANUARY 24, 2024

The R&D Tax Credit is a tax incentive that can be applied as a dollar-for-dollar offset against a company’s tax liability if they engage in activities related to the design and development of a product, process, formula, invention, software, or technique within the United States.

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Tax Manufacturing payroll tax payroll 121

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. In most cases, the greater the amount of tax you are collecting and remitting, the more frequent you will need to file.

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Sales Tax Colorado tax return 162

Menzies

OCTOBER 30, 2024

7 Key Pillars The government has unveiled 7 key pillars to its growth mission, the most relevant of which for manufacturers are expected to be: Investment, Infrastructure and Planning – higher public and private investment in infrastructure is likely to create opportunities in the manufacturing sector.

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Manufacturing corporation tax chartered accountant Technology 59

TaxConnex

JANUARY 12, 2023

It’s a fair bet, then, that sooner or later you’re going to be selling online into Puerto Rico, which has a sales tax. state with a sales tax has economic nexus thresholds – does Puerto Rico? Such companies must register with the Puerto Rico Department of Treasury and collect and remit Puerto Rico sales tax. Nexus for two years.

Sales 130

Sales Tax Real Estate Manufacturing 130

Accounting Today

JANUARY 2, 2024

The new rules exclude from the tax credit vehicles that use battery components made by Chinese manufacturers. Narrower criteria reduced the number of qualifying models from about two dozen.

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Tax Manufacturing 131

CPA Practice

OCTOBER 12, 2023

Retail sales of guns and ammunition will soon be subject to a new state excise tax in California. Under Assembly Bill 28, which Governor Gavin Newsom signed into law on September 26, 2023, an 11% tax will apply to gross receipts from retail sales of ammunition, firearms, and firearm precursor parts starting July 1, 2024.

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California Sales Tax Pennsylvania 124

TaxConnex

JANUARY 26, 2023

There’s always something changing in the world of tax, especially sales tax. Gary Bingel, partner-in-charge for state and local taxes in accounting firm EisnerAmper’s State and Local Tax National Tax Group, made several predictions for 2023 in sales and other taxes. Crystal ball time. Oneida, N.Y.,

Sales 130

Sales Tax Arkansas Missouri 130

Cherry Bekaert

AUGUST 9, 2024

Industrial manufacturing businesses are constantly looking for ways to reduce costs, increase profits and invest in new equipment or facilities. Fortunately, many states offer various tax credits and incentives to help companies achieve business goals and thus stimulate economic growth within their states by offering tax subsidies.

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Manufacturing West Virginia Mississippi Louisiana 64

CPA Practice

AUGUST 29, 2024

Items of income and loss from an S corporation are passed through to shareholders and reported on their personal tax returns. However, as shown in a new case, Maggard, TC Memo 2024-77, 8/7/24 , an S corp shareholder may be liable for tax on income they never even receive. Adding tax injury to insult, the deficiency is upheld.

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Tax tax return California Manufacturing 121

Cherry Bekaert

AUGUST 12, 2024

Contributors: Trevor Nelson | Strategic Financing Services Manager, Joe Hennessee | Strategic Financing Services Senior Manager The federal New Markets Tax Credit (NMTC) program provides funding to sponsors who make qualified investments in businesses or projects located in designated low-income communities.

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Manufacturing Tax accounting and finance Finance 64

TaxConnex

APRIL 13, 2023

Our third annual survey of financial professionals across accounting, manufacturing, construction, software and technology, retail/eCommerce, telecom and others showed that many industries face sales tax challenges and that financial leaders continue to lean on internal resources to get the job done. What’s keeping them up at night?

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Sales Tax tax return audit 130

CPA Practice

NOVEMBER 2, 2023

One of the topics the minds of many tax and accounting professionals is the environment. The Inflation Reduction Act of 2022 (Act) was visioned to encourage clean energy solutions, manufacturing, and innovation. In addition, tax incentives are a primary tool in the Act to encourage energy innovation.

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Tax North Carolina Agriculture cpas 115

Withum

JUNE 8, 2022

The Infrastructure Investment and Jobs Act (IIJA), enacted into law on November 15, 2021, reinstated and modified two Superfund excise taxes, effective July 1, 2022. The first is the tax on chemicals under section 4661 and the second is the tax on imported substances under section 4671. The IIJA lowered this threshold to 20%.

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Tax Manufacturing tax return tax services 121

Cherry Bekaert

MAY 23, 2024

The expansions of the production tax credit (PTC) and the energy component of the investment tax credit (ITC) are major elements of the IRA. These include extending and modifying the carbon oxide sequestration credit and tax credits for clean hydrogen production and zero-emission nuclear production.

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Tax Real Estate Manufacturing Construction 105

Menzies

AUGUST 21, 2024

The United Kingdom has long been a hub for manufacturing, with a rich history of industry and innovation. Despite the challenges posed by Brexit, recent conflicts worldwide and disruptions in key global shipping routes , the country remains an attractive destination for manufacturers looking to set up business.

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Manufacturing chartered accountant Transportation Government 59