TaxConnex

MAY 11, 2021

In a few states, most notably Alabama, Colorado, and Louisiana, there are separate local level returns that you are required to file. Colorado alone has 73 home-rule jurisdictions each requiring their own sales tax return to be filed. This can be a lot to add to an already busy finance team or tax accountant.

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Sales Tax Colorado tax return 131

Dent Moses

APRIL 11, 2023

State of Alabama A business license is required for basically everyone engaged in business within the state. The Alabama Department of Revenue does not administer municipal licenses. The state and county licenses are issued by the county Probate Judge or License Commissioner in the county where the business is located.

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Alabama tax return Legal Tax 52

TaxConnex

FEBRUARY 10, 2022

Some states — notably Alabama, Colorado, Louisiana, Alaska, among others — empower municipalities and other jurisdictions to levy sales taxes. Also with some states, you must specify the tax you’re registering for (e.g., sales tax or use tax). Returns are typically due monthly, quarterly or annually.

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Sales Tax E-commerce Alaska 202

inDinero Accounting

DECEMBER 5, 2023

If you want to dive deeper into this topic, you can connect with one of the experts on our business tax services team. QSBS Rules for Qualification QSBS Tax Treatment How to Report QSBS on Your Tax Return Conclusion What is the QSBS Exemption? This would come to a capital gains tax bill of $140,000 ($500,000 * 0.28).

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tax return Mississippi Wisconsin Tax 52

CPA Practice

APRIL 19, 2024

By 2027, marketplaces may account for 59% of ecommerce globally. Remit sales tax to the proper tax authority Once sales tax has been collected as required, it must be remitted on time with a sales tax return to the proper tax authority. By Gail Cole. Who wouldn’t want a piece of that pie?

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ThomsonReuters

JULY 7, 2021

For example, Form 941 , Employer’s Quarterly Federal Tax Return, is used by most employers (agricultural employers use Form 943 , small employers use annual Form 944 and Form 945 for annually reporting nonpayroll payments) each quarter to report employment taxes. Payroll tax relief. State and Local News.

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payroll Tax income tax payroll tax 59

Dent Moses

FEBRUARY 22, 2024

Alabama House Bill 391 reduced the minimum state business privilege tax in 2023 from $100 to $50. Changes in the income and net worth of the entity may result in an assessment in excess of the minimum tax. for each $1,000 of net worth in Alabama. For example, assume a dormant entity with $1,000 in a checking account.

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Alabama Tax tax return Account 52

Dent Moses

FEBRUARY 24, 2022

Yesterday, Alabama House Bill 231 and Alabama Senate Bill 152 were forwarded to Governor Kay Ivey for signature. This legislation, when signed, will effectively exempt from state income taxes certain federal benefits that taxpayers received from the American Rescue Plan Act last year, a coronavirus relief bill passed by Congress.

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Alabama income tax Tax tax return 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. Alabama and Hawaii do not have a mini-COBRA law, but do require continuing coverage based on very specific circumstances. in February.

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ThomsonReuters

JUNE 22, 2021

But before we give you a state-by-state rundown on the more mundane upcoming changes, here’s one federal reminder that beginning July 1, 2021, the Employee Retention Credit is claimed against only the employer share of Medicare tax. State by State Payroll Tax Changes. Beginning July 1, new forms will be used to report withholding tax.

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Dent Moses

AUGUST 31, 2023

The county utilizes a mass appraisal process set forth by the Alabama Department of Revenue. Calculation: Property Taxes = (Assessed Value * Tax Rate) – Exemptions Homestead Exemption The regular homestead exemption (Type H1) is available to Alabama residents who own and occupy a single-family home as their primary residence.

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Alabama Tax income tax tax return 40

inDinero Tax Tips

APRIL 11, 2023

Partnership entities such as limited partnerships, limited liability corporations, and general partnerships aren’t required to file a yearly report in Delaware, but they do pay a $300 tax annually. The Delaware franchise tax A franchise tax is a state charge on corporations to conduct business in their state.

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Delaware Nevada Tax Sales 52

CPA Practice

APRIL 24, 2023

The IRS considers partnerships and multi-member LLCs “disregarded entities,” which means members/owners report their share of company profits and losses on their personal tax returns. C Corporations A C Corporation is a separate legal entity from its owners and files separate tax returns.

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Legal income tax tax return Mississippi 98

ThomsonReuters

JUNE 28, 2021

Although it is possible to automate payroll systems to account for these minimum wage increases, it is a good idea for payroll professionals to be aware of these changes to avoid the possibility of underpaying employees. Alabama has announced tax filing and payment extensions to state taxpayers affected by Topical Storm Claudette.

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ThomsonReuters

MARCH 8, 2021

The bill would prohibit the Connecticut Department of Revenue Services (DRS) from considering the activities of any employees who worked remotely from Connecticut during the 2020 tax year solely due to COVID-19 in determining whether an employer has nexus with Connecticut for any state tax. Tax relief for storm victims.

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payroll Connecticut Alabama Virginia 52

PYMNTS

NOVEMBER 16, 2018

“The reality is 99 percent of banks don’t want to mess with them, [because] there’s a lot of internal compliance if you’re going to serve the cannabis industry,” noted Jim Marty of Bridge West CPAs, a Colorado accounting firm that represents roughly 250 cannabis businesses and license holders nationwide.

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Legal Alabama Colorado Virginia 70

inDinero Tax Tips

APRIL 20, 2021

Partnership entities such as limited partnerships, limited liability corporations, and general partnerships are not required to file an annual report in Delaware, but they do pay a $300 tax annually. The Delaware franchise tax. A franchise tax is a charge by states on corporations to conduct business in their state.

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Delaware Wyoming Nevada Oregon 64

Going Concern

AUGUST 25, 2023

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. The accounting industry is in a state of transition. The influx of private equity, labor shortages, and remote/hybrid work have all impacted accounting firms to varying degrees.

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tax preparation CPA payroll tax Illinois 98

PYMNTS

JANUARY 8, 2019

“Tax refunds will go out,” the acting director of the White House Office of Management and Budget, Russell Vought, told reporters on Monday (January 7), according to Bloomberg. With past shutdowns the IRS would accept tax returns but delay refunds until a shutdown was over, but Vought said the administration is fixing that issue.

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