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Payroll Taxes Demystified: A Breakdown for Accountants and CPAs Serving Business Owners

CPA Practice

As accountants and CPAs, dealing with payroll taxes is essential to managing finances for your business clients. Understanding the details of payroll taxes helps you better assist your clients in fulfilling their obligations and maximizing tax efficiency. Medicare tax on wages exceeding certain thresholds.)

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Sales tax ‘responsible party’ laws still going strong

TaxConnex

But not for sales tax liability, where most states still maintain strong responsible party laws. And they can come as a real shock: CEOs, CFOs, directors and other execs can be held personally responsible for sales tax shortfalls. That’s true for many of the fiscal messes that can befall a company. How do they know who’s responsible?

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What's new in May for state sales and use taxes

TaxConnex

What’s new in May for state sales and use taxes. There’s always something changing in the world of tax, especially sales tax. Exempting groceries from sales tax as American families struggle with inflation and other economic woes is politically tempting. million in taxes a year on the sale of groceries.

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States ease nexus thresholds

TaxConnex

Almost five years ago, the Supreme Court’s Wayfair decision was heralded as a revenue gateway for almost all states to require remote sellers to collect and remit sales tax. Two years ago, for instance, Wisconsin studied how halving its 200-transaction threshold would hurt coffers. Some states never adopted one.) Starting Aug.

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Sales and Use Tax Updates from March

TaxConnex

There’s always something changing in the world of tax, especially sales tax. The Alaska Remote Seller Sales Tax Commission has approved its “Remote Seller Sales Tax Code & Common Definitions” that would apply to local municipalities in Alaska that choose to adopt it. 10 to report use tax.

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Evolution of the Sales Tax Audit: Have Audits Changed with Economic Nexus?

TaxConnex

Sales tax has evolved a lot in recent years. So has the sales tax audit. Examiners can still show up and go over your books in person, and tax agencies will still send audit notices via snail mail. Many events can ignite a sales tax audit. And why not? What if you get flagged? Are they happening more often?

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Best Practices for Managing a Sales Tax Audit

TaxConnex

If you and your company haven’t been hit with a sales tax audit yet, congrats. In TaxConnex’s recent market survey more than one in four (26.7%) top finance professionals in a variety of industries report seeing an increase in state sales tax audits in the past two years. Sales Tax Audit Triggers.

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