TaxConnex

DECEMBER 14, 2023

Services, on the other hand, are the hard calculation. Not every state taxes services not every state taxes the same ones, and those that do tax services do so in a galaxy of ways. One thing we know for sure is that services continue to pop up among states’ lawmakers as a potential new source of sales tax revenue. “We

West Virginia 207

West Virginia Virginia Kentucky Minnesota 207

TaxConnex

APRIL 4, 2024

Several states also tossed in the number of transactions over a previous period: $100,000 or 200 transactions in the prior 12 months in Minnesota, for instance, or $500,000 and 100 transactions over the previous four sales tax quarters in New York. Thirteen economic-nexus states never had such thresholds.)

South Dakota 207

South Dakota North Dakota Wisconsin Iowa 207

TaxConnex

MARCH 21, 2024

Elsewhere The California Court of Appeal for the Third Appellate District has held that the purchase of “discounted” cell phones bundled with wireless services requires payment of sales tax based on the cell phone’s full price. HB 1515 also seeks to alter the definitions of “taxable price” and “taxable service.”

South Carolina 195

South Carolina Sales Tax Alabama 195

PYMNTS

APRIL 18, 2017

Early Warning Services, a real-time payment, authentication and risk mitigation company, announced Monday (April 17) that financial institutions in the Zelle Network processed more than 170-million person-to-person (P2P) payments in 2016, totaling $55 billion in aggregate transaction value. Bank of America, U.S.

Retail 40

Retail Account accountant accounted 40

TaxConnex

MARCH 12, 2024

New volumes of tax-related data, including transactions and filing information, can help troubleshoot reconciliations, improve forecasts and head off problems that could eventually lead to a sales tax audit. Other potential problems Most sales tax calculation software today is SaaS-based (Software-as-a-Service).

E-commerce 231

E-commerce Technology tax return Tax 231

Accounting Today

APRIL 19, 2024

The Internal Revenue Service previewed a draft version of the Form 1099-DA on Friday for reporting on the proceeds of digital asset transactions for crypto brokers.

Tax 131

Tax 131

RogerRossmeisl

SEPTEMBER 4, 2023

As reported in IRS News Release IR-2023-157 The Internal Revenue Service announced that starting 1/1/2024, businesses are required to electronically file (e-file) Form 8300, Report of Cash Payments Over $10,000, instead of filing a paper return. Businesses that receive more than $10,000 in cash must report transactions to the U.S.

CPA 259

CPA Government Tax Finance 259

TaxConnex

FEBRUARY 6, 2024

No matter the size of your business, if you are selling a taxable product or service and establish nexus in specific states or jurisdictions, then you have a sales tax obligation. As your business evolves; (new sales, new products/services, additional offices, new employees etc.) you could establish nexus without realizing it.

Sales 214

Sales Tax Technology auditor 214

TaxConnex

JANUARY 4, 2024

Easing nexus by transaction thresholds The 2018 Wayfair decision quickly inspired states to set thresholds beyond which a remote seller would have to collect and remit sales tax. States seem to have begun lowering their transaction thresholds or are becoming more open to the idea. One threshold was dollar volume of annual sales.

Sales 232

Sales Tax Colorado Alaska 232

TaxConnex

MARCH 5, 2024

Guidance varies Look-through for sales and use tax purposes will attempt to link taxability to the underlying good or service to which the NFT is connected, and states have begun to try. A standalone good or service (other than a digital product) classified as a retail sale and the NFT itself is not the object of the purchase.

Sales 147

Sales Tax Wisconsin Minnesota 147

TaxConnex

JANUARY 23, 2024

Sales and use tax generally applies to the sale or use of tangible personal property and certain services. Since software, and especially Software-as-a-Service, may not be delivered in a tangible form, many technology and software companies have considered themselves exempt from sales and use tax. But this is not always the case.

Sales 188

Sales Tax Washington Technology 188

MyIRSRelief

MARCH 29, 2024

This article aims to provide a detailed overview of various business tax services, focusing on the needs of businesses in Whittier, California, and how they can effectively manage their tax obligations. Business Bookkeeping & Accounting Service Effective bookkeeping and accounting are vital for the smooth operation of any business.

California 130

California tax services business tax Tax 130

SMBAccountant

MARCH 6, 2024

Cash vs. Accrual Accounting Cash accounting records transactions only when cash changes hands, providing a real-time view of cash flow. In contrast, accrual accounting records transactions when they occur, offering a more accurate depiction of the company’s financial position over time by matching revenues with expenses.

accrual accounting 130

accrual accounting accounts payable Account accountant 130

KROST

APRIL 9, 2024

KROST offers a comprehensive suite of buy-side services tailored to meet the unique needs of fund managers and investors. Our team provides dedicated support throughout the Mergers & Acquisitions transaction process, from deal sourcing and quality of earnings reports to valuations, tax planning, and transaction structuring.

tax planning 86

tax planning Tax 86

RogerRossmeisl

MAY 15, 2023

Check the box Beginning with tax year 2022, taxpayers must check a box on their tax returns indicating whether they received digital assets as a reward, award or payment for property or services or whether they disposed of any digital assets that were held as capital assets through sales, exchanges or transfers. Transactions are reported.

Tax 182

Tax tax return CPA Sales 182

TaxConnex

JANUARY 18, 2024

Economic nexus, on the other hand, meant that retailers would have to collect and remit sales tax simply by passing a dollar or transaction amount threshold (or both), usually within the previous 12 months. Louisiana and South Dakota, for instance, have repealed their 200-transaction thresholds (Louisiana’s repeal took effect last Aug.

South Dakota 203

South Dakota Louisiana Colorado Alaska 203

CPA Practice

MARCH 1, 2024

2023, that the reporting threshold for Form 1099-K, Payment Card and Third Party Network Transactions , would not change for 2023. The reporting threshold requirements remain over $20,000 in payments and over 200 transactions. Following feedback from partners and to help avoid taxpayer confusion, the IRS  announced in Nov.

tax return 122

tax return Tax business accounting Account 122

RogerRossmeisl

APRIL 21, 2022

They may find it beneficial to barter or trade for goods and services instead of paying cash for them. And if you exchange services with another business, the transaction results in taxable income for both parties. And if you exchange services with another business, the transaction results in taxable income for both parties.

CPA 242

CPA business tax Tax 242

TaxConnex

DECEMBER 28, 2023

Those thresholds have, in most states, been a combination of dollar volume and number of transaction into a given state in a period time, generally a year. In 2021, Wisconsin and Maine both removed their transaction threshold; in 2023, South Dakota and Louisiana joined suit. Expect more of the same in 2024.

South Dakota 222

South Dakota Sales Tax Louisiana 222

TaxConnex

JANUARY 25, 2024

Take software-as-a-service. Exemption certificates A sales tax exemption certificate alleviates a company from collecting and remitting sales tax on certain products and services. SaaS Speaking of confusion, we often see a problem with companies knowing the actual taxability of what they’re selling.

Utah 181

Utah Kentucky Alabama Michigan 181

MyIRSRelief

OCTOBER 2, 2023

There are so many things to think about, from developing a business plan to marketing your products or services. You don’t have a lot of money to spend on accounting and tax services. With accurate financial information, you can make better decisions about everything from pricing your products or services to hiring new employees.

tax services 130

tax services bookkeeping bookkeeping services Tax 130

TaxConnex

OCTOBER 26, 2023

Most sales tax calculation software today is SaaS-based (Software-as-a-Service), which often integrates with a company’s invoicing system. This tells you where you have sales tax nexus, what the taxability of your various products/services is and whether there are any exemptions or reduced tax rates that apply to your business.

Technology 147

Technology Sales Tax E-commerce 147

TaxConnex

NOVEMBER 28, 2023

Each party in the supply chain charges, remits and recovers VAT until the transaction reaches the final individual consumer. There are also different place-of-supply rules for goods versus services and whether the recipient of the supply is a business or a private individual. Do you provide digital services to consumers in Europe?

Sales 209

Sales Tax Transportation Maine 209

TaxConnex

DECEMBER 8, 2022

And you’d be right – except that in many countries you’d instead run into value-added tax (VAT) on transactions. VAT is an indirect tax on consumption, ultimately payable by the final consumer of the goods or services. Do you provide consultancy services that are connected to immovable property (a land-related service)?

Tax 195

Tax Transportation Sales Maine 195

TaxConnex

MARCH 29, 2022

Two aspects of business activity in a time period are used to assess whether businesses have economic nexus in a state: sales revenue and the number of transactions within a year. The trouble for subscription-based sales is that every payment or renewal is tracked as a transaction, meaning you reach that transaction count much faster.

Sales 185

Sales Tax Gaming Start-ups 185

TaxConnex

SEPTEMBER 1, 2022

Wayfair allowed the state to force out-of-state sellers to collect sales tax provided they had at least $100,000 in gross revenue or has at least 200-transactions sourced into the state. Many states followed suit with the same thresholds, but others have adjusted theirs to different revenue or transaction counts.

South Dakota 200

South Dakota Mississippi Iowa Sales 200

SMBAccountant

SEPTEMBER 11, 2023

Failure to follow best practices when purchasing goods and services can expose a small business to compliance violations, cash flow problems and missed savings opportunities. Best practices that a small business should follow when purchasing goods and services include: • Create a purchasing policy. Document purchasing transactions.

Technology 130

Technology Account accountant accounted 130

TaxConnex

NOVEMBER 2, 2023

Most likely, your clients’ businesses are changing and growing with new markets and new products/services. You can monitor economic nexus thresholds with our state map – Click here Taxability review:    Determine if the new products and services are subject to sales or excise tax in any of the states where there is nexus.

Sales 194

Sales Tax income tax tax planning 194

RogerRossmeisl

APRIL 25, 2023

Postal Service has seen similar rises in mail theft, particularly a higher incidence of criminals breaking into collection boxes and robbing postal carriers to obtain paper checks. Even if your business conducts most financial transactions electronically, you should protect against possible check fraud.

CPA 238

CPA 238

TaxConnex

FEBRUARY 28, 2023

“Services” are generally not subject to sales tax while tangible personal property generally is subject to sales tax. Kentucky is the latest in terms of taxing specific services. The Bluegrass State looks to expand sales tax on what it calls high-growth services. Home: Household moving; and interior decorating and design.

Kentucky 147

Kentucky Tax Real Estate Education 147

TaxConnex

AUGUST 22, 2023

Generally, a business in the construction industry is performing a service, and most services are excluded from sales and use tax. Each type of transaction will potentially have different sales and use tax obligations. If you’re in this industry, the last thing you need added to your load is sales tax. Tax-exempt entities.

Construction 130

Construction Sales South Dakota Tax 130

RogerRossmeisl

NOVEMBER 25, 2023

As reported via IRS Tax Tip 2023-45 on 4/5/2023 All taxpayers that filed a 2022 tax year Forms 1040 and 1040-SR were required to check a box indicating whether they received digital assets as a reward, award or payment for property or services or disposed of any digital asset that was held as a capital asset through a sale, exchange or transfer.

Tax 130

Tax CPA Sales 130

Randal DeHart

MARCH 15, 2024

Customer service is the heartbeat of any successful business. The unsung hero transforms a potential disaster into an opportunity and a mere transaction into a lifelong relationship. In the narrative of customer loyalty and retention, service is the protagonist.

Construction 89

Construction 89

Cherry Bekaert

MARCH 22, 2024

For example, with Vendor Payment Services built on the American Express Global Commercial Services infrastructure, you can automate your check, ACH, or credit card payment authorizations to speed up the process, saving you time and money and reducing risk. Sage Intacct offers simplicity and control for smarter payment management.

general ledger 115

general ledger accounts payable Technology accounting and finance 115

CPA Practice

APRIL 24, 2024

Processing more than 11 billion transactions each year, Sovos’ membership is a substantial show of support for the DBNAlliance’s mission to rapidly deploy a framework of standards and supporting services for seamless electronic data exchange in the U.S., across the Atlantic and globally. While the U.S.

Government 52

Government Maine Sales 52

CPA Practice

FEBRUARY 6, 2024

Digital advertising tax developments Maryland has generated considerable litigation and garnered significant attention because it was the first state to specifically design and enact a tax on digital advertising services. In response to the dismissal of the earlier state lawsuit, Apple Inc. Conformity to new P.L.

South Dakota 124

South Dakota Tax Maryland income tax 124

Insightful Accountant

FEBRUARY 8, 2024

In an effort to provide more resources for taxpayers during this filing season, the Internal Revenue Service today revised frequently asked questions (FAQs) for Form 1099-K, Payment Card and Third Party Network Transactions in Fact Sheet.

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