TaxConnex
SEPTEMBER 17, 2024
Getting the right sales tax on your invoice is a pivotal step in managing your sales and use tax obligation. Sales and use tax is a tax imposed on the use or consumption of a product or service and meant to be paid by the end consumer. In certain situations (when you have sales tax nexus), it is your obligation to collect and remit it. Unfortunately, this is easier said than done.
RogerRossmeisl
SEPTEMBER 29, 2024
When drafting partnership and LLC operating agreements, various tax issues must be addressed. This is also true of multi-member LLCs that are treated as partnerships for tax purposes. Here are some critical issues to include in your agreement so your business remains in compliance with federal tax law. Identify and describe guaranteed payments to partners For income tax purposes, a guaranteed payment is one made by a partnership that’s: 1) to the partner acting in the capacity of a partner, 2) i
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BurklandAssociates
FEBRUARY 7, 2024
Net Revenue Retention (NRR), also known as Net Dollar Retention (NDR) is a key metric for SaaS companies. Measuring NRR provides important insights into a SaaS startup’s retention and expansion Read More The post How to Measure Your SaaS Startup’s Net Revenue Retention (NRR) appeared first on Burkland.
SMBAccountant
FEBRUARY 19, 2024
Understanding the basics of government contracts is essential when engaging in contractual agreements with government entities. When reviewing such contracts, key considerations include a thorough examination of the scope of work, payment terms, performance metrics, and compliance with regulations. Utilizing tools like Suppl-O contract briefs can significantly aid in the efficient review process by highlighting changes, facilitating quick reference, and ensuring transparency.
Speaker: Ashley Harlan, MBA
What if your role as a fractional CFO went beyond operational support to actively shaping the future of your clients’ businesses? 💼 ✨ In this session, discover how fractional finance professionals can position themselves as architects of growth, guiding their clients toward sustainable success and preparing them for full-time financial leadership.
Acterys
DECEMBER 20, 2024
If the term “AI” catches your eye, it’s highly likely that ChatGPT comes to mind. And you would be absolutely correct in making that association. The launch of ChatGPT has taken the world by storm. Its success has kickstarted an AI race that has compelled almost every company to embed artificial intelligence and machine learning algorithms into their software architecture to mirror the same level of agility and productivity.
CPA Practice
NOVEMBER 12, 2024
CPA Practice Advisor has opened the nomination period for one of its most prestigious awards. The Most Powerful Women in Accounting Awards , now in their 12th year, were created by CPA Practice Advisor to promote and support the success of women leaders as part of its broader mission of sustaining the profession. There are no costs associated with nominations or award recognition.
Accountant Advocate brings together the best content for small business accounting professionals from the widest variety of industry thought leaders.
Withum
NOVEMBER 5, 2024
A recent alert from Maryland-based cybersecurity firm Huntress highlights a concerning vulnerability for construction companies using on-premise accounting and project management software with default login credentials. According to their report last month, a brute-force attack targeted users of a major construction accounting software vendor, exposing sensitive data due to default usernames and passwords being left unchanged.
Going Concern
SEPTEMBER 17, 2024
Various outlets in India have reported today that the mother of Anna Sebastian Perayil, a 26-year-old Chartered Accountant who tragically passed away on July 20, has sent a scathing email to EY India Chairman and Regional Managing Partner Rajiv Memani accusing the firm of callous indifference in the death of their young employee. The mom, Anita Augustine, said that her daughter, who “excelled in everything she did,” was too young to set boundaries and thus experienced an “overw
ThomsonReuters
NOVEMBER 8, 2024
Highlights: Growing importance and data demands of ESG : The increasing significance of ESG compliance is overwhelming teams with expanding data demands and regulatory scrutiny. GenAI’s role in ESG management : GenAI is revolutionizing ESG management by automating tasks, accelerating data collection, and providing advanced data analysis. Use cases and benefits of GenAI in ESG : Real-world examples show GenAI’s essential role in meeting ESG obligations, ensuring long-term resilience
TaxConnex
SEPTEMBER 10, 2024
When you sell across multiple states – or even within various localities in a single state – one striking observation emerges: the consistent inconsistency of sales tax rates. Why? The federal income tax has just seven brackets to cover the whole span of what somebody can make. Why do the states with sales taxes have such a range, from the high combined state and local taxation (pushing 10%) of Louisiana, Tennessee, Arkansas and Washington to the lows of Alaska , Wyoming and Maine.
Advertiser: Paycor
Use these handy calendar templates to stay on top of payroll in 2025! Download them today to share with your HR team or post for employees. Whether your company has biweekly, semi-monthly, or monthly pay periods, Paycor has you covered. Get your templates today!
TaxConnex
SEPTEMBER 5, 2024
Ecommerce couldn’t exist without shipping (and probably not without shipping’s partner “handling,” either), but do either incur sales tax? As is often the case in sales tax, it depends on what, how and where. If the item is taxable, for instance, generally the shipping is, too – if the shipping is taxable at all in a jurisdiction, which it or the handling – or both – may be.
TaxConnex
AUGUST 27, 2024
Have Home Rule Jurisdictions Made the Burden of Managing Sales and Use Tax Too Much? As if managing sales and use tax obligations on a multi-state level wasn’t hard enough, some states make it even tougher with “home rule,” where jurisdictions are granted the authority to pass their own, additional tax laws. This can create deep confusion for businesses with no physical presence in a jurisdiction with these rules.
TaxConnex
AUGUST 20, 2024
At first glance, the sales and use tax requirements for a contractor seem quite simple. Contractors are typically considered the end-user/consumer of all tangible personal property purchased and used by them in conjunction with the performance of a contract to improve real property. As such, all purchases by a contractor are usually subject to sales and use tax.
TaxConnex
AUGUST 15, 2024
General tax laws are strange. Maybe sales tax laws make more sense? You can be the judge of that. In Florida, you can get a tax break for displaying a cow on your property. You can get a big tax break in New Mexico if you just live to 100. Louisiana lets small private aircrafts soar tax-free, and Connecticut extends that to bigger planes. Some taxes are used to benefit specific groups.
Speaker: Duke Heninger, Partner and Fractional CFO at Ampleo & Creator of CFO System
Are you ready to elevate your accounting processes for 2025? 🚀 Join us for an exclusive webinar led by Duke Heninger, a seasoned fractional CFO and CPA passionate about transforming back-office operations for finance teams. This session will cover critical best practices and process improvements tailored specifically for accounting professionals.
TaxConnex
AUGUST 8, 2024
Many industries come with confusing sales tax complexities. So does agriculture, and several aspects make this industry trickier than others for sales tax. Here are points to keep in mind regarding sales tax and agriculture. Laws vary by state Sales tax changed dramatically in 2018 with the Supreme Court Wayfair decision in a case that greenlighted states mandating online retailers collect and remit sales tax on transactions in states where they had no physical presence.
TaxConnex
AUGUST 1, 2024
If it seems like jurisdictions just ceaselessly add additional sales tax laws, statutes and restrictions, recent news out of three states should be refreshing. North Carolina has become the latest state to ax transaction thresholds for economic nexus. The state’s previous 200-transaction threshold was eliminated effective July 1. The state’s economic nexus threshold is now just $100,000 in sales into the state annually.
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. Nexus Historically this connection between a company and a tax jurisdiction has been primarily physical , meaning that a company had an office, employees, trade show exhibits, inventory, contractors and so on in a state. Then came 2018’s South Dakota vs.
TaxConnex
JULY 23, 2024
The nature of sales tax audits has changed over the last several years, post-Wayfair. Prior to Wayfair, a significant component of sales tax audits was focused on use tax. Specifically, tax due on purchases that were not charged since the vendor did not have nexus in the state of the sale. Today, more and more companies have an obligation to charge sales tax, and use tax is less of an issue.
Speaker: Abdi Ali, Sr. Lease Accounting Consultant
Join this insightful webinar with industry expert Abdi Ali, who will discuss the challenges that can arise from managing lease accounting with spreadsheets! He will share real-world examples of errors, compliance issues, and risks that may be present within your spreadsheets. Learn how these tools, while useful, can sometimes lead to inefficiencies that affect your time, resources, and peace of mind.
TaxConnex
JULY 18, 2024
Maintaining compliance documentation is crucial for businesses to ensure smooth and successful audits. Proper documentation allows auditors to interpret and verify your financial transactions accurately. Unfortunately, many businesses find themselves unprepared when faced with an audit, lacking the necessary documentation. This can lead to auditors assuming transactions are taxable, or making historical projections or arbitrary assessments of taxable sales.
TaxConnex
JULY 9, 2024
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. Just remember, a lot can go wrong along the way. 1. Billing systems You charge the customers sales tax for online purchases, they pay and you remit the money to the tax jurisdictions.
RogerRossmeisl
JULY 15, 2024
For many businesses, such as retailers, manufacturers and contractors, strict inventory control is central to operations. If you don’t track inventory accurately, you can’t effectively produce goods, meet customer demand and realize profits. Let’s say you’re performing a year-end inventory count and you come up short. Have you miscounted or have the items been misplaced?
TaxConnex
JUNE 13, 2024
It seems like yesterday when only physical nexus ignited a company’s sales tax obligations in a state. Six years ago this month, that changed with one court decision. These days selling a certain amount remotely into a state or other tax jurisdiction (one that has a sales tax, anyway) means your company must collect and remit sales tax – a complication of doing business that’s probably going to only get more complicated in the years ahead.
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Join us in this webinar, where we share best practices on how to think about the reconciliation work each month, when best to do reconciliations, how they should be prepared, and some common pitfalls to avoid. Learning Objectives: This course objective is to understand how to properly prepare and review balance sheet reconciliations and its impact on the financial statements.
TaxConnex
JUNE 11, 2024
Do you need a state sales tax permit? How about a sales tax license? How about a sales tax certificate of authority? Did you know they’re all the same thing? How do you spell “FEIN” anyway, and when do you need one to sell into a state? Collecting and remitting sales tax after you hit economic or physical nexus in a state comes with a lot of questions – and you usually answer no small number of questions to register for sales tax.
TaxConnex
MAY 28, 2024
Managing your sales and use tax process can be difficult for businesses of all sizes and industries. Unlike most countries, there isn't a nationwide sales tax. So keeping up with the continual changes in states and local jurisdictions and maintaining a fully accurate compliance process for a complex business could make even the best of sales tax experts dizzy.
RogerRossmeisl
AUGUST 5, 2024
Divorce entails difficult personal issues, and taxes are probably the farthest thing from your mind. However, several tax concerns may need to be addressed to ensure that taxes are kept to a minimum and that important tax-related decisions are properly made. Here are six issues to be aware of if you’re in the process of getting a divorce. 1. Personal residence sale In general, if a couple sells their home in connection with a divorce or legal separation, they should be able to avoid tax on up t
RogerRossmeisl
OCTOBER 27, 2024
As the end of the year approaches, many people start to think about their finances and tax strategies. One effective way to reduce potential estate taxes and show generosity to loved ones is by giving cash gifts before December 31. Under tax law, you can gift a certain amount each year without incurring gift taxes or requiring a gift tax return. Taking advantage of this rule can help you reduce the size of your taxable estate while benefiting your family and friends.
Speaker: David Warren and Kevin O'Neill Stoll
Transitioning to a usage-based business model offers powerful growth opportunities but comes with unique challenges. How do you validate strategies, reduce risks, and ensure alignment with customer value? Join us for a deep dive into designing effective pilots that test the waters and drive success in usage-based revenue. Discover how to develop a pilot that captures real customer feedback, aligns internal teams with usage metrics, and rethinks sales incentives to prioritize lasting customer eng
TaxConnex
APRIL 30, 2024
More states are plowing ahead with adding a new kind of expense to delivering in the eCommerce age. In what states do you have to watch for retail delivery fees (RDFs)? Q: Is this a “tax” or a “fee”? A: Most states refer to it as a fee, a distinction that allows lawmakers to avoid the voting process. RDFs are a relatively new concept: Colorado was first to roll one out, in July 2022.
TaxConnex
MAY 7, 2024
There’s always something changing in the world of tax, especially sales tax. Here’s a review of some of the recent changes and updates. Leveling the field. A bill that would raise the online sales tax in Alabama is progressing with state lawmakers. The current Alabama sales tax is 8% for online purchases, the same as for purchases at the state’s brick-and-mortar stores.
TaxConnex
APRIL 25, 2024
There’s nothing like just walking down the hall of your office or clicking into a virtual team meeting to get an answer on something as complex and important as your company’s sales tax obligations. To handle sales tax in-house, you need someone on staff who understands evolving rules and regulations; can track a galaxy of filing deadlines and notices; and understands how your company growth changes tax obligations.
TaxConnex
APRIL 9, 2024
The common definition of dietary supplements and vitamins is a non-food item that includes a vitamin, mineral, herb, botanical, amino acid or dietary substance. For purposes of incurring sales tax in any state, that essentially translates into “sometimes.” Sometimes a state considers supplements and vitamins as drugs, groceries or food. Sometimes these products are taxable tangible personal property, sometimes not.
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The first Market Momentum Index: AI and Unstructured Data Management, conducted by Deep Analysis with support from AIIM and M-Files, surveyed 500 enterprises across various industries to assess their readiness to employ AI. The results reveal that AI is already far more embedded into organizations' operations than previously realized. These findings and more insights have been brought to you in the "Market Momentum Index: AI and Unstructured Data Management.
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