TaxConnex

APRIL 7, 2022

State sales tax filing obligations come in a dizzying number of deadlines for you to follow (potentially with bad consequences if you don’t). And generally, the higher the volume of tax you’ll be reporting, the more often you have to file. When filing sales tax returns, due dates can include the 7th, 10th, 15th, 20th, 30th?and

Sales 246

Sales Tax Texas income tax 246

TaxConnex

JULY 30, 2024

Most states follow destination-based sourcing rules, where remote sellers must apply the sales tax rules and rates based on where they are shipping a product. Compliance Compliance means you need the ability to calculate, charge and collect the sales tax for transactions with your customers. Some states are origin-based.

South Dakota 264

South Dakota Alaska New Hampshire Montana 264

TaxConnex

APRIL 6, 2021

Use tax remittances are paid by the purchaser to Nebraska using one of two returns. Businesses with sales tax permits may use Nebraska and Local Sales and Use Tax Return, Form?10 10 to report use tax. Individuals may report their use tax liability using Nebraska and Local Individual Use Tax Return, Form 3.

West Virginia 147

West Virginia Sales Nebraska Alaska 147

TaxConnex

MARCH 2, 2021

Estimates reportedly said the tax will generate up to $250 million but opponents promise legal challenges. Maryland has also extended time free of interest and penalties to file sales and use tax returns due between Jan. This affects returns for sales taking place from December through this month.

Sales 246

Sales Tax Missouri Wisconsin 246

TaxConnex

JULY 15, 2021

percent sales tax created three years ago to address a budget crisis, has been sent to the governor for executive approval. Maryland is offering a vendor credit of up to $3,000 on sales tax returns for the months of March, April and May 2021. Texas reports that state sales tax revenue totaled $3.4

Sales 219

Sales Tax Louisiana North Carolina 219

CPA Practice

APRIL 7, 2023

The Department of Justice is warning taxpayers to choose their return preparers wisely as the April 18 federal tax filing deadline approaches. Unscrupulous preparers who include errors or false information on a tax return could leave a taxpayer open to liability for unpaid taxes, penalties and interest.

tax preparation 132

tax preparation Tax tax return income tax 132

CPA Practice

MAY 8, 2023

That idea is supported by migration data, recently released by the IRS, showing that taxpayers are leaving notoriously high-tax states like California and New York and choosing to live instead in low-tax states. Over 700,000 individuals fled California’s high taxes in favor of other states with lower taxes.

New York 125

New York California North Carolina South Carolina 125

CPA Practice

JANUARY 8, 2024

The special week is the IRS’ latest effort in support of taxpayers and the tax community. Each year, millions of taxpayers seek the help of tax professionals to prepare their federal tax returns and other filings. “As For available more information and locations, see free tax return preparation for qualifying taxpayers.

Tax 111

Tax tax return Minnesota income tax 111

ThomsonReuters

NOVEMBER 2, 2021

As a corporate tax professional, you know the complexities of complying with business taxation requirements. Your company may have to file corporate tax returns in multiple states and local jurisdictions, as well as with federal — and perhaps international — tax authorities. Does every corporation file income tax returns?

tax return 59

tax return corporation tax income tax Tax 59

CPA Practice

APRIL 12, 2023

million people across the nation (state-by-state list below) have unclaimed refunds for tax year 2019 but face a July 17 deadline to submit their tax return. billion in refunds remain unclaimed because people haven’t filed their 2019 tax returns yet. Need to file a 2019 tax return?

Rhode Island 122

Rhode Island tax return Tax West Virginia 122

CPA Practice

MARCH 14, 2023

Allegations include stealing identities of accountants, tax preparers, and taxpayers. On March 7, a federal grand jury in Austin, Texas, returned an indictment charging seven individuals with conspiracy to commit mail and wire fraud and other crimes arising out of their scheme to defraud the IRS using stolen identities.

Tax 116

Tax Texas tax preparation tax return 116

MyIRSRelief

JULY 3, 2023

During an ERC audit, the IRS reviews the business’s records, including payroll records, tax returns, and supporting documentation related to ERC claims. Certain factors, such as high claim amounts or inconsistencies in reported data, may trigger an audit. ERC IRS Audit Process 2.1 What Happens During an ERC Audit?

audit 130

audit North Carolina Oklahoma Ohio 130

CPA Practice

AUGUST 2, 2024

ITEP estimated tax payments including sales and excise taxes, property taxes paid directly or on taxes folded into rent payments, and payroll taxes, which are paid either through paycheck withholding or filing income tax returns.

Tax 119

Tax payroll tax New York California 119

TaxConnex

MAY 30, 2023

Nexus continues even after a person stops activities that originally established nexus … This one-year trailing nexus concept applies to all taxes you report on the excise tax return, including retail sales tax.” In many states where it applies, trailing nexus lasts about a year, as in Minnesota , Wisconsin and Texas.

Sales 130

Sales Michigan Tax Wisconsin 130

CPA Practice

SEPTEMBER 9, 2024

As a general rule, taxpayers should make estimated tax payments if they expect: To owe at least $1,000 in taxes for 2024 after subtracting their withholding and tax credits. Late and skipped estimated tax payments can incur penalties even if a refund is due when a tax return is filed.

West Virginia 95

West Virginia South Dakota South Carolina North Carolina 95

CPA Practice

JANUARY 13, 2023

A professional tax return preparer in Texas recently pleaded guilty to “engaging in a multi-year conspiracy to prepare and file false tax returns on behalf of clients and obtaining a fraudulent loan under the Paycheck Protection Program” (“PPP”). The proceeding was held before U.S. Magistrate Judge Jeffrey C.

Texas 52

Texas tax preparation Tax tax return 52

Withum

MARCH 7, 2024

We are now seeing the IRS issue standardized information and document requests (IDRs) from a centralized office in Austin, Texas. Should I File a Protective Income Tax Refund Claim? To prevent this, taxpayers can file a protective income tax refund claim. Is the IRS Still Issuing ERC Checks?

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Tax income tax tax return audit 126

TaxConnex

AUGUST 1, 2023

Where was the sale made (and did it incur sales tax based on destination or origin )? When was the return made? What was returned? What extra charges were involved in the return? Have you already filed your sales tax return based on the original amount of sales tax charged?

Sales 130

Sales Rhode Island Tax Michigan 130

CPA Practice

OCTOBER 4, 2024

State and eligibility expansion For the 2025 tax filing season, eligible taxpayers in 24 states will be able to use Direct File: 12 states that were part of the pilot last year, plus 12 new states where Direct File will be available in the upcoming filing season. Direct File will begin accepting tax returns when the filing season opens.

Alaska 126

Alaska South Dakota North Carolina tax return 126

Snyder

JUNE 9, 2022

State income taxes. Business income taxes. Local income taxes. Assessment tax return and short tax return. Income tax deadlines. Income tax extension: when is the last day to file income tax? Federal income tax brackets 2021 vs IRS income tax brackets 2022.

income tax 52

income tax tax return E-commerce Tax 52

CPA Practice

APRIL 26, 2024

Stats the agency released today about Direct File’s results, user feedback, and costs include: 140,803 taxpayers in the 12 states involved in the pilot program—Arizona, California, Florida, Massachusetts, Nevada, New Hampshire, New York, South Dakota, Tennessee, Texas, Washington, and Wyoming—filed their federal tax returns through the new service.

South Dakota 110

South Dakota Tax New Hampshire Wyoming 110

TaxConnex

SEPTEMBER 28, 2023

It’s actually free in many states like California , Texas and West Virginia. Should you register for sales tax, seller’s use tax or consumer’s use tax? As a seller, you will likely register for either sales tax or seller’s use tax. When did you start doing business in the state?

Sales 147

Sales Tax West Virginia North Dakota 147

CPA Practice

MARCH 21, 2024

This blog post sheds light on what makes personal property tax compliance in certain states particularly tricky. The personal property tax forms and procedures conundrum Filing property tax returns is the first hurdle your company must overcome if you do business in any of the 37 states that tax tangible personal property.

Rhode Island 119

Rhode Island Arizona Tax South Carolina 119

CPA Practice

AUGUST 27, 2024

There are a few other differences you should know : Real estate property does not necessitate filing a tax return; an assessor estimates the value of your property and sends you a notice detailing the valuation and taxable amounts. When it’s time to pay, you’ll receive a real property tax bill in the mail.

Rhode Island 115

Rhode Island Tax Real Estate tax return 115

TaxConnex

OCTOBER 3, 2023

In New York , local sales tax collections grew 4% in August compared with the same month in 2022. Texas announced that FY23 sales tax revenue was $46.58 State sales tax revenue totaled $3.98 Overall, local collections totaled $1.78 billion, up $67.9 million compared with the same time last year. billion, up 8.4%

Sales 147

Sales Louisiana Tax Tennessee 147

TaxConnex

AUGUST 4, 2022

Most states with economic nexus laws also employ marketplace facilitator laws (it is best to consult with a sales tax expert or CPA to find the most updated laws). Recently Hawaii, Texas, Wisconsin, Illinois, Michigan, Iowa, Louisiana and North Carolina added laws. returns for direct sales and indirect sales.?.

Wisconsin 130

Wisconsin North Carolina Michigan Iowa 130

CPA Practice

JANUARY 29, 2024

It’s back to regular IRS deadlines this year, but with a new tool for many low- and moderate-income households: a service that will prepare and file their tax returns online for free. That sort of virtual hand-holding is similar to what you’d get by using commercial tax preparation software.

tax preparation 105

tax preparation South Dakota tax return Arizona 105

CPA Practice

AUGUST 23, 2023

“We asked ourselves why some corporations pay more taxes and some pay less,” said Jaron Wilde, associate professor of accounting. Wilde’s team analyzed more than 94,000 tax returns of U.S. businesses with at least $10 million in assets that used an external tax preparer between 2005 and 2016.

business tax 98

business tax Tax North Carolina tax preparation 98

PYMNTS

JULY 29, 2020

Congressional members from both parties said businesses taking loans from the Paycheck Protection Program (PPP) should be allowed to deduct related expenses, like payroll, from taxes. That could leave millions of small businesses without a lifeline for their next tax returns.

Oregon 86

Oregon Kansas Texas tax return 86

inDinero Tax Tips

MARCH 2, 2023

That means you must disclose any cryptocurrency trading activity conducted over the past year on your tax return. Taxpayers are required to report all cryptocurrency transactions, including buying, selling, and trading, on their tax returns. How Do Businesses Report Capital Gains Tax on Cryptocurrency?

Tax 98

Tax income tax South Dakota tax return 98

CPA Practice

MARCH 7, 2023

For example, it makes sense to suggest electing S Corp status to your clients when their self-employment tax burden exceeds the tax burden if the corporation converted to an S Corp. For businesses structured as corporations, being an S Corp can help them avoid paying taxes at the corporate and shareholder levels.

New Hampshire 114

New Hampshire tax return Tax income tax 114

ThomsonReuters

FEBRUARY 1, 2021

The FUTA tax rate is currently 6.0% FUTA tax credit reduction when they file their Form 940 (Employer’s Annual Federal Unemployment (FUTA) Tax Return), resulting in a net FUTA tax rate of 0.6%.FUTA on the first $7,000 in wages per employee each year. However, employers generally receive a 5.4%

Hawaii 89

Hawaii Nevada California New Jersey 89

Anders CPA

MAY 23, 2023

As an employer, you are already required to withhold state income tax from employee wages, even for nonresident workers. Take note that nine states do not have a state income tax, so it is unnecessary to withhold funds in Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming.

payroll tax 98

payroll tax payroll Rhode Island South Dakota 98

CPA Practice

APRIL 9, 2024

Compliance and Reporting Ensuring compliance with payroll tax regulations involves timely and accurate reporting to various tax authorities. As an accountant or CPA, you play a vital role in: Calculating and withholding taxes correctly. Filing tax returns and remitting payments on time.

payroll tax 110

payroll tax West Virginia payroll cpas 110

Anders CPA

MAY 6, 2024

For example, Texas has trigger laws that match federal scheduling as long as the Department of State Health Services in Texas doesn’t intercede within 30 days. Worst case, you are able to handle a massive tax bill. Investing in a tax attorney to secure a refund could be a six-figure investment.

Texas 52

Texas tax return Tax CPA 52

CPA Practice

APRIL 14, 2023

have unclaimed refunds for tax year 2019 but face a July 17 deadline to submit their tax return, the IRS said on Wednesday. billion in refunds remain unclaimed because people have not filed their 2019 tax returns yet. People face a July 17 deadline to file their returns. million people across the U.S.

Rhode Island 52

Rhode Island West Virginia South Dakota North Dakota 52

CPA Practice

APRIL 13, 2023

have unclaimed refunds for tax year 2019 but face a July 17 deadline to submit their tax return, the IRS said on Wednesday. billion in refunds remain unclaimed because people have not filed their 2019 tax returns yet. People face a July 17 deadline to file their returns. million people across the U.S.

Rhode Island 52

Rhode Island West Virginia South Dakota North Dakota 52