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Sales tax and accounting services

TaxConnex

Tax preparers are generally accredited individuals – certified public accountant (CPA) and enrolled agent (EA) are two common preparer designations – who have completed previous and ongoing education to understand compliance for varied tax purposes. Accounting services are often, but not always, exempt.

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10 Best States to Pursue a Career in Accounting

CPA Practice

In a recent study, Tipalti found which states were the best to pursue a career in finance or accounting by analyzing the number of jobs available, average salaries, and university rankings. Here’s which states ranked best for a career in finance or accounting. They also determined the best-paying jobs for finance graduates.

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Sidestepping the SALT Cap with the Pass-Through Entity Tax

CTP

For instance, Connecticut provides a state tax credit covering 87.5% Again, the key is that the state tax is paid on the business level to avoid the SALT limits placed on individual taxpayers, so the PTE tax must be paid with the entity’s bank account, even if that means the individual advances money into the company to pay the tax.

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Charging sales tax based on an IP address

TaxConnex

Recently, Massachusetts, Oregon, Indiana New York and Connecticut were among states joining Maryland in again attempting to tax digital advertising and data in new ways. Will all social media networks now be required to obtain full addresses of their account holders?”

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How the 50 States Rank By Lifetime Taxes

CPA Practice

Taxpayers in Washington will pay the most on everyday expenses ($83,014), followed by those in California ($78,191), accounting for food, clothing, personal care, and entertainment. Connecticut $1,731,261 $855,307 49.4% Maryland $1,871,450 $655,454 35.0% Connecticut $1,731,261 $855,307 49.4% Maine $1,420,847 $581,750 40.9%

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Getting digital with sales tax in 2023

TaxConnex

Elsewhere, proposed legislation in the Connecticut House ( HB 5673 ) and Senate ( SB 351 ) would establish a 10% tax on the annual gross revenues of certain businesses. Similar proposals were introduced in Connecticut during the 2021 legislative session. The bills are in committee. Will measures to tax digital succeed?

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Accountants Aren’t the Most Concerned About AI’s Impact—Except in One State

CPA Practice

Coming on the heels of a Moss Adams study that revealed 69% of accountants believe artificial intelligence has a positive impact on the accounting profession, a new report from AI customer support company DevRev found that accountants don’t fear AI advancements the most among professionals in the U.S.