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.

Sales 264

Sales Tax North Dakota Nebraska 264

TaxConnex

DECEMBER 28, 2021

And that means that more companies may find themselves with new sales tax obligations. eCommerce sales – topping the $200-billion mark for the first time. How does this impact sales tax obligations? Then there’s the danger of sales tax audits. Online shopping from Thanksgiving through Cyber Monday (Nov. billion in U.S.

Sales 246

Sales Tax audit tax return 246

TaxConnex

AUGUST 15, 2024

Maybe sales tax laws make more sense? Hooves, heroes and holidays Some strange sales taxes seem to split hairs – or horses in Kentucky , where the animals are big business and sales tax-free even if bought online. In most states, collectibles are subject to sales tax – and, in many states, publications are not.

Sales 264

Sales South Dakota South Carolina Tax 264

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 264

Sales Tax accounting and finance auditor 264

TaxConnex

SEPTEMBER 10, 2024

When you sell across multiple states – or even within various localities in a single state – one striking observation emerges: the consistent inconsistency of sales tax rates. Why do sales tax rates have to be so complex? Patchwork Forty-five states and the District of Columbia collect statewide sales tax.

Rhode Island 264

Rhode Island Sales Alaska Louisiana 264

TaxConnex

AUGUST 1, 2024

If it seems like jurisdictions just ceaselessly add additional sales tax laws, statutes and restrictions, recent news out of three states should be refreshing. The state’s economic nexus threshold is now just $100,000 in sales into the state annually. Contact us to learn what it means when sales tax compliance is all on us.

North Carolina 264

North Carolina Sales South Dakota North Dakota 264

TaxConnex

AUGUST 20, 2024

At first glance, the sales and use tax requirements for a contractor seem quite simple. As such, all purchases by a contractor are usually subject to sales and use tax. As such, all purchases by a contractor are usually subject to sales and use tax. but like most things in sales tax, it isn’t as simple as it seems.

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Sales Tax Construction Education 264

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.

Sales 264

Sales Tax Utah tax return 264

TaxConnex

DECEMBER 5, 2023

Clubs and dues have been around for decades, but the rise of certain memberships – and the ability to sell them over the internet – have also raised the question of whether memberships incur sales tax. Health and fitness club In some states membership in one of these creates a sales tax obligation; in others it doesn’t.

South Carolina 264

South Carolina Sales Tax West Virginia 264

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.

Sales 264

Sales Tax Colorado tax return 264

TaxConnex

FEBRUARY 8, 2024

Sales tax compliance depends on many factors. These rates change all the time – if not the actual percentage, then the exemptions and other special rules that can seem nothing short of picayune for a business just trying to stay on the right side of sales tax laws. Every year sees dozens if not hundreds of sales tax changes nationwide.

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Sales South Dakota Tax Kentucky 263

TaxConnex

FEBRUARY 13, 2025

should know that sales tax obligations for these sovereign nations and territories resemble those obligations in other areas of the U.S. Areas such as the Navajo Nation have tribal sovereignty; for tax purposes, this means their sales tax laws are separate from the states within which they reside. but can differ in important ways.

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Sales Tax Wisconsin Oklahoma 213

TaxConnex

JULY 18, 2024

This can lead to auditors assuming transactions are taxable, or making historical projections or arbitrary assessments of taxable sales. 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.

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audit Sales Tax tax return 264

TaxConnex

DECEMBER 28, 2023

The new year will no doubt be another active one in sales tax. Weaker state revenue The kind of year it’s going to be for state coffers could greatly influence such future sales tax trends as new levies, tougher nexus thresholds and intensifying audits. But state sales tax revenues are projected to increase 1.7%

South Dakota 264

South Dakota Sales Tax Louisiana 264

TaxConnex

MARCH 1, 2022

But does tax preparation incur sales taxes – and if it does, where and how? For some 90 years, states have levied sales tax on goods (West Virginia was the first to do so , in 1921). State and local sales tax is sometimes levied on services but much more often applied to “tangible personal property.” Sourcing is huge.

South Dakota 246

South Dakota Sales West Virginia Tax 246

TaxConnex

FEBRUARY 22, 2022

If your business sells software or software-as-a-service (SaaS), you deal with one of the most complex sales tax situations, potentially without even realizing it. Your sales tax obligation and liability begin with where you have nexus , a connection between your company and a taxing authority or jurisdiction. That’s still a lot.

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Sales Tax North Carolina Mississippi 246

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 accounted Account 264

TaxConnex

FEBRUARY 15, 2022

A ccording to TaxConnex’s recent market survey of 100 top finance professionals, this could be the year to outsource sales tax. Three of these execs’ biggest in-house deficiencies to managing sales tax in 2022: bandwidth, internal knowledge and the right partner or solution. Seems like something needs to change. Legal liability.

Sales 264

Sales Tax income tax tax return 264

TaxConnex

APRIL 14, 2022

Sales tax is more complicated than ever, especially in a post-Wayfair world. And what’s worse is that everyone who says they’re simplifying sales tax is still leaving the hardest parts – and the liability – up to you. Sales tax registrations are completed at the Department of Revenue within each state. sales tax registrations ?will

Sales 240

Sales Tax tax return Start-ups 240

TaxConnex

SEPTEMBER 26, 2023

(We generally recommend that companies start watching their nexus requirements when they hit the $100,000 in sales in a state. Companies also must always consider how physical presence , such as offices or even just sales reps, can create nexus.) They also take the burden of sales tax obligation off the seller. Taxability.

Sales 264

Sales Tax South Dakota Colorado 264

TaxConnex

SEPTEMBER 17, 2024

Getting the right sales tax on your invoice is a pivotal step in managing your sales and use tax obligation. Sales and use tax is a tax imposed on the use or consumption of a product or service and meant to be paid by the end consumer. Do you have a sales tax obligation? Unfortunately, this is easier said than done.

Sales 264

Sales Tax Technology tax return 264

TaxConnex

DECEMBER 27, 2022

Sales and use tax nexus is defined as a connection between a person or entity and a taxing jurisdiction. Sales tax nexus is the basis for all your sales tax decisions because without sales tax nexus you have no further obligation to a state. That is unless an exemption applies.

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Sales Tax Non-Profits Maine 246

TaxConnex

MAY 28, 2024

Managing your sales and use tax process can be difficult for businesses of all sizes and industries. Unlike most countries, there isn't a nationwide sales tax. This blog will examine 5 common situations businesses face that could expose you to sales tax risk so you can be sure to remain compliant. Change of Staff.

Sales 264

Sales Tax audit accountant 264

TaxConnex

FEBRUARY 13, 2024

To help financial leaders better understand what their peers are doing when it comes to sales and use tax in 2024, TaxConnex® conducted its fourth annual sales tax survey in November of 2023. If you’re struggling with how to manage sales tax in 2024, consider outsourcing. Their responses are included in the following blog.

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Sales Tax audit CPA 264

TaxConnex

DECEMBER 12, 2023

But not for sales tax liability, where most states still maintain strong responsible party laws. And they can come as a real shock: CEOs, CFOs, directors and other execs can be held personally responsible for sales tax shortfalls. That’s true for many of the fiscal messes that can befall a company. How do they know who’s responsible?

Sales 263

Sales Tax Ohio Georgia 263

TaxConnex

JUNE 28, 2022

Complying with your sales tax obligations involves a lot of variables – your nexus, taxability of your products, type of customer you are selling to, etc. Another key factor that effects your sales tax obligations is related to exempt transactions and exemption certificates. This is where the XYZ letter comes into play.

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Sales Tax audit been audited 262

TaxConnex

MARCH 10, 2022

But what exactly is economic nexus – and, more importantly, have you kept up with its constant changes in the sales tax realm? Sales tax nexus is the connection your business has with a state or local taxing jurisdiction. that had a state-wide sales tax had enacted economic nexus. There’s obviously a lot to learn.

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South Dakota Sales Tax Maryland 262

TaxConnex

MAY 3, 2022

F r om time to time, sales tax outsourcing relationships fail to work properly, and a change is necessary. As the sales tax outsourcing relationship progresses over time, sales and marketing messages give way to the realities of the operational relationship. more sales and so on. I’m still doing too much of the work.

Sales 264

Sales Tax Start-ups 264

TaxConnex

JUNE 7, 2022

They’re platforms where third-party sellers of any size and geographic area can facilitate retail sales, including the collection/processing of payments, in exchange for compensation. Marketplace facilitators are required to charge sales tax where they have nexus (the connection between a tax authority and a company). The dam breaks.

South Dakota 246

South Dakota Sales Tax Start-ups 246

TaxConnex

JANUARY 2, 2024

Is one of your new year’s resolutions to make sure you’re complying with sales tax in 2024? If you’ve determined nexus to exist for your business and understand that your products or services are taxable, but you’ve yet to comply to sales & use tax rules.

Sales 264

Sales Tax financial statements audit 264

TaxConnex

FEBRUARY 6, 2024

Sales tax is not something top of mind for most executives, but it is something that the majority of businesses will have to manage at some level. No matter the size of your business, if you are selling a taxable product or service and establish nexus in specific states or jurisdictions, then you have a sales tax obligation.

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Sales Tax Technology auditor 264

TaxConnex

OCTOBER 6, 2022

It’s a common scenario: A company has decided to sell, then due diligence turns up a $2 million risk in past sales tax obligations and compliance. Do you have solid positions and reasons for your sales tax decisions? Can you defend your sale tax position to minimize the escrow’s impact? Let’s say you’re the seller.

Sales 246

Sales Tax tax return Start-ups 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?

Sales 246

Sales Tax Non-Profits Start-ups 246