TaxConnex

OCTOBER 13, 2020

Companies that perform services often see themselves as tax exempt, and in many cases that is true, but there are certain states andsituations in which that is not the case. Gain a better understanding of your sales and use tax obligations with these frequently asked questions we have received from businesses that provide services.

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Sales South Dakota Tax Hawaii 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

MAY 17, 2022

“Sourcing” or as we often call it, situsing, is key when you determine sales tax obligations: It refers to the location where a sale is taxed. Most states follow destination-based sourcing rules, where remote sellers must apply the sales tax rules and rates based on the destination of where they are shipping product.

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Accounting Today

MAY 13, 2022

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New Mexico Tax 124

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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TaxConnex

OCTOBER 3, 2023

There’s always something changing in the world of tax, especially sales tax. billion in tax revenue on sales tax holidays that offer breaks on such goods as back-to-school or disaster-preparedness items. The other prevalent argument is that sales tax holidays are a way of giving tax relief. “The

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Sales Louisiana Tax Tennessee 147

PYMNTS

JANUARY 29, 2019

Paying business taxes is a key source of friction for many legal marijuana companies in the nation, particularly for companies that operate on a cash-only basis. A lawsuit in New Mexico is reigniting the debate over marijuana business taxes, only this time, the controversy surrounds how to classify these companies under state tax code.

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New Mexico business tax Tax Legal 53

CPA Practice

MARCH 21, 2024

Property tax compliance can be just as puzzling, and getting it right in some states can be more complex than in others. This blog post sheds light on what makes personal property tax compliance in certain states particularly tricky. This helps explain why many companies find property tax compliance time-consuming.

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Rhode Island Arizona Tax South Carolina 119

TaxConnex

MAY 23, 2023

Last time we looked at a sample of the strange sales tax laws regarding food, including a sliced bagel in New York. If only that was the only complex category concerning sales tax. Diapers and groceries are taxed in Hawaii, Idaho, Utah, Kansas, Missouri, Oklahoma, Arkansas, Tennessee and Alabama, Mississippi and South Dakota.

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TaxConnex

OCTOBER 27, 2022

States are like that, too: sometimes candy is considered food (groceries) for sales tax purposes, sometimes it’s not and sometimes it’s somewhere in between. In many states, for instance, liquor-filled candy – which admittedly few are going to give to kids on Halloween – can be taxed differently than regular candy. Not merely because’.

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Sales West Virginia South Dakota South Carolina 130

ThomsonReuters

JUNE 15, 2022

In the middle of a busy legislative season, several states have made important changes in their tax code that practitioners across the nation will want to be aware of in order to service clients who may have multistate needs. Tax Relief Enacted in Delaware, Florida, Georgia, and New Mexico. Florida Sales Tax Holiday.

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Rhode Island Delaware Oklahoma Tax 105

CPA Practice

APRIL 5, 2024

Earlier this week WalletHub released a study that shows which states’ residents have the highest and lowest tax burden , measured as the proportion of total personal income that residents pay toward state and local taxes. The study looks at how much tax the average person is estimated to pay in each state throughout their lifetime.

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TaxConnex

JANUARY 17, 2023

Online sales could not exist without shipping, and the charges associated with shipping are subject to sales tax in many states. Question is, who has to pay that sales tax these days, and where? For sales tax purposes, you’ll see reference to “shipping,” “shipping and handling” (Arizona taxes these two, for instance) and “delivery”.

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Rhode Island West Virginia Sales Alaska 130

TaxConnex

FEBRUARY 14, 2023

Candy, flowers, diamonds, romantic dinners out or a movie snuggled on the couch: The year’s biggest day for dates looms again, and here’s an update on sales tax considerations for Valentine’s Day. If your business sells popular Valentine’s Day items online, you should know a few rules related to sales tax and taxability.

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Rhode Island Sales North Carolina Tax 130

TaxConnex

OCTOBER 8, 2024

But not all search engines – or state tax websites – are created equal. What it’s like typing “sales tax” into that little rectangle with the magnifying glass on each state’s website? Here are first impressions from one-and-done searches for “sales tax” on the revenue site of each state. Connecticut Dept.

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Sales Tax Rhode Island West Virginia 113

TaxConnex

AUGUST 2, 2022

In many states, sales tax holidays have been in full swing this year and will continue for months to come. These holidays are limited times (frequently weekends) where a state allows sales tax to be eliminated or reduced on categories of consumer products. 21-27); and New Jersey (Aug. Holiday time already? What’s on sale?

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Sales West Virginia South Carolina Tax 130

CPA Practice

MAY 3, 2024

Sales tax holidays are all the rage right now. There were about 45 sales tax holidays in 24 states in 2023 and could be even more than that in 2024. If you’re in retail, hang on to your hats and read our sales tax holiday FAQ to learn: What is a sales tax holiday? Do all states have a tax holiday? By Gail Cole.

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Sales Tax Nevada West Virginia 119

TaxConnex

AUGUST 15, 2023

There’s always something changing in the world of tax, especially sales tax. Midyear sales tax. The Tax Foundation released its “State and Local Sales Tax Rates, Midyear 2023” report of the 45 states (and the District of Columbia) that collect statewide sales taxes and the 38 states where local sales taxes are collected.

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Sales Tax Alabama Texas 130

TaxConnex

AUGUST 9, 2022

There’s always something changing in the world of tax, especially sales tax. State sales tax holidays fail to live up to the hype. in favor of conveniently popular yet ultimately ineffective sales tax holidays.”. Several states tinkered with their sales tax exemptions this summer. Holiday hucksterism? Free for all.

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Sales Louisiana Tax Iowa 130

CPA Practice

JULY 28, 2023

By Gail Cole Is sales tax based on shipping address or billing address? Understanding how sales tax works is fundamental for every retailer. If you’re doing business in a state with a sales tax, you may know you need to register for sales tax, then collect and remit tax as required by law.

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Sales Retail Tax New Mexico 98

Going Concern

MARCH 31, 2023

Today is March 31, meaning there are 18 days left to file (198 days if you followed your CPA’s recommendation to kick the can down the road with an extension) and it is not the time to be shopping for a tax preparer. The post Local Man Offers Terrible Advice to Desperate New Mexico Taxpayers appeared first on Going Concern.

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New Mexico tax preparation CPA Tax 59

CPA Practice

AUGUST 25, 2024

Yet some states still haven’t clearly defined how sales and use tax applies to digital goods and services. To help you better understand digital products sales tax, this blog will explain: How do you define digital products for sales tax? How do you figure out sales tax on digital products by state?

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CPA Practice

AUGUST 1, 2024

And their deep knowledge of New Mexico and the Southwest U.S. Founded in 2012, Axiom provides services for its clients related to tax, assurance, and general accounting, as well as specialty tax credit and incentive services and state and local tax consulting.

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TaxConnex

JULY 13, 2023

As we saw last time, sales tax holidays are continuing to enjoy a heyday this year. New Mexico , Aug. 13-19: Qualifying clothing and footwear priced $100 or less will be exempt from sales tax. Connecticut: Tax-free week begins on the third Sunday of August and runs until the following Saturday. New Jersey , Aug.

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Sales West Virginia South Carolina Tax 130

CPA Practice

AUGUST 13, 2024

By Kylie Garcia The Santa Fe New Mexican (TNS) Aug. 5—New Mexico is now the fourth state that can use the IRS’s new system for filing federal taxes, which officials believe will make the 2025 tax season easier and save people time and money. million in filing costs using the new free online filing tool.”

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New Mexico tax preparation Oregon New Jersey 52

CPA Practice

APRIL 3, 2024

A new study by WalletHub revealed that residents of New York state are burdened by taxes the most among the 50 states, while Alaska residents have the lowest tax burden. Maine has the highest property tax burden, while Alabama has the lowest. Red states have a lower tax burden than blue states, on average.

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Rhode Island Alaska New Hampshire Tax 111

CPA Practice

AUGUST 27, 2024

But a tax on tangible personal property can be just as confusing. Certain times of year, when those taxes may be due, you may ask yourself: What counts as real property vs. personal property? How is tangible personal property taxed? How are property taxes calculated, and how does depreciation work?

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Rhode Island Tax Real Estate tax return 115

CPA Practice

APRIL 9, 2024

A new study by WalletHub revealed that residents of New York state are burdened by taxes the most among the 50 states, while Alaska residents have the lowest tax burden. Maine has the highest property tax burden, while Alabama has the lowest. Red states have a lower tax burden than blue states, on average.

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Rhode Island Alaska New Hampshire Tax 105

CPA Practice

FEBRUARY 11, 2023

After several days of requests by taxpayers, state agencies and the National Taxpayer Advocate , the Internal Revenue Service has provided clarifying the federal tax status involving special payments made by 21 states in 2022. Alaska is in this group as well, but please see below for more nuanced information.

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Rhode Island South Carolina income tax Idaho 131

CPA Practice

SEPTEMBER 9, 2024

The deadline for taxpayers to submit their third quarter estimated tax payment is one week from today. However, individuals and businesses affected by disasters in 17 states, Puerto Rico, and the Virgin Islands may automatically qualify for a delayed tax-payment deadline, the IRS said last week.

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West Virginia South Dakota South Carolina Tax 95

CPA Practice

APRIL 12, 2023

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. The Internal Revenue Service says that nearly 1.5 The IRS estimates almost $1.5

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Rhode Island tax return Tax West Virginia 122

TaxConnex

SEPTEMBER 26, 2024

The exception certificate figures big in your sales tax toolbox. A sales tax exemption certificate means you, the seller, don’t have to collect and remit sales tax on certain products and services and to certain clients (such as schools, hospitals or churches) in a state. Get in touch to learn more.

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CPA Practice

AUGUST 3, 2023

This list includes every back-to-school sales tax holiday this summer, from July 27, 2023, through the end of August. Rules for tax-free shopping can vary from state to state. So, just because something is tax-exempt in one state doesn’t mean it will be in another. Does Summer Camp Qualify for a Childcare Tax Credit?

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CPA Practice

DECEMBER 11, 2023

continue to struggle to navigate with tax complexity and tax rate changes on the eve of the 250th anniversary of the Boston Tea Party. In fact, eight in 10 tea merchants (82%) feel anxiety related to staying on top of their tax obligations. there are more than 900 sales tax rules on tea products. Tax Policy at Avalara.

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Tax Technology Alabama Kansas 115

Withum

SEPTEMBER 16, 2022

It is no surprise that states are seeing significant growth in sales tax revenue, a trend fueled by changes in consumer spending during the pandemic. The third reason for higher sales tax revenue was the Wayfair decision in which the Supreme Court expanded the physical nexus requirement to include economic nexus (e.g.,

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CPA Practice

DECEMBER 7, 2023

Three rounds of stimulus checks—known officially as Economic Impact Payments—were sent by the federal government to income tax filers between March 2020 and March 2021 as a way to offset some of the hardships of the COVID pandemic. “There is no fourth round of [stimulus checks] from the Treasury Department,” he said.

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Montana Idaho New Mexico Illinois 118

CPA Practice

OCTOBER 4, 2024

The Internal Revenue Service says its Direct File program has added 12 new states and will be available for the 2025 tax filing season. During the pilot last year, Direct File was available in Arizona, California, Florida, Massachusetts, Nevada, New Hampshire, New York, South Dakota, Tennessee, Texas, Washington State and Wyoming.

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Alaska South Dakota North Carolina tax return 126