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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Sales Tax Wisconsin Oklahoma 213

RogerRossmeisl

FEBRUARY 23, 2025

With todays hiring challenges, business owners should be aware that the Work Opportunity Tax Credit (WOTC) is available to employers that hire workers from targeted groups who face significant barriers to employment. The post Understanding the Work Opportunity Tax Credit appeared first on Roger Rossmeisl, CPA.

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RogerRossmeisl

FEBRUARY 16, 2025

The tax treatment of these assets can be complex, but businesses need to understand the issues involved. Intangible assets, such as patents, trademarks, copyrights and goodwill, play a crucial role in todays businesses. Here are some answers to frequently asked questions. What are intangible assets? The term intangibles covers many items.

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Tax CPA business tax 232

TaxConnex

OCTOBER 15, 2024

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

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TaxConnex

JANUARY 7, 2025

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.

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Sales Rhode Island Tax tax return 147

RogerRossmeisl

FEBRUARY 16, 2025

However, like all interest-bearing investments, savings bonds come with tax implications that are important to understand. The post Savings Bonds and Taxes: What You Need to Know appeared first on Roger Rossmeisl, CPA. When considering the advantages of U.S. The bond isnt worth its face value until it matures.

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Tax CPA Government 245

MyIRSRelief

NOVEMBER 1, 2024

S Corporations: Tax Preparation, Tax Planning, and the Benefits of Professional Tax Help S Corporations , often referred to as S Corps, are a popular business structure in the United States, particularly among small to medium-sized businesses. However, navigating the tax landscape for S Corps can be complex.

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TaxConnex

DECEMBER 3, 2024

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.

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Sales Tax Montana Alaska 162

RogerRossmeisl

DECEMBER 15, 2024

However, as a household employer, its critical to understand your tax obligations, commonly called the nanny tax. If you hire a household employee who isnt an independent contractor, you may be liable for federal income tax and other taxes (including state tax obligations).

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TaxConnex

JANUARY 30, 2025

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?

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TaxConnex

MARCH 4, 2025

It also seems to have an excellent take on sales tax in its functions, including where Squares responsibilities end and yours begin. Feeling your pain Sales tax isnt fun or exciting to think about, Square says up front in its guide, 9 Crucial Things to Know About Sales Tax. Tax compliance is your responsibility.

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Sales Tax online accounting Account 147

RogerRossmeisl

MARCH 23, 2025

Yet the transition may bring a tangle of tax considerations. Planning carefully can help you minimize tax bills. Below are four steps to take if youre approaching retirement, along with the tax implications. Tax implications: Moving to a state with lower income or property taxes may stretch your retirement savings.

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Tax CPA tax planning 130

TaxConnex

MARCH 13, 2025

The sales tax landscape is constantly evolving, and businesses must adapt to keep pace. But tax laws aren't the only things changingbusinesses themselves are growing, diversifying, and seeking new ways to streamline their operations. The top three reasons that respondents are looking to change their sales tax processes in 2025 are: 1.

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Sales Tax Education Finance 147

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.

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TaxConnex

MAY 7, 2024

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.

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Rhode Island Sales Tax South Carolina 264

RogerRossmeisl

MARCH 23, 2025

The Child Tax Credit (CTC) has long been a valuable tax break for families with qualifying children. As we approach the expiration of certain provisions within the Tax Cuts and Jobs Act (TCJA) at the end of 2025, heres what you need to know about the CTC for 2024, 2025 and beyond.

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Tax CPA 130

RogerRossmeisl

JUNE 26, 2024

The next quarterly estimated tax payment deadline is September 16 for individuals and businesses, so it’s a good time to review the rules for computing corporate federal estimated payments. You want your business to pay the minimum amount of estimated tax without triggering the penalty for underpayment of estimated tax.

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Tax CPA business tax 257

TaxConnex

AUGUST 8, 2024

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.

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TaxConnex

JANUARY 23, 2025

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.

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Sales North Carolina Tax Construction 147

CPA Practice

OCTOBER 14, 2024

A new survey from Big Four firm EY reveals that CFOs’ and corporate tax leaders’ stances on generative artificial intelligence have shifted over the past year—from mostly negative to mostly positive. Tax departments are expected to be the leaders for most organizations as they move quickly along the GenAI maturity curve.

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corporation tax Tax Finance Technology 117

Xero

NOVEMBER 18, 2024

We’re excited to announce that partnership tax has arrived in Xero Tax. You can now manage most of your clients’ tax needs – corporate, personal, and ordinary partnerships – in one simple, secure platform. Your practice can now gain all the benefits of Xero Tax across your ordinary partnership clients.

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CPA Practice

NOVEMBER 27, 2024

These statistics highlight an undeniable reality: delivering outstanding CX is not optional—it is a strategic imperative, even in specialized sectors like tax technology. Retailers expect to have instant, accurate tax calculations at the point of sale to meet customer expectations for seamless transactions.

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Tax Technology Retail audit 116

Going Concern

MARCH 20, 2025

Some of those folks showed up Thursday morning trying to get their tax documents back. We have to get our tax papers back, so we can take them somewhere else, said one client to WSOC. Its going to be tax time and we have no tax returns. State Board of Certified Public Accountant Examiners. You get an extension!

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North Carolina accounting firms Tax accountant 125

CTP

OCTOBER 30, 2024

This type of specialized company has been gaining popularity—and many of them have been on the lookout for a tax planner to complete their financial advisory teams. However, a family office is an expensive setup—which is one of the reasons a tax planner can be a value-add to this team. What exactly is a family office?

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TaxConnex

SEPTEMBER 5, 2024

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. Portions of packages that contain non-taxable or exempt items get a break on the tax on the S&H.

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TaxConnex

MARCH 6, 2025

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.

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Sales Tax South Dakota Mississippi 130

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.

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Sales Tax North Dakota Nebraska 264

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.

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TaxConnex

APRIL 9, 2024

For purposes of incurring sales tax in any state, that essentially translates into “sometimes.” In other instances, vitamins and supplements aren’t taxed at all. How do you handle sales tax liability if you sell vitamins, dietary supplements or other items in this nebulous category? And we don’t mean “sometimes.”

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Sales West Virginia Tax Virginia 264

RogerRossmeisl

SEPTEMBER 9, 2024

You may expect to pay Uncle Sam the standard 15% or 20% federal income tax rate that usually applies to long-term capital gains from assets held for more than one year. However, some real estate gains can be taxed at higher rates due to depreciation deductions.

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Real Estate Tax income tax CPA 263

CPA Practice

NOVEMBER 15, 2024

The American Institute of CPAs has recognized two prominent Tax Division members during the 2024 AICPA Fall Tax Division Meeting. He is a Senior Director in the Tax Quality and Risk Management group in RSM’s National Office of Risk Management in Chicago. He also served on the AICPA’s Tax Executive Committee.

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Tax CPA cpas Washington 111