TaxConnex

JANUARY 5, 2021

As if sales tax nexus and taxability rules weren’t confusing enough, throw in marketplace facilitators and drop shipments and it’s easy for a business of any size to want to give up on sales tax compliance. The retailer is caught in the middle and could be responsible for paying the sales tax to the manufacturer/distributor.

Sales 246

Sales Tax Manufacturing California 246

TaxConnex

MARCH 16, 2023

Many manufacturers, wholesalers, and distributors believe they have minimal sales tax obligations due to the likelihood of  sales tax-exempt transactions. Businesses don’t always fit into a “box” as being only a manufacturer, or only a distributor. Many times, a manufacturer is also a distributor.

Manufacturing 130

Manufacturing Sales Tax E-commerce 130

TaxConnex

OCTOBER 3, 2024

Navigating sales tax compliance in complex organizations can be a challenge, influenced by various factors. Industries like telecommunications, hospitality, healthcare, manufacturing, and technology face unique complexities when it comes to sales and use tax compliance. Now that is not always the case.

Sales 214

Sales Tax Hospitality Healthcare 214

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.

Sales 246

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

Sales 245

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

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 105

Manufacturing Tax Sales Technology 105

TaxConnex

JANUARY 21, 2025

An exemption certificate is one of the most useful tools that your online company has for sales tax. This little piece of paper is used to exempt an otherwise taxable transaction from sales tax. The purchaser has the responsibility for determining whether a sale is exempt from tax. Step by step Learn who might be exempt.

Non-Profits 147

Non-Profits auditor Hospitality Sales 147

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.

Sales 246

Sales Tax Colorado Massachusetts 246

ThomsonReuters

FEBRUARY 28, 2025

As discussed in my previous post, tax reform is a complex jigsaw puzzle where various groups compete to be heard. The influence of special interest groups on tax reform As you can imagine, special interest groups play a significant role in shaping tax reform. Despite these efforts, Congress ultimately emerged victorious.

Tax 91

Tax Manufacturing Real Estate corporation tax 91

Withum

MARCH 17, 2025

based distributor purchases finished goods from a manufacturer in Japan. The Japanese manufacturer sources components from a Canadian-based customer for its products, where in Canada the components underwent a substantial transformation. Tariffs become additive in this context, similar to freight costs or customs duties.

financial statements 95

financial statements Manufacturing Non-Profits Tax 95

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?

Sales 246

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.

South Dakota 244

South Dakota Sales South Carolina 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.

South Dakota 246

South Dakota Sales Tax tax consultant 246

CPA Practice

DECEMBER 9, 2024

The revenue procedure provides procedures and requirements that a manufacturer of specified property must follow to be treated as a qualified manufacturer. To become a QM, a manufacturer must: Register and enter into an agreement with the IRS. The credit is limited to certain amounts, per taxpayer and per tax year.

Manufacturing 97

Manufacturing tax return audit Tax 97

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.

auditor 246

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.

West Virginia 147

West Virginia Sales Nebraska Alaska 147

Withum

DECEMBER 20, 2024

In our previous article, Optimizing Sales and Efficiency in Chemical Manufacturing Through CRM Solutions , we explored the important role CRM plays in enhancing chemical manufacturing operations by optimizing sales, improving customer relationships and ensuring regulatory compliance.

Manufacturing 52

Manufacturing Sales Tax Account 52

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.

Sales 130

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.

South Dakota 264

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.

Sales 130

Sales E-commerce Manufacturing Tax 130

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.

auditor 242

auditor audit Sales Tax 242

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.

New York 133

New York Tax Manufacturing tax return 133

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.

Sales 147

Sales Tax Non-Profits North Carolina 147

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

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.

Tax 130

Tax bookkeeping Entertainment Account 130

RogerRossmeisl

APRIL 24, 2023

It’s been years since the Tax Cuts and Jobs Act (TCJA) of 2017 was signed into law, but it’s still having an impact. R&E expenses The TCJA has affected many businesses, including manufacturers, that have significant R&E costs. Several provisions in the law have expired or will expire in the next few years.

Manufacturing 234

Manufacturing CPA Tax business tax 234

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.

Sales 162

Sales Tax Colorado tax return 162

CPA Practice

FEBRUARY 6, 2025

The report covers sales tax changes specifically affecting the manufacturing, retail, and software industries. It also addresses beverage alcohol, communications, excise, lodging, and VAT changes.

Sales 115

Sales Tax Manufacturing Retail 115

CPA Practice

OCTOBER 22, 2024

Grant Thornton, a provider of end-to-end audit, assurance, tax and advisory services, has appointed Greg Davis to lead the firm’s Workday practice. Grant Thornton has also enhanced its Workday leadership team with the addition of Andrew (Drew) Houts, who joins the firm with nearly a decade of Workday ecosystem leadership experience.

accounting and finance 119

accounting and finance Healthcare Manufacturing payroll 119

Going Concern

APRIL 3, 2025

Are you having trouble finding remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? Accountingfly can assist you! With our Always-On Recruiting service, you can access a pool of top remote accounting candidates without any upfront costs.

Tax 59

Tax NetSuite Real Estate Account 59

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.

Tax 131

Tax Manufacturing 131

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

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.

California 124

California Sales Tax Pennsylvania 124