Accounting Today

JANUARY 24, 2024

Businesses are likely to see more sales tax audits in 2024 as a result of changes happening across the states, according to a new report.

audit 115

audit Sales Tax 115

TaxConnex

SEPTEMBER 2, 2021

Managing a sales and use tax audit can be challenging. First, you should always anticipate an audit – even if you’ve never been audited before. While they are definitely becoming more frequent as states try to crack down on economic nexus laws, rarely are you given advanced notice as to when an audit will occur.

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audit Sales auditor Tax 166

TaxConnex

FEBRUARY 23, 2021

M any industry experts believe that as state tax revenues continue to dry up from the economic shutdown and continuing pandemic , state sales tax audits are likely to increase sharply in the coming months. No audit numbers – yet. The heat seems to be increasing regarding online sales, sales taxes and tax revenue.

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audit Sales Tax auditor 130

TaxConnex

JULY 20, 2023

Maintaining current, valid exemption certificates is critical in managing your overall sales tax risk. Under audit, an otherwise exempt sale will be deemed taxable without such documentation from a customer – and just a few missing certificates can result in large penalties and interest.

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audit Tax Sales auditor 130

TaxConnex

DECEMBER 12, 2023

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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Sales Tax Ohio Georgia 194

TaxConnex

DECEMBER 21, 2023

It’s the end of the year and as we all start to think about our New Year’s resolutions, it’s also a good time to start thinking about correcting any sales tax missteps your business may be facing. If you believe you have sales tax exposure, contact us to learn how we can help. The states’ response to the VDA application will vary.

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Sales Tax audit tax accountant 220

TaxConnex

FEBRUARY 1, 2024

It’s also safe to say that its storyline of repetition seems to echo what you must do, over and over and over, to comply with sales tax laws. It’s a doozy! – “Needlenose Ned” Ryerson There are multiple steps to make sure your sales tax compliance works well. The days you get over and over with sales tax are deadline days.

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Sales Tax Minnesota Colorado 230

TaxConnex

FEBRUARY 13, 2024

To help financial leaders better understand what their peers are doing when it comes to sales and use tax in 2024, TaxConnex® conducted its fourth annual sales tax survey in November of 2023. If you’re struggling with how to manage sales tax in 2024, consider outsourcing. Their responses are included in the following blog.

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Sales Tax audit CPA 207

TaxConnex

APRIL 28, 2022

Usually, you learn about an audit through a notice or letter from the state or jurisdiction in question with instructions on how the audit will proceed. Many audits are conducted remotely, and an auditor never visits your office. Fear and perception of audits are as tangible as the real examinations. Fear and loathing.

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audit auditor general ledger Minnesota 175

TaxConnex

JANUARY 2, 2024

Is one of your new year’s resolutions to make sure you’re complying with sales tax in 2024? If you’ve determined nexus to exist for your business and understand that your products or services are taxable, but you’ve yet to comply to sales & use tax rules.

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Sales Tax financial statements audit 227

TaxConnex

FEBRUARY 27, 2024

Your sales tax obligations depend on knowledge and that knowledge often resides in a professional tax specialist (usually an accountant) who helps your company meet its sales tax obligations. This is a complicated time for sales tax obligations – and a terrible time to try to hire an accountant.

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Sales Tax Account accountant 220

TaxConnex

DECEMBER 28, 2023

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. But state sales tax revenues are projected to increase 1.7%

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South Dakota Sales Tax Louisiana 222

TaxConnex

DECEMBER 5, 2023

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.

South Carolina 206

South Carolina Sales Tax West Virginia 206

TaxConnex

MARCH 26, 2024

We are at the end of Q1 of 2024 and continue to discuss how to ensure your business is set up to get sales tax right in 2024. If you’re like the over 49% of businesses who participated in our annual sales tax trends survey and are unsatisfied with the way you are managing sales tax, then you’re in the right place.

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Sales Tax tax return Retail 159

TaxConnex

MAY 18, 2021

sales tax audits ?were sales tax audits to become more common over the next two years. of respondents said they believe audit levels? of respondents said they believe audit levels?will already seen an increase in the number of audits in the past two years. ramping up audits remains?anecdotal,?but

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audit auditor Missouri Tax 205

TaxConnex

DECEMBER 28, 2021

And that means that more companies may find themselves with new sales tax obligations. eCommerce sales – topping the $200-billion mark for the first time. How does this impact sales tax obligations? Then there’s the danger of sales tax audits. Online shopping from Thanksgiving through Cyber Monday (Nov.

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Sales Tax audit tax return 182

TaxConnex

NOVEMBER 21, 2023

But one tricky area that often causes headaches is sales and use tax. Whether you’re managing sales and use tax for your clients or not, you've most likely come across situations where your clients want to sell their businesses, secure outside capital, or ensure they’re not at risk from previous exposure. Audit notices.

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cpas Sales Tax audit 147

TaxConnex

JULY 29, 2021

Sales tax is complex for any business selling into multiple states. To further complicate this, Chicago does not apply sales tax to SaaS rather they apply a personal property lease transaction tax which is currently 9%. This non-sales tax “tax” is just one of many tax types that the City of Chicago has implemented. Got all that?

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Sales Tax Illinois audit 242

TaxConnex

JANUARY 9, 2024

We are excited to announce the completion of our fourth annual sales tax survey. This year’s results provided insights into how businesses are managing the complexities of sales tax and how they are being impacted by economic and regulatory structures.

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Sales Tax audit Education 223

TaxConnex

FEBRUARY 7, 2023

Findings from the third annual Sales Tax Market Survey indicate that a perfect storm is brewing for financial leaders in the new year. Companies still struggle to navigate workforce shortages and retention of internal expertise, yet they remain highly dependent on in-house resources to perform many of the vital functions related to sales tax.

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Sales Tax audit Construction 171

TaxConnex

OCTOBER 19, 2023

Often as things change in sales tax – and they change often – one constant keeps lurching along. Notices can also inform you of serious questions, audits or a change in rates or deadlines. Why are so many businesses managing this in-house when they are comfortable outsourcing other aspects of finance and sales tax?

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Sales Tax audit Finance 147

ThomsonReuters

MAY 12, 2022

What triggers a sales tax audit and how do you reduce the risk of an audit? Almost all companies undergo a sales tax audit at some point. This sales tax audit guide can help indirect tax teams avoid common audit triggers and manage the sales tax audit as smoothly as possible.

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audit Sales Tax auditor 105

TaxConnex

OCTOBER 12, 2023

Enter past-due sales tax, a sometimes-overlooked and haunting liability that might not get the attention of, say, overdue income or property tax, until it’s too late. Yes, at first glance sales tax risk might be considered just a marginal risk. Sales tax should get extra attention if the two companies are in different industries.

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Sales Tax audit tax return 113

TaxConnex

OCTOBER 28, 2021

It may be the season of ghosts and goblins, but sales tax obligations last all year, and as many would admit, keeping track of all your sales tax obligations can be quite scary. What’s your shield when the sales tax monster comes after you? With an average sales tax rate of 8%, that’s more than $2.9M A frightening threat.

Sales 205

Sales Tax audit Legal 205

TaxConnex

MAY 4, 2021

But don’t forget that success that comes from selling into more states can also expand your sales tax burdens. Businesses that sell into multiple states or jurisdictions have to pay attention to sales tax thresholds, and it’s not a one-time project. Ways of creating a sales tax obligation. to collect sales tax because?they’ve?reached

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Sales Tax South Dakota audit 246

TaxConnex

APRIL 13, 2023

Our third annual survey of financial professionals across accounting, manufacturing, construction, software and technology, retail/eCommerce, telecom and others showed that many industries face sales tax challenges and that financial leaders continue to lean on internal resources to get the job done. What’s keeping them up at night?

Sales 130

Sales Tax tax return audit 130

TaxConnex

AUGUST 25, 2022

In a field that changes as fast as sales tax, it’s a necessity. You generally have three options to address your sales tax compliance obligation: try to manage everything in-house; outsource to an experienced provider; or do nothing and roll the dice. This one of the key steps to complying with sales and use tax laws nationwide.

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Sales Tax audit Alaska 165

TaxConnex

JANUARY 10, 2023

We have completed our third annual survey of top financial professionals on how they are managing sales tax. The nationwide survey, conducted by In90Group in October of 2022, is composed of responses from 100 top finance professionals in a variety of industries regarding their thoughts and experiences in managing sales tax.

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Sales Tax audit Finance 180

TaxConnex

AUGUST 16, 2022

Since the Wayfair decision four years ago, sales tax compliance has had to become a major priority for businesses with multistate sales. The first step for many businesses, after they determine the taxability of their products/services, is to do a nexus review to determine where they should be collecting sales tax.

Technology 189

Technology Sales Tax audit 189

TaxConnex

APRIL 6, 2023

The 2018 Supreme Court Wayfair decision gave us a bright line standard for determining sales tax nexus: Generate a set amount of revenue in a state in a set amount of time and your company has to collect and remit the applicable sales tax. Managing sales tax is burdensome. Seems clear. Who handles compliance?

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Technology Sales Tax tax return 130

TaxConnex

MARCH 7, 2023

Our third annual survey of financial professionals revealed a sales tax storm in many industries. Retail/eCommerce respondents to our survey reported challenges such as audits, timely filing of sales tax returns and charging the correct sales tax. Yet these companies are unhappy about they handle sales tax.

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Sales Retail Tax tax return 130

TaxConnex

JULY 27, 2023

Sales tax is meant to be a pass-through tax and thus one that should have minimal impact on a company’s bottom line. The sales tax is collected by businesses and “passed-through” to the taxing jurisdictions. The “compliance” aspect that we are describing here is focused on the filing of returns and remittance of sales tax collected.

Sales 130

Sales Tax audit Start-ups 130

TaxConnex

JUNE 28, 2022

Complying with your sales tax obligations involves a lot of variables – your nexus, taxability of your products, type of customer you are selling to, etc. Another key factor that effects your sales tax obligations is related to exempt transactions and exemption certificates. This is where the XYZ letter comes into play.

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Sales Tax audit been audited 188

TaxConnex

OCTOBER 6, 2022

It’s a common scenario: A company has decided to sell, then due diligence turns up a $2 million risk in past sales tax obligations and compliance. Do you have solid positions and reasons for your sales tax decisions? Can you defend your sale tax position to minimize the escrow’s impact? Let’s say you’re the seller.

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Sales Tax tax return audit 198

MyIRSRelief

MAY 19, 2023

Whether you are a small business owner, self-employed, or an individual taxpayer, you may face tax issues such as tax audits, back taxes, and 941 payroll tax problems. Regardless of the reason, a tax audit can be a stressful and time-consuming process, requiring you to gather and provide extensive documentation to support your tax returns.

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payroll tax New York audit payroll 147

TaxConnex

MAY 25, 2023

Sales tax is complex for businesses of all sizes. If you are a business with customers in multiple states, your scope and risk grows in accordance with the number of states and the sales tax complexities in those states. Sales tax obligations begin with whether you have nexus in a state or other locality.

Sales 130

Sales Tax audit Maine 130

TaxConnex

SEPTEMBER 29, 2020

Under the SSUT formula, 50 percent of all revenues from online sales from companies participating in the program go to the state. city council was also recently set to vote on giving a quarter of online sales tax revenue to the city’s schools in 2021. Sales taxes were up 8.2 The Decatur, Ala., The Decatur, Ala.,

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Sales Tax Alabama Texas 231