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Half a dozen ways to mismanage sales tax | TaxConnex

TaxConnex

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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Options in Mitigating Past Sales Tax Liability

TaxConnex

Most businesses don’t set out to be non-compliant with sales tax, or anything for that matter. In fact, you probably have the best of intentions of meeting your sales tax obligations in the future. But what about sales tax liability from prior months? When do your sales tax obligations and liability start?

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Can an eCommerce platform alone manage sales tax?

TaxConnex

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.

Sales 264
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M&A negotiations and sales tax liability

TaxConnex

It’s a common scenario: A company has decided to sell, then due diligence turns up a $2 million risk in past sales tax obligations and compliance. Do you have solid positions and reasons for your sales tax decisions? Can you defend your sale tax position to minimize the escrow’s impact? Let’s say you’re the seller.

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Be an Odd Duck: Work on, Not in Your Public Accounting Practice

Speaker: Tom Bowman, CPA of Bowman & Company

It is possible to run an Accounting Firm and never do tax returns or financial statements! In this webinar you will learn: To be that Odd Duck and rehab your practice so that it runs largely without you. Use Accountant Advocate's webinars to earn continuing education credits from the CBA!

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Hot Topics: Sellers and marketplace facilitators | TaxConnex

TaxConnex

Every now and then something comes along that transforms sales tax. States’ definitions of a “marketplace facilitator” vary almost as much as states’ sales tax laws themselves. States seem to believe that marketplace facilitators – most of which are much larger than most retailers – constitute a rich source of tax revenue.

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Refunds and sales tax

TaxConnex

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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