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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.
Income tax often seems to grab most of the headlines, but sales tax can make for a hefty crime – and punishment – too. A famous case recently examined in the TaxConnex podcast It Depends episode, “Sales Tax Crimes - Pt. States are watching For Kozlowski, the sales tax matter was a $3.2
Its a safe bet that few of them hit the target, which leads to returns, which leads to refunds from sellers, to which leads to the nagging question: Does sales tax get refunded along with the purchase price? The more accurate answer, particularly when something as complex as sales tax gets involved, is: Probably, but watch the details.
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.
Speaker: David Goulden, CFO at Booking Holdings, and Jeff Epstein, Veteran Tech CFO
Having acted as CEO at EMC Information Infrastructure after working in sales, engineering, and product development within the EMC Corporation, as well as COO for the Americas and Asia Pacific at Getronics N.V. His path to CFO is not the typical story of CPA/accountant or investment banker that we normally see.
AI and automation are all the rage, but does it have a place in your sales tax compliance process? Businesses need a way to calculate the correct sales tax to charge in states where they have a sales tax obligation, and for this, automation can be a great solution. If so, where?
Square is a point-of-sale (POS) system for merchants, either brick-and-mortar or online, to accept card payments and streamline other business operations. It also seems to have an excellent take on sales tax in its functions, including where Squares responsibilities end and yours begin. states where you made a sale and have nexus ).
One area to focus on is Section 1231 of the Internal Revenue Code, which governs the treatment of gains and losses from the sale or exchange of certain business property. Operating businesses typically dont own capital assets, The post How Section 1231 Gains and Losses Affect Business Asset Sales appeared first on Roger Rossmeisl, CPA.
The sales tax landscape is constantly evolving, and businesses must adapt to keep pace. According to our latest survey of over 100 finance professionals, 85% of businesses are at least somewhat likely to adjust how they manage sales tax in 2025, with 47% being very likely to make changes. What Are Businesses Looking for Instead?
Throughout this proven workbook, you will learn that high-pricing is an essential function of your sales process! *By Does pricing your services stump you? By downloading, you consent to receive marketing communications from Ignition and Future Firm.
There’s always something changing in the world of tax, especially sales tax. A bill that would raise the online sales tax in Alabama is progressing with state lawmakers. The current Alabama sales tax is 8% for online purchases, the same as for purchases at the state’s brick-and-mortar stores. Leveling the field.
Many industries come with confusing sales tax complexities. So does agriculture, and several aspects make this industry trickier than others for sales tax. Here are points to keep in mind regarding sales tax and agriculture. Recently, for instance, Alabama degreed that some agriculture products exempt from sales and use tax.
A new construction project, a renovation or expansion of a property, ongoing management of a property: All these and more can come with a ton of sales tax nuances. Particularly for those construction companies with projects beyond the borders of their home state, where they may have done well with sales tax compliance for many years.
Ecommerce couldn’t exist without shipping (and probably not without shipping’s partner “handling,” either), but do either incur sales tax? As is often the case in sales tax, it depends on what, how and where. Beyond our previous overviews of S&H and sales tax, here’s a look at the latest developments.
Speaker: Ryan Dillard, Chief of Staff Director at CBIZ ARC Consulting LLC; Kelly Hicks, Global Controller at Airbase
ASC 606 is the revenue recognition standard that sets global accounting principles for all private or public companies that enter sales agreements or contracts with customers. Along with ASC 606, ASC 340-40 was added to address accounting costs to obtain a contact and costs to fulfill a contract.
For purposes of incurring sales tax in any state, that essentially translates into “sometimes.” How do you handle sales tax liability if you sell vitamins, dietary supplements or other items in this nebulous category? Selling vitamins and supplements – especially in more than one state – is one of the most complex areas of sales tax.
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.
Youd think that if you eat it, its sales tax treatment would be the same at least similar across different states and given methods of preparation of the food. Pre-packaged food such as canned drinks, bottled beverages, packaged snacks, frozen meals and canned products can also be groceries for purposes of sales tax.
There’s always something changing in the world of tax, especially sales tax. The Court of Appeals of South Carolina has affirmed a state Administrative Law Court (ALC) finding that the online retail giant remains liable for eight figures in unpaid sales tax on third-party sales from 2016, interest and penalties. The ol’ one-two.
Discover how to develop a pilot that captures real customer feedback, aligns internal teams with usage metrics, and rethinks sales incentives to prioritize lasting customer engagement. 💬 Customer-Centric Metrics: Discover hot to align sales and marketing efforts with real usage insights to deepen customer engagement.
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.
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.
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.
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.
A 4-part Sales Presentation and Client Servicing model. Tom Bowman, Owner of Bowman & Company, CPA, PC shares his journey and 10 step process for going from Technician to Business Owner. In this webinar you will learn: To be that Odd Duck and rehab your practice so that it runs largely without you. An alternative to Billable Hours.
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.
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.
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.
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 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.
tax professionals responsible for managing sales tax obligations for independent retailers reveals that 97% of respondents say they have automated or plan to automate their sales tax compliance process. Other key challenges include managing sales tax exemptions (17%), calculating correct tax rates (15%), and filing taxes on time (12%).
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.
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%
In this webinar, you’ll learn how to: Leverage tech solutions to grow your sales tax practice : Explore the tools that can help you automate sales tax compliance and enhance your service offerings. We live and breathe sales tax and license compliance. Plus, earn CPE credit!
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.
(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 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.
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.
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.
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?
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.
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.
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.
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.
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