TaxConnex

AUGUST 15, 2024

General tax laws are strange. Maybe sales tax laws make more sense? In Florida, you can get a tax break for displaying a cow on your property. You can get a big tax break in New Mexico if you just live to 100. Louisiana lets small private aircrafts soar tax-free, and Connecticut extends that to bigger planes.

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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.

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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. The federal income tax has just seven brackets to cover the whole span of what somebody can make. Why do sales tax rates have to be so complex?

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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.

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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. New Jersey , in a move seemingly counter to a nationwide trend, has repealed its annual sales tax holiday for certain school supplies and sport or recreational equipment.

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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. Since contractors are considered service providers, charges by them for real property improvement services are typically exempt from sales and use tax.

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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.

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TaxConnex

FEBRUARY 8, 2024

Sales tax compliance depends on many factors. One of the most important – and the most incessantly changing – is the tax rates that America’s thousands of jurisdictions impose. Exemptions can also seem whimsical: New York charges different sales tax on a bagel that’s sold as-is or has been toasted and smeared with cream cheese.

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TaxConnex

JULY 18, 2024

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. These certificates validate the tax-exempt status of certain sales and are vital during an audit.

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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.

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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.

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TaxConnex

APRIL 30, 2024

Q: Is this a “tax” or a “fee”? As with many taxes, this was created as one way to generate revenue. A: States always think a tax-revenue avenue is a good idea. As they begin to roll out these fees, states are taking lessons from Colorado – but as with everything about sales tax, details vary by state.

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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

RogerRossmeisl

DECEMBER 15, 2024

Understanding which travel expenses are tax deductible can significantly affect your bottom line. Properly managing travel costs can help ensure compliance and maximize your tax savings. Your tax home Eligible taxpayers can deduct the ordinary and necessary expenses of business travel when away from their tax homes.

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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. Overall, state tax revenues dropped 5.3%. If so, watch out for 2024.

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South Dakota Sales Tax Louisiana 264

TaxConnex

NOVEMBER 16, 2023

They may have infrastructure in place to support the sales tax requirements of their existing business, but the telecommunications service presents a different set of issues. Telecommunications services is one of the most highly taxed and regulated industries in the country.  in Q4 2023, there is a significant savings opportunity. 

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Tax Sales 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?

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TaxConnex

SEPTEMBER 26, 2023

Usually all retail sales of tangible personal property (TPP) are taxable, but many states have started to tax services. Who the customer is and what they’ll use the TPP for can create a sales tax exclusion, too, such as when selling to a church or government agency. They also take the burden of sales tax obligation off the seller.

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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?

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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.

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TaxConnex

JULY 25, 2023

In addition to state and local taxes, your business may also be subject to various federal and state regulatory obligations. Most taxes are administered by the state Departments of Revenue (DOR) and local jurisdictions. The remainder of this blog will discuss the various tax requirements for a telecom company. to 7 percent.

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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

RogerRossmeisl

AUGUST 5, 2024

Divorce entails difficult personal issues, and taxes are probably the farthest thing from your mind. However, several tax concerns may need to be addressed to ensure that taxes are kept to a minimum and that important tax-related decisions are properly made.

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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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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.

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RogerRossmeisl

SEPTEMBER 29, 2024

When drafting partnership and LLC operating agreements, various tax issues must be addressed. This is also true of multi-member LLCs that are treated as partnerships for tax purposes. Here are some critical issues to include in your agreement so your business remains in compliance with federal tax law.

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TaxConnex

FEBRUARY 1, 2024

It’s also safe to say that its storyline of repetition seems to echo what you must do, over and over and over, to comply with sales tax laws. It’s a doozy! – “Needlenose Ned” Ryerson There are multiple steps to make sure your sales tax compliance works well. The days you get over and over with sales tax are deadline days.

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RogerRossmeisl

DECEMBER 29, 2024

These qualified charitable distributions (QCDs) may help you gain tax advantages. QCD basics QCDs can be made from your traditional IRA(s) free of federal income tax. Thats OK because the tax-free treatment of QCDs equates to a 100% deduction. Unlike regular charitable donations, you cant claim itemized deductions for QCDs.

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TaxConnex

DECEMBER 21, 2023

It’s the end of the year and as we all start to think about our New Year’s resolutions, it’s also a good time to start thinking about correcting any sales tax missteps your business may be facing. They report taxes owed in exchange for a waiver of penalty and a limited look-back period.

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TaxConnex

JANUARY 23, 2024

Sales and use tax generally applies to the sale or use of tangible personal property and certain services. Since software, and especially Software-as-a-Service, may not be delivered in a tangible form, many technology and software companies have considered themselves exempt from sales and use tax. But this is not always the case.

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TaxConnex

OCTOBER 3, 2024

Navigating sales tax compliance in complex organizations can be a challenge, influenced by various factors. Industries like telecommunications, hospitality, healthcare, manufacturing, and technology face unique complexities when it comes to sales and use tax compliance. Now that is not always the case.

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