TaxConnex

JUNE 22, 2023

From SCOTUS to ‘patchwork’ In June 2018, the Supreme Court’s narrow decision in South Dakota v. Government Accountability Office. South Dakota, for example, is removing the 200-transaction threshold; only those selling $100,000 or more into the state will be required to register and collect and remit sales tax.

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TaxConnex

JUNE 22, 2021

June 21 marked three years since the landmark decision in the South Dakota v. General Accountability Office has estimated that state and local governments could gain billions in tax revenue if states could require sales tax collection from all remote sellers. As we pass the three-year anniversary of the South Dakota v.

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CPA Practice

APRIL 9, 2024

As accountants and CPAs, dealing with payroll taxes is essential to managing finances for your business clients. As an accountant or CPA, you play a vital role in: Calculating and withholding taxes correctly. Your client will be assigned an employer tax account number for the state. By Nellie Akalp.

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TaxConnex

SEPTEMBER 26, 2023

The 2018 Supreme Court decision in South Dakota vs. Wayfair opened the floodgates for economic nexus throughout the U.S. Even though the marketplace is collecting and remitting the tax on their platform, these sales need to be accounted for to determine whether you’ve reached economic nexus thresholds.

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CPA Practice

JANUARY 17, 2024

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.

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CPA Practice

APRIL 5, 2024

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. South Carolina $1,326,469 $416,183 31.4% North Dakota $1,523,518 $422,314 27.7% South Dakota $1,390,105 $380,130 27.3%

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TaxConnex

NOVEMBER 1, 2022

Economic nexus has emerged as a burning issue for many online retailers since the 2018 decision of South Dakota vs. Wayfair, in which the U.S. Supreme Court ruled that the state of South Dakota could require businesses with no physical presence in the state to collect sales tax.

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TaxConnex

AUGUST 24, 2021

Once the US Supreme Court ruled in the South Dakota vs. Wayfair case, other states swiftly adopted economic nexus rules. As market conditions continued to evolve, and more and more buyers moved their purchasing online, states started to introduce the concept of economic nexus. The reason being?

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Going Concern

SEPTEMBER 15, 2023

Chattanooga Times Free Press has written quite the story about legacy accounting firm Croft & Frost abruptly laying everyone off earlier this week after months of issues making payroll. The post This Shady Chattanooga Accounting Firm Just Went Down in Flames and Still Owes Staff Months of Pay appeared first on Going Concern.

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ThomsonReuters

DECEMBER 20, 2020

The 2018 Supreme Court South Dakota v. Many states have adopted the economic nexus threshold used in South Dakota: $100,000 in gross receipts or 200 transactions in-state. The impact of South Dakota v. appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

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TaxConnex

MARCH 24, 2022

As market conditions continued to evolve and more and more buyers moved their purchasing options online, states started to introduce the concept of economic nexus – especially after the Supreme Court’s 2018 ruling in the South Dakota vs. Wayfair case. Gross receipts ?can can and usually do count toward economic nexus thresholds.

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CPA Practice

APRIL 11, 2024

According to a 2022 Government Accountability Office report, from 2012 to 2021, “the IRS completed 1,694 investigations into the willful unauthorized access of tax data by employees.” But the IRS cracks down on such populations with gusto, auditing counties in predominantly Black and rural regions of the Deep South most frequently.

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CPA Practice

JULY 11, 2023

Supreme Court ruled in favor of the state in South Dakota v. With Avalara and Sage accounting software, Set Solutions has seen increased productivity within its finance and accounting department, saving dozens of hours a week on manual finance processes. When the U.S. Wayfair, Inc.,

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CPA Practice

DECEMBER 19, 2023

Timing is Everything In the complex world of small business finance and accounting, the strategic timing of business filings can be a game-changer. Loved by entrepreneurs, accountants, and lawyers, CorpNet offers transparent pricing, a simple ordering process, and quickly scalable software and API solutions.

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Anders CPA

MAY 15, 2023

Once registered, employers will receive an employment withholding account number so state taxes can be withheld and remitted properly. Each state has its own requirements for withholding taxes for out-of-state employees. The eligibility timeframe to receive an experience rate differs from state to state.

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ThomsonReuters

FEBRUARY 26, 2024

There are many paths to accountancy, but this is one we don’t hear of often:  Erin Heath   grew up on a cattle ranch in South Dakota, where many of her “ranch-hand” duties sparked her interest in numbers. But it was an introduction to accounting class in high school that paved the way. “It

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CPA Practice

JANUARY 17, 2023

Since the Supreme Court ruling on the South Dakota v. Most states also require sellers to collect and remit local taxes (either city or county), so be sure your clients know to obtain the appropriate seller permits and tax account licenses to comply. Registered Agents. Is There Nexus? Paying Employees in Another State.

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ThomsonReuters

DECEMBER 20, 2020

Before the 2018 South Dakota v. appeared first on Tax & Accounting Blog Posts by Thomson Reuters. What triggers the tax administration requirement? Sales tax obligations are triggered by: Nexus — e.g. taxpayers with a physical presence in a tax jurisdiction or who meet economic nexus thresholds.

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PYMNTS

MARCH 15, 2019

Anxieties that automation will replace humans have waned in the accounting sector, as industry players begin to realize that technology can actually help accountants play a more important role for their small business (SMB) customers as advisors and guides, rather than replacing their roles outright. Tax reform in the U.S.

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CPA Practice

JUNE 6, 2023

31, 2022, went shopping recently and bought itself one of the 100 largest accounting firms in the U.S. While private equity firms getting into bed with accounting firms has been all the rage lately , the Creative Planning/BerganKDV deal is believed to be the first involving a wealth management firm purchasing a large CPA firm.

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CPA Practice

JUNE 6, 2023

31, 2022, went shopping recently and bought itself one of the 100 largest accounting firms in the U.S. While private equity firms getting into bed with accounting firms has been all the rage lately , the Creative Planning/BerganKDV deal is believed to be the first involving a wealth management firm purchasing a large CPA firm.

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xendoo

APRIL 19, 2021

Whether you’re brand new to online retail and trying to decide how to set up your eCommerce business, or you’ve been around a while and simply reached the point where your DIY accounting solution just isn’t cutting it anymore, Xendoo’s innovative suite of business offerings can help you. Bank account reconciliation. QuickBooks Online.

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CPA Practice

JULY 12, 2023

They need EINs to set up an account with the unemployment office to file and remit SUI taxes. Plus, currently, nine states do not levy a state income tax: Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming, although Washington does impose a state capital gains tax. What is SIT Tax?

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CPA Practice

OCTOBER 18, 2023

South Dakota: A business-friendly environment South Dakota has gained recognition for its business-friendly policies and tax advantages. By carefully taking into account tax rates, incentives, and the overall business environment, you can make an informed decision that aligns with your goals.

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LyfeAccounting

JUNE 25, 2021

South Dakota. Moving to the MidWest, we have South Dakota coming in number seven, also known as the Mount Rushmore State. If you’re in high-tax states like Minnesota or Iowa, then it might be worth checking out South Dakota. Wyoming is another tax-friendly state in the midwest, right by South Dakota.

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CPA Practice

JANUARY 17, 2023

Supreme Court decision in South Dakota v. Through its partnership with Avalara for Accountants, Eide Bailly can provide referral services to clients to onboard the right tax technologies, thereby mitigating risk and increasing efficiency. . Nearly five years following the U.S. Wayfair, Inc., Risk propels the conversation.

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Technology Sales Tax South Dakota 98

CPA Practice

MAY 17, 2023

The exceptions to that rule are Delaware, Hawaii, Illinois, Iowa, Minnesota, New Hampshire, New Jersey, New York, North Dakota, Ohio, Pennsylvania, and South Dakota. Review your property tax accounts First, it’s important to become familiar with all your property tax accounts so you can plan your return activities accordingly.

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TaxConnex

DECEMBER 29, 2022

South Dakota rejected a proposal to cut the state sales tax. Government Accountability Office of just how well states had done since Wayfair four years before: 33 states had reported $23 billion in remote sales tax revenue in 2021. Especially if, again, the Government Accountability Office has anything to say about it.

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PYMNTS

JUNE 21, 2018

“A company with a website accessible in South Dakota may be said to have a physical presence in the state via the customers’ computers,” he wrote. “A Or a company may lease data storage that is permanently, or even occasionally, located in South Dakota.”. retail sales. Billions of Dollars at Stake. percent tax.”.

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PYMNTS

JANUARY 13, 2021

With the national trust bank charter, South Dakota-based Anchorage will become Anchorage Digital Bank , National Association. users who have recently been unable to access accounts or process some transactions. Coinbase said its mobile app will now notify users of missing information and provide a way to update their accounts.

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KROST

JANUARY 13, 2021

In the case of “South Dakota v. Cohn, CPA, Senior – Accounting. Accounting. Jonathan Cohn, CPA is a senior staff accountant at Krost where he specializes in trust accounting, restaurant accounting and ancillary tax forms such as sales tax, Form 8027, and Form 571-L. Wayfair, Inc.,” Jonathan A.

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Withum

MARCH 16, 2023

With an increased microscope on financial reporting and internal accounting, both sellers and buyers can benefit from understanding the key financial and tax due diligence areas for technology companies. Despite technology companies operating largely in remote environment, the landmark 2018 Supreme Court case South Dakota v.

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Technology South Dakota quickbooks Tax 59

PYMNTS

MARCH 11, 2020

South Dakota passed a law in 2016, followed by Colorado in 2018. FinWise Bank said in a statement it is an “active participant” when it teams up with lenders and “its underwriting takes into account borrowers’ ability to repay the debt.”. This could do real harm to millions of families’ financial health.”

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PYMNTS

SEPTEMBER 4, 2019

That all changed last year with the Wayfair vs. South Dakota ruling that sought to level the playing field for brick-and-mortar stores. This is in opposition to the policy established in the 2018 South Dakota v. Since 1992, when eCommerce was still in its infancy, online retailers have not had to collect sales tax.

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CPA Practice

MARCH 7, 2023

If Senate Bill 30 is enacted, South Dakota may join the eight states that have eliminated economic nexus transaction thresholds (along with the 13 states that never created one to begin with). How do you know if your business is required to register for sales tax in another state? Learn more about state efforts to simplify sales tax.

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ThomsonReuters

FEBRUARY 14, 2022

Note that the following states do not have a state income tax: Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming. . The post Payroll Considerations: When an Employee Dies appeared first on Tax & Accounting Blog Posts by Thomson Reuters. State withholding.

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CPA Practice

FEBRUARY 16, 2023

Supreme Court decision in South Dakota v. Through its partnership with Avalara for Accountants , VARC Solutions can provide referral services to clients to ensure they adopt the right tax technologies, helping them minimize risk and increase efficiency. In the five years since the U.S. Wayfair, Inc.,

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