TaxConnex

JANUARY 3, 2023

Next summer will mark five years since the Supreme Court ignited economic sales tax nexus with the South Dakota v. Many businesses are still trying to figure out how to manage the resulting obligations, but one thing’s clear: Now every state with a sales tax has economic nexus. Wayfair, Inc et al decision. Stay tuned.

South Dakota 196

South Dakota Sales Alaska Tax 196

TaxConnex

MAY 2, 2023

Mike Dunleavy is reportedly preparing to introduce a sales tax as part of a long-term budget plan for the state. Five states don’t have a statewide sales tax: New Hampshire, Oregon, Montana, Alaska and Delaware (aka the “NOMAD” states). Vermont was the last state to adopt a sales tax, in 1969.

Alaska 130

Alaska Sales Tax New Hampshire 130

TaxConnex

NOVEMBER 3, 2022

A new tax law in Maryland seemed ready to rattle every company that sold digital products in the U.S. But a court has now invalidated the Maryland Digital Advertising Tax. The judge ruled that the tax violates the Internet Tax Freedom Act and the U.S. The legislation authorizing the tax was vetoed by Gov.

Maryland 130

Maryland West Virginia South Dakota Tax 130

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 Tax New Hampshire 105

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 Tax New Hampshire 111

TaxConnex

FEBRUARY 9, 2021

If you sell into the handful of states that don’t have nexus or don’t have a general sales tax, you might think you’re home free when it comes to obligations to remit sales tax. Forty-five states and the District of Columbia have a statewide sales tax. Alaska, Delaware, Montana, New Hampshire and Oregon do not.

Sales 142

Sales Delaware Alaska Montana 142

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 Alaska North Dakota 130

TaxConnex

MAY 11, 2023

A state has not added a statewide sales tax since Richard Nixon was in the White House. There are five remaining states with no state level sales tax: New Hampshire, Oregon, Montana, Alaska and Delaware – often referred to as the NOMAD states. There are excise taxes on certain services.

Montana 130

Montana Alaska New Hampshire Oregon 130

TaxConnex

APRIL 18, 2023

There’s always something changing in the world of tax, especially sales tax. New sales taxes are progressing in some states but not all. Alaska, one of the few states still without a statewide sale tax, is considering one as it tries to close a projected revenue shortfall of $450 million heading into the next fiscal year.

Sales 130

Sales Tax North Carolina Alaska 130

TaxConnex

FEBRUARY 1, 2022

One of the next big trends in sales tax is one you should start thinking about: states taxing digital advertising. Right now, a little more than two-thirds of states with a sales tax impose a tax on the sale of such digital goods as videos and music. Who’s doing what among states with this new breed of tax?

Maryland 170

Maryland West Virginia Tax Connecticut 170

TaxConnex

JUNE 6, 2023

It also offers complex sales tax obligations you may not know about. If you sell in Europe, you know about the value-added tax (VAT) on online sales, which is applied at each stage of the supply chain and with rates generally applied at a country level and exceptions on certain products. has taxes on sales too – a lot of them.

Sales 130

Sales Tax South Dakota Alaska 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

DECEMBER 1, 2022

There’s always something changing in the world of tax, especially sales tax. An Arizona business challenging Louisiana’s remote seller sales tax structure is appealing to the U.S. The five worst states for business based on sales tax are Alabama, Washington, Louisiana, California and Tennessee. Back to court.

Sales 130

Sales Tax Alaska Louisiana 130

CPA Practice

OCTOBER 18, 2023

One crucial factor to consider when selecting your business location is the tax environment. Business taxes can significantly impact your bottom line and overall profitability. The importance of business taxes As an entrepreneur, you face countless decisions when starting a business.

business tax 59

business tax Tax Alaska South Dakota 59

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. The Internal Revenue Service says that nearly 1.5 The IRS estimates almost $1.5

Rhode Island 122

Rhode Island tax return Tax West Virginia 122

ThomsonReuters

JULY 10, 2023

Jump to: What is sales tax? Sales tax varies by state What is nexus? What is excise tax? What is VAT tax? Sales tax vs. use tax Summary Sales tax, which is a consumption tax levied on the sale of goods and services, is an important source of revenue for governments at the state and local levels.

Sales 98

Sales Tax Michigan Washington 98

CPA Practice

DECEMBER 7, 2023

Three rounds of stimulus checks—known officially as Economic Impact Payments—were sent by the federal government to income tax filers between March 2020 and March 2021 as a way to offset some of the hardships of the COVID pandemic. “There is no fourth round of [stimulus checks] from the Treasury Department,” he said.

Montana 118

Montana Idaho New Mexico Illinois 118

ThomsonReuters

SEPTEMBER 12, 2023

How to manage state and local tax Do you have clients who live in one state but work in another state? If so, they may be able to lower income taxes through a state-by-state reciprocity agreement, should the agreement exist. For example, Montana only enters such agreements with contiguous states, as outlined in Montana’s law.

Indiana 98

Indiana Montana Pennsylvania income tax 98

MyIRSRelief

SEPTEMBER 1, 2020

With more than 30 million small businesses in the US, effective tax planning is essential to maximizing profits and minimizing taxes, keeping more of what is earned, and lowering your taxes for the future. And the account itself will continue to grow tax-free. Plus, qualified health expenses can be taken tax-free as well.

tax planning 100

tax planning Tax South Dakota New Hampshire 100

Withum

MAY 12, 2021

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Montana 52

Montana Tax 52

Going Concern

JANUARY 30, 2024

Spotted on JD Supra , SCP&H filed a notice of data event with the Attorney General of Montana on January 24, 2024 [ PDF ] that states the firm discovered “unauthorized access to the firm’s email tenant and storage site” from June 6, 2023 to July 12, 2023. But we are today! Extra1 is not defined in the letter.

accounting firms 97

accounting firms Account accountant accounted 97

Anders CPA

MAY 15, 2023

This changing employment landscape requires employers to reassess their payroll tax withholding processes to ensure you are withholding the proper amount of state, local and unemployment taxes from your employees’ wages. Below we dive into the state and unemployment tax responsibilities employers need to know.

payroll tax 52

payroll tax payroll South Dakota Rhode Island 52

LyfeAccounting

JUNE 25, 2021

US taxpayers pay over $1 trillion in state income taxes every year. But what if you could pay $0 in state taxes? You can pay absolutely nothing in state taxes, just by packing up your bags and moving to a tax-free state. What are State Taxes? But wait a minute… how are states funding things without state taxes?

income tax 52

income tax South Dakota Tax Alaska 52

CPA Practice

DECEMBER 19, 2023

Incorporating at the End of the Year The primary advantage of incorporating before the end of the year is your clients can then take advantage of the tax benefits owning a corporation offers, including writing off the costs of incorporating on this year’s taxes.

Rhode Island 116

Rhode Island West Virginia South Dakota North Dakota 116

Accounting Today

JANUARY 6, 2023

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Montana 75

Montana audit Finance Tax 75

CPA Practice

JUNE 1, 2023

The coalition includes the following organizations: AICPA Latino Tax Pros National Association of Black Accountants, Inc. NSBCPA) National Society of Tax Professionals (NSTP) Padgett Business Services The Diverse Organization of Firms (DOF) H&R Block Prosperity Now. in Ahmedabad, Gujarat, India.

institute of chartered accountants 111

institute of chartered accountants chartered accountant North Dakota Wisconsin 111

CPA Practice

MAY 18, 2023

Kaarin Kontio Evens (Minnesota), a graduate of Macalester College with a Bachelor of Science in chemistry, a Bachelor of Arts in music and a Master of Science in chemistry from University of Wisconsin, Madison (with additional business coursework at Augsburg University), is employed with Lottsa Tax and Accounting Services in Minneapolis, MN.

CPA 128

CPA institute of chartered accountants chartered accountant North Dakota 128

inDinero Tax Tips

APRIL 20, 2021

Incorporation is a critical legal matter that impacts more than your company’s tax responsibilities for doing business. Delaware does tax companies. In 2011, Delaware garnered $860 million in taxes and fees from out-of-state business entities incorporated under its laws. With so few taxes, how does Delaware rake it in?

Delaware 64

Delaware Wyoming Nevada Oregon 64

CPA Practice

OCTOBER 30, 2023

Nearly $80 billion in IRS funding over 10 years was ushered in under the Inflation Reduction Act, the massive climate, energy, tax, and healthcare legislation passed along Democratic party lines last year. 10, 2023 Missoula, Montana Oct. 2, 2023 Martinsburg, West Virginia Oct. 2, 2023 Monroe, Louisiana Sept. 14, 2022

West Virginia 111

West Virginia North Carolina Virginia Pennsylvania 111

inDinero Tax Tips

APRIL 11, 2023

Incorporation is a critical legal matter that impacts more than your company’s tax responsibilities for doing business. Delaware is considered “the place” to establish your corporate entity as there’s no Delaware sales tax. Delaware is considered “the place” to establish your corporate entity as there’s no Delaware sales tax.

Delaware 52

Delaware Nevada Tax Sales 52

CPA Practice

APRIL 14, 2023

have unclaimed refunds for tax year 2019 but face a July 17 deadline to submit their tax return, the IRS said on Wednesday. billion in refunds remain unclaimed because people have not filed their 2019 tax returns yet. Under the law, taxpayers usually have three years to file and claim their tax refunds.

Rhode Island 52

Rhode Island West Virginia South Dakota North Dakota 52

CPA Practice

APRIL 13, 2023

have unclaimed refunds for tax year 2019 but face a July 17 deadline to submit their tax return, the IRS said on Wednesday. billion in refunds remain unclaimed because people have not filed their 2019 tax returns yet. Under the law, taxpayers usually have three years to file and claim their tax refunds.

Rhode Island 52

Rhode Island West Virginia South Dakota North Dakota 52

CPA Practice

APRIL 11, 2023

The bill also would exempt cryptocurrencies from property taxes and specify that digital currencies don’t need the same licensing required for banks. The bill, which passed out of committee earlier this month, is similar to measures proposed in Montana and Mississippi this year. Daniel Zolnikov, the Republican who sponsored the bill.

Montana 59

Montana Missouri Oregon Washington 59

ThomsonReuters

JANUARY 30, 2023

Table of contents: Minimum wage Paid leave Tax credits Unemployment Earned wage access Pay transparency Tipped workers Worker classification State-run retirement plans Work scheduling 1. Tax credits State legislators are looking to offer businesses tax incentives for certain benefits to employees. per hour to $11.39.

payroll 105

payroll Hawaii West Virginia Oklahoma 105

CPA Practice

NOVEMBER 1, 2023

Bureau of Economic Analysis figures compiled for Stateline by the Urban-Brookings Tax Policy Center in Washington, D.C. Incomes in Colorado, Maine, Montana and Nebraska also grew by roughly that much. In Connecticut, personal income tax revenue took a $1.3 Ned Lamont signed a tax cut bill in June. Democratic Gov.

North Dakota 52

North Dakota South Dakota Utah Connecticut 52

Shay CPA

JUNE 7, 2023

As we reviewed in a recent blog, having an employee in another state establishes a tax nexus for your company there. Dissolving your business in that state means you don’t have ongoing tax liability or entity fees in that locale. And, fortunately, they don’t have to add to your overhead.

payroll 52

payroll Montana Hawaii Utah 52

ThomsonReuters

APRIL 9, 2021

Employers were reimbursed with a payroll tax credit or a refund if the cost exceeded their tax liability. Credits were claimed through Form 941, the quarterly employment tax return. The credit will be against the employer’s share of Medicare tax. in February. What’s on the horizon?

payroll tax 98

payroll tax Hawaii South Dakota payroll 98