TaxConnex

NOVEMBER 3, 2020

There’s always something changing or new going on in the world of tax, especially sales tax. In Alabama , tax licenses – including for sales tax, sellers use tax and the simplified sellers use tax – must be renewed annually as of Nov. New York City tax revenues in March and April fell $1.15

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Sales Tax Wisconsin Missouri 244

TaxConnex

APRIL 4, 2024

Now, almost six years after the landmark Wayfair case ignited sales tax obligations for more remote sellers, one of those numbers might be falling out of favor. Since the Supreme Court’s decision in 2018, almost all states with economic nexus opted to have dollar volume of sales as one trigger for sales tax obligations.

South Dakota 241

South Dakota North Dakota Wisconsin Iowa 241

CPA Practice

NOVEMBER 12, 2024

Many American retirees wonder how their benefits will be affected following Donald Trump’s pledge to eliminate taxes on Social Security income during his presidential campaign. A new report by GoBankingRates.com reveals that Texas is one of 41 states that will not tax Social Security benefits next year.

South Dakota 98

South Dakota North Dakota South Carolina North Carolina 98

TaxConnex

DECEMBER 12, 2023

But not for sales tax liability, where most states still maintain strong responsible party laws. And they can come as a real shock: CEOs, CFOs, directors and other execs can be held personally responsible for sales tax shortfalls. That’s true for many of the fiscal messes that can befall a company. How do they know who’s responsible?

Sales 227

Sales Tax Ohio Georgia 227

TaxConnex

JUNE 1, 2021

Collecting and remitting sales tax can be onerous – and expensive – for any business. That’s one reason some states give a collection discount to help with the costs of managing sales tax. Most taxing jurisdictions mandate on-time filing and full payment of tax due, among other conditions, to qualify for these discounts.

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Sales South Carolina Tax Utah 245

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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payroll tax West Virginia payroll cpas 110

TaxConnex

OCTOBER 3, 2023

There’s always something changing in the world of tax, especially sales tax. billion in tax revenue on sales tax holidays that offer breaks on such goods as back-to-school or disaster-preparedness items. The other prevalent argument is that sales tax holidays are a way of giving tax relief. “The

Sales 147

Sales Louisiana Tax Tennessee 147

TaxConnex

JULY 15, 2022

Several recent court cases show how tricky the legal system can be for online sellers managing sales tax obligations. The Washington Department of Revenue upheld a retail sales tax assessment on a taxpayer who failed to collect retail sales tax on sales to a renewable energy company. The Wisconsin Tax Appeals Commission?has

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Wisconsin Louisiana Washington Arizona 183

TaxConnex

NOVEMBER 8, 2022

How does sales tax fit into this? Sales tax when dollars and other “fiat money” are involved is clear: there is no sales tax due when acquiring the currency, and the currency can be used as legal tender to satisfy the purchase price of goods and services including any applicable sales tax due on the purchase price.

Sales 130

Sales Tax Wisconsin Kentucky 130

CPA Practice

AUGUST 25, 2024

Yet some states still haven’t clearly defined how sales and use tax applies to digital goods and services. To help you better understand digital products sales tax, this blog will explain: How do you define digital products for sales tax? How do you figure out sales tax on digital products by state?

West Virginia 130

West Virginia Rhode Island South Carolina Tax 130

TaxConnex

JUNE 9, 2022

What’s new in May for state sales and use taxes. There’s always something changing in the world of tax, especially sales tax. Exempting groceries from sales tax as American families struggle with inflation and other economic woes is politically tempting. million in taxes a year on the sale of groceries.

Sales 226

Sales Tax Colorado Massachusetts 226

CPA Practice

AUGUST 26, 2024

And I’d save money on takeout if I lived there: While Ohio sales tax generally applies to food sold for consumption in a restaurant, takeout food is sales tax exempt. It’s one of those curious quirks of sales tax law. Some of the most perplexing sales tax laws in this country involve food.

Ohio 110

Ohio Sales Tax New Hampshire 110

TaxConnex

AUGUST 24, 2021

In the world of sales tax, they’re major marketplace facilitators. Marketplace facilitators are required to charge sales tax where they have nexus (the connection between a tax authority and a company). It wasn’t long before states recognized that there was still a large portion of internet-based sales that weren’t being taxed.

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Sales South Dakota Tax South Carolina 240

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

TaxConnex

JUNE 20, 2023

Almost five years ago, the Supreme Court’s Wayfair decision was heralded as a revenue gateway for almost all states to require remote sellers to collect and remit sales tax. Two years ago, for instance, Wisconsin studied how halving its 200-transaction threshold would hurt coffers. Some states never adopted one.) Starting Aug.

South Dakota 220

South Dakota North Dakota Wisconsin Iowa 220

TaxConnex

JANUARY 11, 2022

It’s one of the most important aspects of an online business – and one of the wackiest when trying to determine whether sales tax applies or not. Many states say that when the contents of a shipment are taxable, so is the shipping cost; similarly, when items in a shipment are exempt from sales tax, so is the cost of shipping.

Sales 215

Sales Rhode Island South Dakota North Dakota 215

CPA Practice

APRIL 5, 2024

Earlier this week WalletHub released a study that shows which states’ residents have the highest and lowest tax burden , measured as the proportion of total personal income that residents pay toward state and local taxes. The study looks at how much tax the average person is estimated to pay in each state throughout their lifetime.

West Virginia 126

West Virginia Rhode Island South Dakota North Dakota 126

CPA Practice

NOVEMBER 4, 2024

Document Management software is a valuable solution for the organization as you prepare for tax season. Download the guide to ensure you are ready for next tax season. It finds the documents you need in seconds, and creates a bespoke, secure database for your firm.

Rhode Island 59

Rhode Island West Virginia South Dakota North Dakota 59

TaxConnex

MAY 30, 2023

You know all about reaching sales tax nexus: selling enough or having a physical presence in a tax jurisdiction sufficient to create a connection with that jurisdiction and create an obligation for you to collect and remit sales tax. Sales tax isn’t getting any easier. But business and sales patterns change over time.

Sales 130

Sales Michigan Tax Wisconsin 130

TaxConnex

SEPTEMBER 26, 2024

The exception certificate figures big in your sales tax toolbox. A sales tax exemption certificate means you, the seller, don’t have to collect and remit sales tax on certain products and services and to certain clients (such as schools, hospitals or churches) in a state. Get in touch to learn more.

Rhode Island 130

Rhode Island West Virginia South Dakota North Dakota 130

TaxConnex

APRIL 6, 2021

There’s always something changing in the world of tax, especially sales tax. The Alaska Remote Seller Sales Tax Commission has approved its “Remote Seller Sales Tax Code & Common Definitions” that would apply to local municipalities in Alaska that choose to adopt it. 10 to report use tax.

West Virginia 131

West Virginia Sales Nebraska Alaska 131

TaxConnex

MAY 6, 2021

There’s always something changing in the world of tax, especially sales tax. In the trendiest sales tax news (aside, of course, from Florida finally passing economic nexus legislation), Connecticut lawmakers have proposed a digital advertising services tax similar, experts say, to one recently enacted in Maryland.

Sales 232

Sales North Carolina Tax Maryland 232

TaxConnex

JANUARY 19, 2023

We hear a lot about “sales tax obligations,” but who exactly in your company is “obligated?” Since the Supreme Court’s 2018 Wayfair decision, many businesses are required to collect and remit sales tax in multiple states – more so than pre-Wayfair. Personal liability can often apply whether the imposed tax was collected or not.

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Wisconsin Georgia Texas tax return 225

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.

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Tax West Virginia Wisconsin Virginia 85

CTP

MAY 8, 2024

The Tax Cuts and Jobs Acts (TCJA) of 2018 stirred up mixed responses by introducing a $10,000 cap on state and local tax (SALT) deductions for individual taxpayers. As of today, 19 states have enacted pass-through entity taxes. Prior to TCJA, many states did not have a PTE tax or the tax rate was much lower.

Rhode Island 93

Rhode Island Tax South Carolina Connecticut 93

Cherry Bekaert

JUNE 9, 2023

Contributors : Chris Grimes, Senior Manager, State & Local Tax | Peter Baisch, Senior Manager, State & Local Tax Georgia IRC Conformity and Section 174 On May 2, 2023, Georgia Senate Bill 56 was signed into law, which updated Georgia’s Internal Revenue Code (IRC) conformity date from January 1, 2022, to January 1, 2023.

Georgia 97

Georgia Tax Wisconsin Kentucky 97

TaxConnex

DECEMBER 23, 2021

If you and your company haven’t been hit with a sales tax audit yet, congrats. In TaxConnex’s recent market survey more than one in four (26.7%) top finance professionals in a variety of industries report seeing an increase in state sales tax audits in the past two years. Sales Tax Audit Triggers. What if you do get caught?

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audit Sales Tax auditor 199

TaxConnex

JUNE 13, 2024

It seems like yesterday when only physical nexus ignited a company’s sales tax obligations in a state. Evolution of sales tax obligations “Nexus” means a company has a connection to a tax jurisdiction sufficient to allow that jurisdiction to make the company adhere to sales tax rules. How and why did this come about?

South Dakota 242

South Dakota North Dakota Massachusetts E-commerce 242

CPA Practice

APRIL 3, 2024

A new study by WalletHub revealed that residents of New York state are burdened by taxes the most among the 50 states, while Alaska residents have the lowest tax burden. The following are some key findings from WalletHub’s study: As previously stated, New York has the highest overall tax burden, while Alaska has the lowest.

Rhode Island 111

Rhode Island Alaska New Hampshire Tax 111

TaxConnex

AUGUST 25, 2022

In a field that changes as fast as sales tax, it’s a necessity. You generally have three options to address your sales tax compliance obligation: try to manage everything in-house; outsource to an experienced provider; or do nothing and roll the dice. This one of the key steps to complying with sales and use tax laws nationwide.

Sales 194

Sales Tax audit Alaska 194

CPA Practice

APRIL 9, 2024

A new study by WalletHub revealed that residents of New York state are burdened by taxes the most among the 50 states, while Alaska residents have the lowest tax burden. The following are some key findings from WalletHub’s study: As previously stated, New York has the highest overall tax burden, while Alaska has the lowest.

Rhode Island 105

Rhode Island Alaska New Hampshire Tax 105

CPA Practice

SEPTEMBER 11, 2023

The Wisconsin Institute of Certified Public Accountants or WICPA has announced a series of upcoming conferences including the following: Business & Industry Fall Conference – September 18, 2023 at the Brookfield Conference Center in Brookfield, Wisconsin, which will be livestreamed for those not able to attend the conference in person.

CPA 111

CPA Wisconsin North Carolina Iowa 111

TaxConnex

AUGUST 4, 2022

Laws governing marketplace facilitators popped up when states saw that platforms were charging sales tax on the sale of their own or certain third-party sales but not on all sales. This produced a gap in tax collection. Recently Hawaii, Texas, Wisconsin, Illinois, Michigan, Iowa, Louisiana and North Carolina added laws.

Wisconsin 130

Wisconsin North Carolina Michigan Hawaii 130

MyIRSRelief

MAY 24, 2023

The notice will state the amount of tax due, as well as interest and penalties. The notice will also include the following information: The amount of tax due The amount of interest and penalties The due date for payment Instructions on how to pay What do I need to do if I receive an IRS CP14 notice? What is an IRS CP14 notice?

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North Carolina Oklahoma Ohio Texas 147

TaxConnex

DECEMBER 29, 2022

New sources of tax revenue, old ones robust but sputtering in spots, tax holidays as political tools amid inflation: It’s been a year of new trends in sales tax. Heading into the new year, state sales tax revenues were up coast to coast, often by double-digit percentages. Add that U.S. Too much or too little?

Sales 130

Sales Tax Maryland Louisiana 130

ThomsonReuters

APRIL 25, 2024

Navigating state taxes on retirement income is a critical aspect of financial planning for retirees. While federal tax rules apply uniformly across the country, state tax rules can vary widely. Jump to: • State tax on retirement income • Which states do not tax retirement income?

South Dakota 52

South Dakota Rhode Island New Hampshire Wyoming 52

TaxConnex

FEBRUARY 3, 2022

Sales tax has evolved a lot in recent years. So has the sales tax audit. Examiners can still show up and go over your books in person, and tax agencies will still send audit notices via snail mail. Many events can ignite a sales tax audit. And why not? What if you get flagged? Are they happening more often?

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audit Sales Tax auditor 205