TaxConnex

SEPTEMBER 15, 2022

If you are a business that must collect and remit sales tax, an audit is probably one of your biggest fears. Rightly so: Sales tax audits can find fault with a variety of your operations and can cost you big– if the determination goes against you. Not expecting an audit. Not assessing nexus.

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audit Sales Tax auditor 162

TaxConnex

DECEMBER 23, 2021

If you and your company haven’t been hit with a sales tax audit yet, congrats. In TaxConnex’s recent market survey more than one in four (26.7%) top finance professionals in a variety of industries report seeing an increase in state sales tax audits in the past two years. Sales Tax Audit Triggers.

audit 167

audit Sales Tax auditor 167

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 229

TaxConnex

FEBRUARY 3, 2022

Sales tax has evolved a lot in recent years. So has the sales tax audit. Examiners can still show up and go over your books in person, and tax agencies will still send audit notices via snail mail. Many events can ignite a sales tax audit. And why not? What if you get flagged?

audit 172

audit Sales Tax auditor 172

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. Get in touch to learn more!

Sales 206

Sales Tax audit CPA 206

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. They report taxes owed in exchange for a waiver of penalty and a limited look-back period.

Sales 219

Sales Tax audit tax accountant 219

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.

Sales 193

Sales Tax Ohio Georgia 193

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. Overall, state tax revenues dropped 5.3%.

South Dakota 221

South Dakota Sales Tax Louisiana 221

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.

Sales 226

Sales Tax financial statements audit 226

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 205

South Carolina Sales Tax West Virginia 205

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.

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audit Sales Tax 115

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.

Sales 219

Sales Tax Account accountant 219

TaxConnex

OCTOBER 5, 2023

Automated sales tax software promises to manage your filing and payments, but there’s more to sales tax compliance. Wayfair opened the way for all states with a statewide sales tax to now have economic nexus thresholds set by dollar amount or volume of sales. Many notices are routine.

Sales 147

Sales Tax Missouri auditor 147

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

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.

Sales 159

Sales Tax tax return Retail 159

TaxConnex

SEPTEMBER 7, 2023

Nonprofits are often thought to be exempt from sales taxes, but is that correct? Other stats say more than 2 million charities exist that are tax-exempt according to Internal Revenue Service rules. Are non-profits exempt from sales tax obligations? These same organizations are not necessarily exempt from sales tax.

Sales 147

Sales Tax Non-Profits North Carolina 147

TaxConnex

OCTOBER 19, 2023

Often as things change in sales tax – and they change often – one constant keeps lurching along. Tax jurisdictions love to send notices, and usually it’s to say “Boo!” True, notices can simply be a way for tax jurisdictions to get in touch with you and require no fast action on your part. and not just “Hi.”

Sales 147

Sales Tax audit Finance 147

TaxConnex

JULY 29, 2021

Sales tax is complex for any business selling into multiple states. Chicago is a home rule city and taxes several items that are not taxable at the state level. 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%.

Sales 242

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.

Sales 222

Sales Tax Education audit 222

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? in sales). of tax you should have collected.

Sales 204

Sales Tax audit Legal 204

TaxConnex

NOVEMBER 21, 2023

In the world of accounting and tax, CPAs, accounting firms, and advisory firms play a vital role in helping individuals and businesses manage their finances and stay within the rules. But one tricky area that often causes headaches is sales and use tax. Audit notices. Adding new employees, locations, or warehouses.

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cpas Sales Tax audit 147

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. billion in U.S.

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Sales Tax audit tax return 181

MyIRSRelief

MAY 19, 2023

With this bustling economy comes a complex tax system, which can be overwhelming and confusing for many taxpayers. 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.

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payroll tax New York payroll audit 147

TaxConnex

NOVEMBER 2, 2023

October 15 th ended the last major income tax due dates in 2023. Most CPAs use the fourth quarter of the year for audit and tax planning for clients, strategic planning for the firm and of course, CPE. Both of these changes can directly impact your clients’ sales tax responsibilities.

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Sales Tax income tax tax planning 193

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 also struggle to keep up with the ever-changing tax rules across state, county, and city jurisdictions, while they also continue to expand their businesses online and across states.

Sales 171

Sales Tax audit Construction 171

TaxConnex

OCTOBER 12, 2023

And one thing that can pound a stake through the heart of a promising M&A is unearthing past tax liability during due diligence. 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.

Sales 113

Sales Tax audit tax return 113

MyIRSRelief

MAY 22, 2023

Chicago, Illinois is home to numerous businesses and individuals who may face tax-related challenges such as tax audits, back taxes, and payroll tax problems. In this article, we will explore the benefits of professional tax help for Chicago taxpayers facing tax audits, back taxes, and 941 payroll tax problems.

payroll tax 147

payroll tax payroll audit Tax 147

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. connection a business has with a state or taxing jurisdiction.

Sales 246

Sales Tax South Dakota audit 246

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

ThomsonReuters

MARCH 19, 2024

Jump to: When should you contest an audit? How should you prepare for an audit defense? How can automation help in an audit defense? What if a sales tax audit needs to be appealed? Contesting the audit means going through a complex decision tree, the steps of which are detailed below.

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audit Sales Tax auditor 52

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. This then becomes a bottom line hit unless you can recoup from your customers.

Sales 130

Sales Tax audit Start-ups 130

TaxConnex

NOVEMBER 29, 2022

that the likelihood of your business being audited is low, but that likelihood has been increasing in recent years. more than one in four (26.7%) top finance professionals reported seeing an increase in state sales tax audits in the past two years. You received a sales tax audit notice from a jurisdiction.

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audit auditor general ledger Non-Profits 184

ThomsonReuters

FEBRUARY 23, 2024

Jump to: Why is it important to be proactive toward sales tax audits? How can my company prepare for a potential sales tax audit? How can tax technology help when defending an audit? When and how should tax systems be upgraded? Why is it important to be proactive toward sales tax audits?

audit 52

audit Sales Tax auditor 52

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.

Sales 180

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 188

Technology Sales Tax audit 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? Estimating exposure.

Sales 197

Sales Tax tax return audit 197