TaxConnex

MAY 11, 2021

Both the process of reporting sales tax and the level of sales tax detail required varies from state to state. Some reporting requirements that should be considered in your sales tax compliance process are: 1. Returns are typically due either monthly, quarterly, or annually. Know your Deadlines.

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Sales Tax Colorado tax return 131

CPA Practice

OCTOBER 12, 2023

Retail sales of guns and ammunition will soon be subject to a new state excise tax in California. Under Assembly Bill 28, which Governor Gavin Newsom signed into law on September 26, 2023, an 11% tax will apply to gross receipts from retail sales of ammunition, firearms, and firearm precursor parts starting July 1, 2024.

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California Sales Tax Pennsylvania 124

CPA Practice

OCTOBER 18, 2023

With sales tax compliance, it’s the latter. The fact is, not all states are equal when it comes to sales tax filing and remittance. For a variety of reasons, sales tax compliance in certain states takes more time and causes more headaches than sales tax compliance in others.

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Sales South Dakota Tax Missouri 59

CPA Practice

APRIL 19, 2024

Online marketplace sales are expected to exceed $603 billion in the United States in 2027, or nearly 35% of all U.S. Our 2024 Avalara Tax Changes report explores new and changing requirements for marketplace facilitators and sellers across a variety of industries. They all face different tax compliance obligations and challenges.

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inDinero Tax Tips

APRIL 11, 2023

From startups to public enterprises, your bottom line is affected by your state of incorporation’s corporate income tax, excise (sales and use) tax, sales tax, physical and economic nexus tax, franchise tax, and gross income tax. Does Delaware Have Sales Tax? and 11:59 p.m.

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Delaware Nevada Tax Sales 52

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

TaxConnex

OCTOBER 3, 2023

There’s always something changing in the world of tax, especially sales tax. billion in tax revenue on sales tax holidays that offer breaks on such goods as back-to-school or disaster-preparedness items. The other prevalent argument is that sales tax holidays are a way of giving tax relief.

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Sales Louisiana Tax Tennessee 147

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

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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TaxConnex

FEBRUARY 9, 2023

States aren’t the only ones who can complicate your life with sales tax: Local governments want to play their part, too. Cities, counties and towns nationwide – which have almost all seen an increase in their sales tax revenues in recent years – constantly tinker with their own sales taxes.

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Sales Louisiana Alabama Tax 130

Dent Moses

AUGUST 31, 2023

The county utilizes a mass appraisal process set forth by the Alabama Department of Revenue. When a sale within a neighborhood indicates an increase or decrease, valuations are adjusted. The exemption is $4,000 in assessed value against state taxes and $2,000 in assessed value against county taxes.

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Alabama Tax income tax tax return 40

CPA Practice

JANUARY 3, 2024

Kansas plans to eliminate its state grocery tax by 2025. For now, Kansas remains one of 13 states that still tax groceries. Tax-free shopping Florida kicked off 2024 with its first-ever January back-to-school sales tax holiday. Floridians can buy many items tax-free for about two weeks, until Jan.

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Tax Kansas income tax Montana 128

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

The IRS has issued the much anticipated revised Form 941 , Employer’s Quarterly Federal Tax Return, and its instructions for used beginning with the second quarter of 2021. Alabama has announced tax filing and payment extensions to state taxpayers affected by Topical Storm Claudette. This includes withholding taxes.

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payroll income tax California North Dakota 52

PYMNTS

NOVEMBER 16, 2018

states (and the District of Columbia) where marijuana has been legalized for sale in some capacity, it has thrown off a fairly large chunk of tax revenue in the last year. billion in taxes from legal cannabis companies last year, an amount of money that is undoubtedly a sizzle for the federal coffers. billion seen last year.

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inDinero Tax Tips

APRIL 20, 2021

Incorporation is a critical legal matter that impacts more than your company’s tax responsibilities for doing business. In 2011, Delaware garnered $860 million in taxes and fees from out-of-state business entities incorporated under its laws. The Delaware franchise tax. Instead, companies pay for total sales.

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Going Concern

AUGUST 25, 2023

Biden administration unveils new crypto tax reporting rules [ Reuters ] Cryptocurrency brokers, including exchanges and payment processors, would have to report new information on users’ sales and exchanges of digital assets to the Internal Revenue Service (IRS) under a proposed U.S. Treasury Department rule published on Friday.

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