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. Food for thought. Time for a renovation?

Sales 246

Sales Tax Colorado Massachusetts 246

TaxConnex

MARCH 26, 2024

We are at the end of Q1 of 2024 and continue to discuss how to ensure your business is set up to get sales tax right in 2024. If you’re like the over 49% of businesses who participated in our annual sales tax trends survey and are unsatisfied with the way you are managing sales tax, then you’re in the right place.

Sales 203

Sales Tax Retail tax return 203

TaxConnex

OCTOBER 1, 2020

sales tax post- Wayfair is confusing enough. You’ve heard it before that US sales & use tax laws are some of the most confusing, but how are things done with our neighbor to the north? The tax rates. Collectively, jurisdictions in Canada do impose less diverse sales tax obligations than U.S.

Sales 173

Sales Tax tax return income tax 173

MyIRSRelief

OCTOBER 3, 2022

If you own a property, a business, or are employed, you’ll likely have to pay taxes. According to the 16th Amendment in our Constitution, individuals are required to pay taxes from income sources. Taxes can be broken down into three categories: what you purchase, what you own, and what you earn. Call us today at 1-877-788-2937.

tax services 147

tax services California Tax tax preparation 147

TaxConnex

DECEMBER 14, 2023

In sales tax calculation, you deal with the “hard” and the “less-hard.” Figuring out sales tax obligations for goods (aka, tangible personal property, or TPP) is the less-hard part; you merely have to bear in mind that every state that taxes TPP does it a little differently. What’s a service?

West Virginia 264

West Virginia Virginia Kentucky Minnesota 264

Cherry Bekaert

MARCH 14, 2024

market, business owners must learn about the federal, state and local tax systems they will encounter. Sales tax in the U.S. is quite different from a value-added tax (VAT) or a goods and services tax (GST) assessed by many other countries. Listen to learn more about: 03:54 – GST tax vs. U.S.

tax services 97

tax services Tax income tax tax return 97

TaxConnex

MARCH 3, 2022

Understanding the taxability of your company’s products or services is one of the key steps to complying with sales and use tax laws. Services” are not tangible and can be an entirely different animal in terms of taxability. legislation that excludes some payment processing services from tax.

Indiana 246

Indiana Connecticut Nebraska Maryland 246

TaxConnex

MAY 2, 2023

Mike Dunleavy is reportedly preparing to introduce a sales tax as part of a long-term budget plan for the state. Five states don’t have a statewide sales tax: New Hampshire, Oregon, Montana, Alaska and Delaware (aka the “NOMAD” states). Vermont was the last state to adopt a sales tax, in 1969.

Alaska 130

Alaska Sales Tax New Hampshire 130

MyIRSRelief

OCTOBER 11, 2024

Enrolled Agent: Comprehensive Tax Services for Individuals and Businesses When it comes to managing your taxes, finding a qualified and reliable tax professional is crucial. An Enrolled Agent (EA) is a federally-authorized tax practitioner who has technical expertise in the field of taxation and is empowered by the U.S.

tax services 130

tax services payroll tax Tax tax preparation 130

TaxConnex

SEPTEMBER 21, 2021

When attempting to manage your sales tax obligations across many different states, one of the first things to hit you will be the dizzying number of deadlines you must follow when filing sales tax returns. Generally, the higher the volume of tax you’ll be reporting, the more often you have to file and remit.

tax return 246

tax return Sales Tax tax services 246

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? As with most details of sales tax, much depends on the situation, jurisdiction and new laws.

Rhode Island 130

Rhode Island West Virginia Sales Alaska 130

TaxConnex

JANUARY 24, 2023

Shipping is indispensable to eCommerce yet sales tax on it remains a mishmash of regulations across the states. In our previous blog, we looked at how exemptions, the taxability of the item being shipped and selling into tax-free states affect sales tax on shipping.

Sales 26

Sales South Carolina Tax Massachusetts 26

TaxConnex

SEPTEMBER 1, 2022

Wayfair, Inc et al , but many businesses are still trying to figure out how to manage sales tax obligations brought on by this decision. Some examples: Iowa: Gross sales to the state over $100,000; no annual transaction threshold. Mississippi: $250,000 sales; no transaction threshold.

South Dakota 246

South Dakota Mississippi Iowa Sales 246

TaxConnex

NOVEMBER 23, 2021

But what happens when a world still rocked by the pandemic continues to make the majority of its sales online? eCommerce has become a growing and important aspect of retail sales. In fact - Cross-border eCommerce sales worldwide grew more than 20% in 2020 while U.S. But how does this impact your sales tax obligations?

Sales 246

Sales Tax tax return Retail 246

Withum

JULY 18, 2022

Wayfair eliminating the physical presence requirement for a state to impose a sales tax on sales of goods or services in that state. Out-state sellers, also called remote sellers, must collect and remit sales tax on goods and services sold in all states, even if they do not have a physical presence.

South Dakota 118

South Dakota Sales Tax Missouri 118

Withum

JUNE 8, 2022

The IRS’ “Dirty Dozen ” is an annual list warning taxpayers of abusive tax arrangements, schemes, scams, and shams. If challenged by the IRS, accuracy-related and civil fraud penalties could amount to 75% of any underpayment of tax. Business Tax Services. What if I do nothing? Contact Us. Contact Us.

Sales 120

Sales tax services business tax audit 120

PANALITIX

JULY 21, 2021

Random sales statistics, little nudges. I came upon some “sales” statistics* on the interweb (so we know they’re legit). If you’re sending out an updated engagement letter for straightforward tax services to a client you’ve been working with for a few years – you might not need to “tell a story” to retain them as clients.

Sales 130

Sales tax services Tax accountant 130

PANALITIX

JULY 20, 2021

Random sales statistics, little nudges. I came upon some “sales” statistics* on the interweb (so we know they’re legit). If you’re sending out an updated engagement letter for straightforward tax services to a client you’ve been working with for a few years – you might not need to “tell a story” to retain them as clients.

Sales 130

Sales tax services Tax accountant 130

inDinero Tax Tips

OCTOBER 22, 2024

You may have heard that Nevada LLC taxes are favorable to business owners. This is true if you plan to do business there, but keep in mind it’s rarely advantageous for out-of-state businesses to incorporate somewhere other than their home state; taxes accrue where you do business, not where you incorporate.

Nevada 105

Nevada Tax income tax payroll tax 105

MyIRSRelief

MAY 15, 2024

Nonprofit Tax Service by Mike Habib, EA Nonprofit organizations play a crucial role in society, offering valuable services and advocacy. However, managing tax compliance can be a significant challenge due to the complex nature of tax laws and regulations.

Tax 130

Tax payroll tax payroll tax preparation 130

Insightful Accountant

FEBRUARY 21, 2024

State nexus laws are crucial in tax advisory. Even without sales tax services, SALT law changes can signal nexus impacts. Practitioners often overlook SALT law changes unless specialized, but clients expect awareness.

Tax 105

Tax tax services Sales 105

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.,

Sales 80

Sales Retail Tax South Dakota 80

Withum

JUNE 6, 2022

Section 1202 provides for the full or partial exclusion of capital gain realized on the sale of QSBS. The taxpayer in PLR 202221006 (March 3, 2022) is a pharmaceutical distributor that engages in the retail sale of a limited number of drugs. The IRS noted that all of the taxpayer’s revenues are generated by the sale of drugs.

Tax 126

Tax income tax Pharmaceutical Manufacturing 126

CPA Practice

FEBRUARY 24, 2023

Tax season is already in full swing and accounting firms across the country are working non-stop to meet the April filing deadline. Firms often don’t have a sufficient year-round client base to support the staffing levels they need during tax season. By Matt Bowen. The industry’s extreme seasonality can significantly hinder growth.

accounting firms 128

accounting firms Tax accountant Account 128

CPA Practice

JANUARY 30, 2024

sales tax rate changes reached a 10-year high in 2023, proving once again that it will be challenging for businesses to meet their ever changing compliance obligations. This is according to data in the 2023 End-of-Year Sales Tax Rates and Rules report, which is conducted annually by Vertex a provider of tax technology solutions.

Sales 72

Sales Tax auditor tax services 72

Withum

JUNE 8, 2022

The Infrastructure Investment and Jobs Act (IIJA), enacted into law on November 15, 2021, reinstated and modified two Superfund excise taxes, effective July 1, 2022. The first is the tax on chemicals under section 4661 and the second is the tax on imported substances under section 4671. The IIJA lowered this threshold to 20%.

Tax 121

Tax Manufacturing tax return tax services 121

Withum

OCTOBER 9, 2023

On October 4, 2023, Massachusetts enacted tax legislation (H.4104), The legislation adopts a single sales factor apportionment formula for all corporations and also makes changes for how financial institutions source its income from investment activities and trading activities.

Massachusetts 72

Massachusetts Sales Tax tax return 72

TaxConnex

NOVEMBER 11, 2022

November 11, 2022 - TaxConnex™ , a technology-enabled sales tax compliance outsourcing provider, shared that they are exhibiting at Thomson Reuters SYNERGY 2022 Conference for Corporate Professionals November 13-16. TaxConnex helps eliminate the sales tax burden – no matter how many states you’re in or how often regulations change.

Washington 130

Washington Sales Tax tax services 130

Intuitive Accountant

OCTOBER 18, 2022

Use this script to create a winning sales tax service strategy for your firm.

Tax 98

Tax tax services Sales 98

Cherry Bekaert

MAY 22, 2024

Contributor: Michael Wallach, Senior Manager, Tax Services Established by the Tax Cuts and Jobs Act, the Opportunity Zone program has been a focal point for investors seeking tax incentives while simultaneously revitalizing economically distressed communities.

Tax 114

Tax Real Estate Sales tax services 114

TaxConnex

DECEMBER 15, 2022

Gain insight into Brian's career and his plans for our future as well as how sales tax has evolved over the years. My career has predominantly been in the selling field and over the last 20+ years selling sales tax services. For the first 9 years I was the sole sales and marketing person in the business.

Sales 130

Sales Tax tax services Start-ups 130

Withum

DECEMBER 4, 2024

The corporate tax rate is currently a flat 21% rate. There is also a 15% corporate alternative minimum tax (CAMT) based on book income for companies with average annual adjusted financial statement income exceeding $1 billion. Please work with your tax advisor for future planning.

Tax 105

Tax income tax Construction Non-Profits 105

ThomsonReuters

JANUARY 28, 2022

Tax season is a critically busy time of the year for accountants, and we all know the stress that can come with such a high demand for services during that part of the year. But for some tax and accounting firms, the high volume of clients from January to April represents the majority of their business for the year.

Tax 102

Tax tax preparation bookkeeping bookkeeping services 102

ThomsonReuters

JULY 6, 2023

If you’re a tax and accounting professional, you’ve likely found yourself answering numerous questions related to your clients’ tax returns. Whether it’s advising on residential energy tax credits or restructuring a partnership, your knowledge and expertise beyond the tax return are valuable.

Tax 98

Tax tax return income tax audit 98

Withum

FEBRUARY 9, 2022

The qualified small business stock (QSBS) exclusion generally provides for a full or partial exclusion of capital gain realized on the sale of QSBS. Primary and Secondary Sales of Stock. If you have any questions please contact a member of our business tax team. Business Tax Services. Contact Us. Contact Us.

Sales 78

Sales Tax business tax tax services 78

Withum

JUNE 1, 2022

Unfortunately, a deteriorated supply chain and increased inflation most likely will increase the tax bill for businesses that use the LIFO method of accounting. Utilizing LIFO when costs are rising due to inflation is generally advantageous for income tax purposes because sales prices are offset by higher inflated purchase costs.

business tax 119

business tax Tax income tax tax return 119

Cherry Bekaert

JULY 23, 2024

The Company turned to Cherry Bekaert to understand the tax implications of the sale. The sale of the property, and related cash distribution, is an inclusion event for QOF investors. Results The QOF reinvested the sale proceeds into two new QOZB investments, which saved the investors over $1M in taxes.

Real Estate 52

Real Estate tax services South Carolina Tax 52