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Utah State Tax Updates

Withum

For the latest news and updates on Utah state and local tax. Utah Seeks to Lower Income Tax Rates and Improve the State EITC Program. On February 11, 2022, Utah’s Governor Spencer Cox signed S.B. Utah has an automatic 6-month extension to file these taxes but payment must be made by April 15, 2020. February 25, 2022.

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Utah Accounting Firm and Dudes Who Work There Busted For ERC Fraud

Going Concern

1 charging two Utah County men and an accounting firm with claiming an excess of $11 million in tax credits through a COVID-related fraud scheme. The post Utah Accounting Firm and Dudes Who Work There Busted For ERC Fraud appeared first on Going Concern. Read: A federal grand jury returned an indictment on Feb.

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The Enigma of Drop Shipments for Sales Tax Purposes

TaxConnex

Let’s say the distributor is in Arkansas and the retailer is still in South Carolina, but the customer is in Utah instead of Illinois. The distributor has nexus and is registered for sales and use tax purposes in Utah but the retailer is not registered in Utah.

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Transaction Thresholds: Vanishing Acts?

TaxConnex

Utah recently considered dropping its 200-transaction threshold but has tabled the legislation. South Dakota joins California, Colorado, Iowa, Louisiana, Maine, Massachusetts, North Dakota, Washington and Wisconsin in recently eliminating transaction-based nexus thresholds. Thirteen economic-nexus states never had such thresholds.)

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Vendor concessions/discounts can help pay to outsource sales tax obligations

TaxConnex

Utah discounts local taxes as well as state. For example, Utah recently nixed a big?seller non-nexus remote sellers who voluntarily collected and paid Utah sales tax.??. Generally, the breaks are small percentages of the sales tax that you collected and remitted to the state. Nebraska’s discount is 2.5% of the first $3,000.

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State Discounts for Sales Tax

TaxConnex

example: Utah recently nixed a big seller discount for non-nexus remote sellers who voluntarily collected and paid Utah sales tax.). States hungry for revenue, during the pandemic, for instance, may remove their discounts, so take advantage now.

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Platform Accounting Group gets $85M funding round

Accounting Today

The Utah-based company that invests in and acquires small accounting firms has received an $85 million minority funding round to support its expansion.

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