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Impacts of using a marketplace facilitator

TaxConnex

implementing sales and use tax collection requirements for marketplace sellers and facilitators who don’t have a physical presence in the state. Missouri, whose economic laws have been approved but not yet put into effect, also has no marketplace facilitator laws until January 1, 2023. returns for direct sales and indirect sales.

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Can an eCommerce platform alone manage sales tax?

TaxConnex

These thresholds vary state to state and change often, with Missouri being one of the latest to enact economic nexus. All this data needs to come together to file the sales tax return. Next you need a tax calendar of where you’re registered and the jurisdictions’ filing frequencies (which can change over time).

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Attorney Flagged for Tax Evasion in New Case

CPA Practice

Tax evasion is the practice of misrepresenting income or deductions or falsifying records or failing to file a return. It’s a common complaint by taxpayers around election time that requiring them to file tax returns or pay taxes is unconstitutional.

Tax 105
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What was new in December for state sales and use taxes

TaxConnex

The Missouri Department of Revenue has published FAQs regarding the state’s new remote seller and marketplace facilitator use tax collection requirement. The FAQs also provide guidance for marketplace facilitators on how to register for Missouri use tax collection and how to report tax collected.

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What’s trailing nexus? And why should you cancel your sales tax registration?

TaxConnex

Nexus continues even after a person stops activities that originally established nexus … This one-year trailing nexus concept applies to all taxes you report on the excise tax return, including retail sales tax.” In many states where it applies, trailing nexus lasts about a year, as in Minnesota , Wisconsin and Texas.

Sales 130
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Sales tax processes – beyond software’s promises

TaxConnex

Wayfair opened the way for all states with a statewide sales tax to now have economic nexus thresholds set by dollar amount or volume of sales. And you have to refund the state or local sales tax that you charged on the purchase, and that requires you to verify many details: How much did you charge the customer in sales tax?

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$1.5 Billion in Unclaimed Tax Refunds from 2019 Set to Expire in July 2023, Says IRS

CPA Practice

million people across the nation (state-by-state list below) have unclaimed refunds for tax year 2019 but face a July 17 deadline to submit their tax return. billion in refunds remain unclaimed because people haven’t filed their 2019 tax returns yet. Need to file a 2019 tax return?