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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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2024: What’s coming up in sales tax

TaxConnex

The new year will no doubt be another active one in sales tax. Weaker state revenue The kind of year it’s going to be for state coffers could greatly influence such future sales tax trends as new levies, tougher nexus thresholds and intensifying audits. Overall, state tax revenues dropped 5.3%. If so, watch out for 2024.

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Does sales tax apply to memberships?

TaxConnex

Clubs and dues have been around for decades, but the rise of certain memberships – and the ability to sell them over the internet – have also raised the question of whether memberships incur sales tax. Health and fitness club In some states membership in one of these creates a sales tax obligation; in others it doesn’t.

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Georgians Claimed Over $109 Million in Tax Deductions For ‘Unborn Dependents’

CPA Practice

The new deduction is the result of Georgia’s 2019 abortion law, which allows expectant parents to claim an embryo or fetus as a dependent on their taxes. Georgia is the only state known to have that kind of deduction. Compared with Georgia’s $36.1 Georgia’s law took effect a few weeks after the U.S.

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Multi-channel selling sales tax: Wholesalers and Drop Shipping

TaxConnex

However, certain exemptions could apply making the sale of TPP exempt from sales tax in some situations. The buyer wants to make the original purchase exempt from sales tax, and they expect to then charge sales tax when they sell the item. Sales tax obligations start with nexus. Assessing your footprint.

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Clean Energy and Climate Action Offer Tax Benefits

CPA Practice

One of the topics the minds of many tax and accounting professionals is the environment. In addition, tax incentives are a primary tool in the Act to encourage energy innovation. The Act: Extends and modifies the Production Tax Credit and Investment Tax Credit for renewable energy. By Diana Crawford, CPA.

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How Are Public Accounting Salaries Stacking Up For 2023? (Part 4, Hays U.S.)

Going Concern

For this article, we selected four positions in audit and four in tax. For example: Audit associates in Colorado are expected to see a raise of between 7.1% In Georgia, audit managers and tax managers are expected to see salaries rise 22.2%, while tax directors are projected to have a bump in pay between 7.1%