TaxConnex

SEPTEMBER 7, 2023

Nonprofits are often thought to be exempt from sales taxes, but is that correct? Other stats say more than 2 million charities exist that are tax-exempt according to Internal Revenue Service rules. Are non-profits exempt from sales tax obligations? These same organizations are not necessarily exempt from sales tax.

Sales 147

Sales Tax Non-Profits North Carolina 147

TaxConnex

SEPTEMBER 28, 2023

Now it’s time to register with the states to collect and remit sales tax. You complete your sales tax registrations and file them with the departments of revenue or taxation in each state. These registrations are called sales tax permits, sometimes licenses. New York calls theirs a “sales tax certificate of authority.”

Sales 147

Sales Tax West Virginia North Dakota 147

CPA Practice

OCTOBER 8, 2024

In response to Hurricane Helene’s recent devastation and Hurricane Milton’s impending landfall, Wolters Kluwer Tax & Accounting is highlighting tax relief opportunities available to those affected by natural disasters in 2024. They can choose to claim these losses in the year they were incurred (i.e.,

South Carolina 116

South Carolina North Carolina Tax tax return 116

TaxConnex

AUGUST 9, 2022

There’s always something changing in the world of tax, especially sales tax. State sales tax holidays fail to live up to the hype. in favor of conveniently popular yet ultimately ineffective sales tax holidays.”. Several states tinkered with their sales tax exemptions this summer. Holiday hucksterism? Free for all.

Sales 130

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TaxConnex

JUNE 1, 2023

Last time, we looked at trailing nexus and a few reasons you might want to cancel your sales tax registration with a state. We say “ironclad” because often a state will dispute whether you can cancel your registration because they don’t want to lose sources of tax revenue. So, is cancelling your sales tax registration simple?

Sales 130

Sales Tax New Jersey North Carolina 130

CPA Practice

MAY 8, 2023

Reducing taxes is one way to cut costs, and sometimes moving from a high-tax state to a low-tax state can eliminate thousands of dollars in expenses year after year. Tennessee, Texas, and Florida are among the most commonly moved-to states, and it just so happens that these states don’t tax income.

New York 125

New York California North Carolina South Carolina 125

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. People face a July 17 deadline to file their returns.

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. Source: U.S.

Tax 116

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CPA Practice

JUNE 29, 2023

Taylor, Kiplinger Consumer News Service (TNS) The IRS, after confusing millions of California taxpayers with tax balance-due notices in May and June, will send follow-up letters to people in states that received extra time to file their federal income tax returns due to severe weather events. 16, 2023 to file. 16, 2023 to file.

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income tax Mississippi tax return Arkansas 111

CPA Practice

SEPTEMBER 17, 2024

Explore key topics for the upcoming tax season, including recent tax law changes, the impact of evolving technology, and adjustments to reporting requirements. Today, he is Brand Ambassador, helping shape the future and growth of one of the largest professional tax software companies in the nation.

Tax 105

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CPA Practice

APRIL 26, 2024

With the 2024 filing season in the rearview mirror, the IRS provided an update Friday on how well its Direct File pilot program fared this year but said little about what the future holds for its prized tax-filing service. More than 5,000 accepted returns were processed each day during the final week of filing season.

South Dakota 110

South Dakota Tax New Hampshire Wyoming 110

CPA Practice

OCTOBER 4, 2024

The Internal Revenue Service says its Direct File program has added 12 new states and will be available for the 2025 tax filing season. During the pilot last year, Direct File was available in Arizona, California, Florida, Massachusetts, Nevada, New Hampshire, New York, South Dakota, Tennessee, Texas, Washington State and Wyoming.

Alaska 126

Alaska South Dakota North Carolina tax return 126

inDinero Tax Tips

MARCH 2, 2023

Cryptocurrency tax rules can be complicated and confusing, but you definitely need to report your crypto gains. Here’s a look at what happens if you don’t report cryptocurrency on taxes — along with answers to common crypto tax questions. What Happens if You Don’t Report Cryptocurrency on Taxes?

Tax 98

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CPA Practice

OCTOBER 10, 2024

CPA Practice Advisor wants to highlight those in the accounting and tax communities who have begun or are in the process of mobilizing efforts to help those impacted by Hurricane Helene. FICPA will be hosting a second webinar with Schreiber on disaster tax matters at 10 a.m. [Updated on Oct. 10; originally posted on Oct.

North Carolina 116

North Carolina South Carolina Tennessee Georgia 116

CPA Practice

APRIL 9, 2024

As accountants and CPAs, dealing with payroll taxes is essential to managing finances for your business clients. Understanding the details of payroll taxes helps you better assist your clients in fulfilling their obligations and maximizing tax efficiency. Social Security Tax : Employers and employees each contribute 6.2%

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MyIRSRelief

JULY 3, 2023

Contact us for professional tax help today! During an ERC audit, the IRS reviews the business’s records, including payroll records, tax returns, and supporting documentation related to ERC claims. What Skills Should I Look for in a Tax Professional for ERC Audit Representation? Understanding ERC IRS Audits 1.1

audit 130

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Snyder

JUNE 9, 2022

For e-commerce business owners, income tax filing season marks the start of a highly stressful time. Among the taxes that e-commerce businesses need to file, income tax is the most common one. To help you meet the income tax filing season fully armed and prepared, we have compiled a step-by-step guide. What is income tax?

income tax 52

income tax tax return E-commerce Tax 52

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. It’s also the first service from the agency itself that guides you through the process of filling out your return. There’s a catch, however.

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Anders CPA

MAY 23, 2023

Remote workers have become a staple of the workplace, but hiring out-of-state employees can lead to payroll tax complications. Multi-state payroll tax withholding done incorrectly can lead to penalties and interest for employers and create tax headaches for employees.

payroll tax 98

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Withum

OCTOBER 3, 2024

The IRS issued a news release providing tax relief for taxpayers affected by Hurricane Helene. This includes the entire states of Alabama, Georgia, North Carolina, and South Carolina, 41 counties in Florida, eight counties in Tennessee, and six counties and one city in Virginia. What does the filing and payment relief apply to?

South Carolina 130

South Carolina North Carolina tax preparation income tax 130

CPA Practice

APRIL 10, 2023

Still, whatever discomfort I experience when booking a room has nothing on what lodging platforms have to endure to comply with the multitude of lodging tax requirements in the United States. We talk a lot about how complicated sales tax compliance is at the Avalara Tax Desk, and it is. Sometimes you just have to go with it.

Tax 85

Tax West Virginia Wisconsin Virginia 85

CPA Practice

JUNE 14, 2023

Nearly three-quarters of that climate change investment—an estimated $270 billion—is delivered through tax incentives. The law created two new credit delivery methods— elective pay (also known as “direct pay”) and transferability —that enables different entities to take advantage of the clean energy tax credits.

Tax 85

Tax Alaska Manufacturing Tennessee 85

CPA Practice

NOVEMBER 21, 2023

By Bill Estep, Lexington Herald-Leader (TNS) A former Kentucky accountant has been indicted after allegedly failing to report more than $320,000 in income on his federal taxes. A federal grand jury indicted Charles Marshall Stivers, of Manchester, last week on two charges of making false statements on tax returns in 2018 and 2020.

Kentucky 64

Kentucky CPA Tax tax return 64

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. for Medicare.

New Hampshire 114

New Hampshire tax return Tax income tax 114

Cherry Bekaert

OCTOBER 28, 2024

Understanding the available tax relief options is crucial. IRS Disaster Relief The Internal Revenue Service (IRS) offers comprehensive tax relief to those affected by Hurricane Helene and Hurricane Milton across several states. Tennessee : Tax relief measures are detailed on the Tennessee Department of Revenue website.

South Carolina 52

South Carolina North Carolina Tax Alabama 52

CPA Practice

FEBRUARY 29, 2024

Businesses with income from farming or fishing that have not paid all of their 2023 tax year estimated taxes by Jan. 16 must file their tax returns and pay their entire tax due on or before March 1. Only those taxpayers that have paid their estimated tax payments by Jan. See Topic no.

Rhode Island 52

Rhode Island West Virginia Tax Connecticut 52

CPA Practice

OCTOBER 25, 2023

Are you ready for the upcoming tax season? Join John Sapp, CPA and Chief Revenue Officer at Drake Software and Isaac O’Bannon, Managing Editor for CPA Practice Advisor for a live webinar covering key topics that will affect tax preparers and payers in the upcoming season. Already registered for this webinar? Click here to log in.

Tax 64

Tax Tennessee CPA Education 64

CPA Practice

OCTOBER 18, 2023

With sales tax compliance, it’s the latter. The fact is, not all states are equal when it comes to sales tax filing and remittance. For a variety of reasons, sales tax compliance in certain states takes more time and causes more headaches than sales tax compliance in others. There’s no one reason why this is so.

Sales 59

Sales South Dakota Tax Missouri 59

CPA Practice

NOVEMBER 22, 2023

By Bill Estep, Lexington Herald-Leader (TNS) A former Kentucky accountant has been indicted after allegedly failing to report more than $320,000 in income on his federal taxes. A federal grand jury indicted Charles Marshall Stivers, of Manchester, last week on two charges of making false statements on tax returns in 2018 and 2020.

Kentucky 52

Kentucky CPA Tax tax return 52

CPA Practice

SEPTEMBER 12, 2024

Avantax Welcomes $60M Advisor Ali Kazemi and His Northern California-based Sentinel Financial Group Avantax, a Dallas-based leader in tax-intelligent financial planning and wealth managemen, recently welcomed Ali Kazemi, a seasoned financial services industry veteran with 30 years of experience.

Kansas 104

Kansas Pennsylvania audit accounting and finance 104

Cherry Bekaert

JULY 25, 2023

The Inflation Reduction Act (IRA) provided two new mechanisms to facilitate the utilization of certain clean energy tax credits that were authorized and expanded by the IRA. The elective pay provisions are available for tax years ending after December 31, 2022, and are claimed on the income tax return that claims the underlying credit.

Tax 59

Tax income tax tax return Manufacturing 59

Going Concern

OCTOBER 20, 2023

The strategic acquisition also encompasses Mueller dotKonnect, a business process outsourcing firm specializing in finance, accounting, tax and payroll functions. LBMC is already Tennessee’s largest CPA firm, and was recently named a 2023 best tax and accounting firm by Forbes. This move, effective Nov.

CPA 111

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inDinero Tax Tips

MARCH 2, 2023

Cryptocurrency tax rules can be complicated and confusing, but you definitely need to report your crypto gains. Here’s a look at what happens if you don’t report cryptocurrency on taxes — along with answers to common crypto tax questions. What Happens if You Don’t Report Cryptocurrency on Taxes?

Tax 52

Tax income tax South Dakota tax return 52

xendoo

JANUARY 16, 2023

Filing taxes as a small business owner can be complex, with numerous factors to consider. From tax law revisions to the overwhelming number of forms, understanding your small business tax rate and how to file can be difficult. Your business entity type and preferred filing status will also affect your tax rate.

business tax 52

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PYMNTS

APRIL 18, 2017

Tax season, that is. Curious to know how your taxes stacked up? million tax returns last year, some 88 percent of which were filed electronically. million tax returns last year, some 88 percent of which were filed electronically. trillion in adjusted gross income — meaning a total tax liability of $1.52

income tax 40

income tax Tax New Hampshire Tennessee 40

CPA Practice

APRIL 19, 2024

But running a marketplace also brings unique tax and compliance challenges. Our 2024 Avalara Tax Changes report explores new and changing requirements for marketplace facilitators and sellers across a variety of industries. They all face different tax compliance obligations and challenges. Read the report now.

Tax 59

Tax Wyoming Alaska Louisiana 59

Snyder

FEBRUARY 12, 2023

Payroll taxes can be daunting for employers to calculate and pay. With the numerous tax laws, regulations and compliance requirements, employers are required to be up-to-date on the latest regulations to ensure they’re making accurate and timely payroll tax payments. It is not intended to provide any tax advice.

payroll tax 52

payroll tax payroll Tax income tax 52