TaxConnex

JULY 30, 2024

Sales tax isn’t simple. Here’s a step-by-step overview of various complications of sales tax compliance – and how to handle them. Then came 2018’s South Dakota vs. Additional complexities: The five NOMAD states – New Hampshire, Oregon, Montana, Alaska and Delaware – do not have a statewide sales tax.

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South Dakota Alaska New Hampshire Montana 264

Patriot Software

AUGUST 31, 2022

Commuter benefits aren’t just popular in big cities with prevalent public transportation systems. But coming up with unique and appealing perks, like commuter benefits, can further your chances of attracting and retaining top talent. Any employer can give employees the gift of […] READ MORE.

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Transportation Tax payroll 98

ThomsonReuters

NOVEMBER 19, 2020

The IRS has released an information letter responding to an inquiry from a qualified transportation plan participant with unused transit benefits. Unlike the rules governing health FSAs, the qualified transportation plan rules place few restrictions on compensation reduction election changes. Available at [link].

Transportation 98

Transportation Government Tax Account 98

ThomsonReuters

APRIL 7, 2022

QUESTION: Our company’s qualified transportation plan allows employees to purchase transit passes with pre-tax compensation. ANSWER: The Code provision authorizing qualified transportation plans indicates that the tax benefits under a qualified transportation plan are for “employees.”

Transportation 98

Transportation Tax Government Account 98

Withum

MARCH 17, 2025

ASC 330 requires that companies analyze their inventory to ensure it is stated at the lower of cost or net realizable value, defined as the estimated selling price in the ordinary course of business, less the cost of transportation. How Else Do Tariff Costs Impact the Income Statement? Advance Pricing Agreements or APA).

financial statements 95

financial statements Manufacturing Non-Profits Tax 95

CPA Practice

MARCH 26, 2025

Revenue generated by Hawaiis gas taxes is declining because more Hawaiians are driving electric and hybrid vehicles. The RUC isdesigned to providefair, long-term, sustainable funding for Hawaiis roads, according to the Department of Transportation.

Hawaii 106

Hawaii Tax Transportation 106

ThomsonReuters

FEBRUARY 2, 2023

QUESTION: Our company has a qualified transportation fringe benefit plan under Code § 132(f) that allows participants to pay for parking, transit passes, and vanpooling on a tax-free basis. Qualified transportation fringe benefit plans may only offer qualified parking, transit pass, or vanpooling. ANSWER: No.

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Transportation Tax Account accountant 97

TaxConnex

AUGUST 22, 2024

There’s always something changing in the world of tax, especially sales tax. Analysis reveals that a fee in Washington of 30 cents per order could generate between $45 and $112 million in revenues in 2026, growing to between $59 and $160 million by 2030,” reads a recent report by the Washington State Joint Transportation Committee.

Sales 147

Sales Tennessee Illinois Tax 147

TaxConnex

FEBRUARY 18, 2021

Sales and use tax obligations are determined by your nexus within a state or jurisdiction. Sales and use tax nexus is defined as the connection between a person or entity and a taxing jurisdiction. Wayfai r enacted economic nexus, physical presence reigned supreme when it came to determining a business’ sales tax obligation.

South Dakota 227

South Dakota Sales Transportation Tax 227

CPA Practice

SEPTEMBER 23, 2024

1, the per diem rates used to calculate tax deductions for business travel expenses will be $319 for travel to high-cost locations and $225 for travel to low-cost areas, the IRS said on Friday. Notice 2024-68 , which the IRS published on Sept. 1, 2024, to Sept. The use of a per diem substantiation method is not mandatory.

Transportation 135

Transportation Tax 135

RogerRossmeisl

OCTOBER 12, 2021

Taxpayers in the transportation industry can use a special transportation industry rate.) Taxpayers can use these rates to substantiate the amount of expenses for lodging, meals and incidental expenses when traveling away from home.

Transportation 246

Transportation CPA business tax Tax 246

CPA Practice

AUGUST 13, 2024

By Chris Van Buskirk Boston Herald (TNS) Massachusetts’ voter-approved “millionaires tax” delivered roughly $2.2 State budget writers said Friday the 4% surtax on incomes over $1 million managed to generate hundreds of millions more for transportation and education projects than expected during its first full year on the books.

Massachusetts 111

Massachusetts Tax Transportation Education 111

ThomsonReuters

NOVEMBER 11, 2021

Qualified Transportation Fringe Benefits. Nevertheless, there are adjustments to certain general tax limits that are relevant to the federal income tax savings under a DCAP. These include the 2022 tax rate tables, earned income credit amounts, and standard deduction amounts. Small Business Health Care Tax Credit.

Transportation 98

Transportation Tax income tax Account 98

ThomsonReuters

OCTOBER 20, 2022

Qualified Transportation Fringe Benefits. Nevertheless, there are adjustments to certain general tax limits that are relevant to the federal income tax savings under a DCAP. These include the 2023 tax rate tables, earned income credit amounts, and standard deduction amounts. Small Business Health Care Tax Credit.

Transportation 97

Transportation Tax income tax Account 97

CPA Practice

OCTOBER 22, 2024

22 released updated tax brackets and standard deductions for 2025. While the actual percentages of the tax brackets will remain the same until next year because of the Tax Cuts and Jobs Act of 2017, the income levels of each bracket change annually to adjust to inflation. The IRS on Oct.

Tax 124

Tax tax return Transportation income tax 124

CPA Practice

SEPTEMBER 11, 2023

Generally, you can’t deduct these transportation costs. To qualify for transportation deductions, you must be traveling away from your tax home to a business location. To qualify for transportation deductions, you must be traveling away from your tax home to a business location.

Tax 119

Tax Transportation income tax business tax 119

Withum

FEBRUARY 21, 2022

Federal Courts continue to reject constitutional challenges under the 5th Amendment to Section 7345, passed as part of the “Fixing America’s Surface Transportation Act” in 2015. Section 7345 gives taxpayers several ways they can work with the IRS to avoid the certification of their delinquent tax debt and referral to the State Department.

Tax 128

Tax Transportation tax services Government 128

MyIRSRelief

AUGUST 1, 2023

Trucking companies form the backbone of the transportation industry, ensuring that goods are delivered efficiently and promptly across the country. However, with the increasing complexity of tax regulations, many of these companies find themselves struggling to maintain tax compliance.

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payroll tax Tax payroll audit 130

Withum

FEBRUARY 17, 2025

With New York State progressing towards extending and amending the Film Tax Credit Program, now is the time to make sure you have a trusted advisor who can help you navigate this tremendously beneficial tax credit. How Does the New York State Film Tax Credit Program Work, and Who Is Eligible To Claim the Credit?

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Tax cpa firm New York general ledger 52

TaxConnex

JANUARY 17, 2023

Online sales could not exist without shipping, and the charges associated with shipping are subject to sales tax in many states. Question is, who has to pay that sales tax these days, and where? For sales tax purposes, you’ll see reference to “shipping,” “shipping and handling” (Arizona taxes these two, for instance) and “delivery”.

Rhode Island 130

Rhode Island West Virginia Sales Alaska 130

MyIRSRelief

NOVEMBER 15, 2024

Essential Bookkeeping Tips to Maximize Tax Deductions for Small Businesses Running a small business comes with a myriad of responsibilities, and one of the most crucial is managing your finances effectively. Travel Expenses:Separate travel expenses into subcategories such as airfare, lodging, meals, and transportation.

bookkeeping 130

bookkeeping Tax Entertainment accounting software 130

CPA Practice

JUNE 19, 2023

To lessen the burden caused by the funeral costs, many often ask about the tax deductibility of these funeral expenses and whether they can claim some form of tax relief from them. It’s important to remember that funeral expenses are tax-deductible items specific to the estate (gross value of the properties) of a deceased person.

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Tax tax return Transportation Real Estate 130

CPA Practice

MARCH 22, 2023

Thanks to a little-noticed law passed in 2014—the Achieving a Better Life Experience Act (ABLE) Act—a family can set up a tax-favored savings account for a disabled individual. After you establish the account and contribute to it, any earnings inside the account are exempt from current tax. Contributions are not tax-deductible).

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Tax accountant accounted Account 124

TaxConnex

AUGUST 15, 2023

There’s always something changing in the world of tax, especially sales tax. Midyear sales tax. The Tax Foundation released its “State and Local Sales Tax Rates, Midyear 2023” report of the 45 states (and the District of Columbia) that collect statewide sales taxes and the 38 states where local sales taxes are collected.

Sales 130

Sales Tax Alabama Texas 130

TaxConnex

JUNE 15, 2023

Call it a sales tax or a delivery fee of 27 cents. Retailers, online marketplaces and services must now charge the delivery fee if an order will be delivered to a Colorado address using a motor vehicle and includes at least one item subject to the state sales or use tax. There are other exemptions.

Colorado 130

Colorado Sales Minnesota Tax 130

inDinero Accounting

OCTOBER 17, 2024

For small business owners and startup founders, navigating the complex world of tax deductions can feel like traversing a financial minefield. As we delve into the specifics, remember that tax laws are as dynamic as the business world itself. Table of Contents What Is a Small Business Tax Deduction and How Does It Work?

business tax 52

business tax Tax bookkeeping bookkeeping services 52

CPA Practice

FEBRUARY 6, 2024

State and local taxes, also often referred to as SALT, are one of the most dynamic areas of tax practice, with thousands of jurisdictions across the U.S. imposing increases or newly-created taxes on real or other property. In response to the dismissal of the earlier state lawsuit, Apple Inc.

South Dakota 124

South Dakota Maryland Tax income tax 124

Going Concern

APRIL 3, 2025

Are you having trouble finding remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? Accountingfly can assist you! With our Always-On Recruiting service, you can access a pool of top remote accounting candidates without any upfront costs.

Tax 59

Tax NetSuite Real Estate accountant 59

MyIRSRelief

APRIL 29, 2024

But for these go-getters, navigating the complexities of running a business, especially the ever-challenging world of taxes and accounting, can feel overwhelming. This is where specialized tax and accounting firms step in, becoming a crucial partner for small businesses with under 100 employees.

Tax 130

Tax bookkeeping Entertainment accountant 130

CPA Practice

NOVEMBER 2, 2023

One of the topics the minds of many tax and accounting professionals is the environment. Target investments to cut localized pollution from port operations, heavy duty trucks, and transportation infrastructure. In addition, tax incentives are a primary tool in the Act to encourage energy innovation. By Diana Crawford, CPA.

Tax 115

Tax North Carolina Agriculture Manufacturing 115

Menzies

APRIL 12, 2024

Strategic divestments could help to raise the funds needed to invest, which may in turn help to minimise corporate tax liabilities by creating an opportunity to claim R&D tax relief. As transport infrastructure continues to evolve, passengers increasingly have access to multi-modal transport information and comparative pricing.

Transportation 52

Transportation chartered accountant corporation tax accounting firms 52

Cherry Bekaert

JUNE 18, 2024

Contributor: Nick Cousino, Senior Manager A new South Carolina tax credit that encourages private parties to expand the state’s ever-growing trail system went into effect May 13. A taxpayer allowing for a six-foot wide trail for two miles may be eligible to claim an income tax credit of $6,336.

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South Carolina Real Estate Tax income tax 111

CPA Practice

SEPTEMBER 4, 2024

By Lance Reynolds Boston Herald (TNS) Two Patriots defensive linemen say they are not fans of Massachusetts’ “millionaires tax,” siding with former head coach Bill Belichick that players prefer states without income taxes. When I got here they got that extra 4% millionaires tax out here, too,” White told Godchaux.

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Massachusetts Tax Education income tax 111

Anders CPA

SEPTEMBER 16, 2024

The transportation industry has endured a lot in these past few years, but a wise colleague of mine once said, “Prepare to endure, endure. As we prepare to thrive in 2025, here’s what my clients and I look at: Taxes: In an asset-heavy industry, staying on top of taxes is make-or-break. Prepare to thrive, thrive.”

Transportation 64

Transportation Tax accounting and finance tax planning 64

Anders CPA

NOVEMBER 7, 2023

When a business operates in multiple locations in the same state, complex sales tax regulations can often present a challenge. Special local sales tax districts, such as a community improvement or transportation development district, can exacerbate the difference in sales tax rates for business locations in neighboring municipalities.

Missouri 110

Missouri Sales Tax Transportation 110

CPA Practice

JULY 18, 2023

If you’re part of that rising tide, you need to know how to tax shipping and delivery charges. Charges for a company to deliver goods in its own vehicle are often taxed differently than charges for delivery by common carrier or private carrier. or “Is there sales tax on U.S. What follows are general guidelines, not tax advice.

Sales 98

Sales Retail Tax West Virginia 98

MyIRSRelief

MARCH 15, 2023

As a trucker, filing taxes can be a daunting task. The paperwork, deadlines, and complex tax laws can leave you feeling overwhelmed and uncertain about your tax obligations. However, failing to file your taxes can have severe consequences, including back taxes, penalties, and even legal action.

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tax accountant bookkeeping Tax accountant 130