TaxConnex

MAY 27, 2021

The presumption is that all sales of tangible personal property are taxable without specific and enumerated exemptions. Different than an exemption, exclusions are “excluded” from statute and are considered non-taxable. Services are generally excluded from statute and therefore non-taxable – although there are exceptions.

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Sales Tax Connecticut Idaho 165

TaxConnex

AUGUST 8, 2023

Under audit, an otherwise exempt sale will be deemed taxable without such documentation. In this blog we will examine four best practices to manage your exemption certificates so that doesn’t happen. Plan across There are a lot of moving pieces to consider: sales, order entry, billing, credit, tax, customer service, etc.

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auditor audit Tax Sales 130

TaxConnex

JULY 5, 2022

Canada charges a Goods and Services Tax (GST), which in some of the nation’s provinces and territories combines with a Provincial Sales Tax (PST) to produce a Harmonized Sales Tax (HST). you must provide specific information on the invoices, receipts, contracts or other papers that you use when you supply taxable property and services.

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TaxConnex

APRIL 1, 2021

Every state can apply tax exclusions on goods and services within their state. This means the good or service is non-taxable for all customers purchasing the item. As sales tax is charged at the point of final sale, goods and services bought for resale are often exempt to avoid double taxation. Entity-based exemptions.

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Sales Tax Manufacturing Education 223

TaxConnex

SEPTEMBER 15, 2020

In this blog , we’ll take a look at the 6 steps to compliance and some of the complexities that go with them. Determine Taxability. Once you’ve determined that you have nexus, you need to determine the taxability of your products or services in the states you have nexus. The same goes for telecommunications services.

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TaxConnex

MAY 18, 2021

In this blog, we’ll examine 7 of the most common. If they believe something should be taxable that you were not taxed for, it could result in a red flag for your business as well. Contact TaxConnex to learn more about our services and how we can take sales tax off your plate. This is a fast ticket to an audit.

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audit auditor Missouri Tax 204

ThomsonReuters

APRIL 25, 2024

Pre-tax contributions to a 401(k) effectively lower your taxable income by an equivalent amount, resulting in a current year reduction of your annual income tax liability. Are 401(k) contributions tax deductible? While employee contributions to a 401(k) are typically made on a pre-tax basis, employer contributions may differ.

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TaxConnex

APRIL 27, 2021

In this blog, we’ll talk to some of the common missteps businesses make when trying to manage sales tax on their own. Not knowing if your products and/or services are exempt. Taxability of products and services, especially those impacting technology and software, can vary WIDELY across states and taxing jurisdictions.

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Sales Tax Wisconsin Missouri 130

Xero

JANUARY 24, 2024

You only have to register your business for GST if: the annual turnover is more than $60,000 – until then, GST registration is voluntary only you’re charging GST on your goods or services You might still want to register for GST, even if your business doesn’t meet the criteria above. What is the filing frequency for my business?

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bookkeeping Sales accounting software Legal 90

ThomsonReuters

JULY 10, 2023

Use tax is a tax that is imposed on the use, storage, or consumption of goods and services that were purchased without paying sales tax. It is typically imposed by the state or local government where the goods or services are used, and the rate is often the same as the sales tax rate. How does use tax work?

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ThomsonReuters

APRIL 28, 2022

We are concerned, however, that employees may not have sufficient information and professional advice to make good retirement planning decisions, so we would like to start making retirement planning services available. If we do, will those services be taxable, adding to our cost and administrative burden?

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tax preparation Education income tax Legal 105

CPA Practice

JULY 28, 2023

This blog post can help you understand your sales tax requirements by answering the following questions: Is sales tax based on shipping address or billing address? Postal Service to facilitate mail delivery and have nothing to do with sales tax. By Gail Cole Is sales tax based on shipping address or billing address?

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Sales Tax Retail New Mexico 98

TaxConnex

MARCH 9, 2021

In this blog, we’ll cover how to check where you have established economic nexus. Revenue figures can be based on gross sales, retail sales or taxable sales and the period in which sales are calculated could be the previous 12 months, the current calendar year or previous calendar year. Step 2: Identify where you have customers.

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Missouri Tax Sales Florida 235

ThomsonReuters

JUNE 29, 2022

Now, let’s go over the answer for the a previous edition of the CPP Corner on employment taxes and share this blog’s quiz question on fringe benefits. On May 11 and 12, at the APA’s Congress, there were two hour-long workshops on taxable and nontaxable fringe benefits, conducted by Fred Basehore, Jr.,

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payroll Nevada Tax tax return 89

ThomsonReuters

JULY 10, 2023

While they are both a tax paid to the government on the purchases of goods or services, there are differences in how they are collected and paid to the government. Sales tax is a tax imposed on the sale of goods and services. It is typically a percentage of the purchase price and is added to the final cost of the product or service.

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Sales Tax Arizona Georgia 97

ThomsonReuters

AUGUST 9, 2022

Effective July 1, 2022, as required by the Infrastructure Investment and Jobs Act (IIJA) passed last November, the Internal Revenue Service (IRS) has reinstated the Superfund Chemical Excise Tax on a wide range of chemicals and substances. Is the rate different for taxable “substances”? Are exporters being taxed?

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Tax Manufacturing tax return Sales 97

TaxConnex

JULY 20, 2023

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. In this blog based on one of our recent webinars, here are how states and other tax jurisdictions are getting tougher with their exemption certificate audits.

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audit Tax Sales auditor 130

ThomsonReuters

APRIL 25, 2024

If your client receives retirement benefits in the form of pension or annuity payments from a qualified employer retirement plan, all or some portion of the amounts they receive may be taxable unless the payment is a qualified distribution from a designated Roth account. Consider pension and annuity payments. Delay Social Security.

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ThomsonReuters

AUGUST 25, 2023

When businesses deduct the declining value of assets used in their income-generating activities, it reduces the amount of taxable income they must report to tax authorities. This lowers a company’s tax liability because it reduces their taxable income. 27, 2017, and before Jan. Prior to TCJA, it was 50%.

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corporation tax Tax income tax financial statements 98

ThomsonReuters

DECEMBER 1, 2023

As explained by the IRS , this limit is reduced by the amount by which the cost of section 179 property placed in service during the tax year exceeds $2,890,000. Also, the maximum section 179 expense deduction for sport utility vehicles placed in service in tax years beginning in 2023 is $28,900 (up from $27,000 in 2022).

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tax return Tax Transportation Non-Profits 97

Ronika Khanna CPA,CA

SEPTEMBER 28, 2023

The simple answer is that if you anticipate that your annual gross revenues (total sales) are going to exceed $30,000 and your products or services do not qualify as Exempt or Zero rated (explained below) , then you are required to register for GST/HST and collect sales taxes from your Canadian customers and clients.

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quickbooks Tax Sales Healthcare 98

ThomsonReuters

DECEMBER 20, 2020

In other words, end consumers pay sales tax when they purchase goods or services. Suppliers, manufacturers, distributors, and retailers all collect VAT on taxable sales. legal services). Taxability of purchases by business. What is the difference between sales tax and value-added tax (VAT)?

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Sales South Dakota Tax corporation tax 119

ThomsonReuters

JULY 10, 2023

Sales tax vs. use tax Summary Sales tax, which is a consumption tax levied on the sale of goods and services, is an important source of revenue for governments at the state and local levels. Sales tax is a tax imposed on the sale of goods and services. Sales tax varies by state What is nexus? What is excise tax? What is VAT tax?

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Sales Tax Michigan Washington 98

TaxConnex

APRIL 20, 2021

This includes understanding your ongoing nexus footprint (it’s not always static) and determining the taxability of your products and services when states are continually adjusting their laws. If comparing a service provider to an automated returns solution, you have to recognize this is not an apples-to-apples comparison.

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Sales Tax tax return income tax 139

Nancy McClelland, LLC

DECEMBER 28, 2022

Note: much of the information below was pulled from the old Polito Eppich website — however, they have since merged with another firm to become Magnus Blue , and as such have removed their former blog content. If you’re not careful, then the deduction is mistakenly taken on both the entity-level and personal returns.

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payroll payroll tax Tax tax preparation 52

Xero

JANUARY 30, 2024

The amount varies depending on the combined unimproved value of your taxable property. In this case, you may be able to reduce your taxable income by claiming the full rental expenses. Direct versus indirect costs: Whether an amount is spent on producing a good or service for sale, or on general business costs.

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TaxConnex

APRIL 13, 2021

This blog will help explain one part of the sales tax compliance puzzle: your filing process. Get in touch to learn how TaxConnex sales tax outsourcing services can help remove this burden from you completely. Don’t let sales tax compliance overwhelm you. Sales tax is far from simple, but it doesn’t have to be overwhelming.

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Sales Tax E-commerce general ledger 221

CPA Practice

FEBRUARY 10, 2023

On Thursday, the IRS’s in-house taxpayer advocate service added its voice to the complaints. In a blog post , the National Taxpayer Advocate blasted the agency for urging taxpayers in California and more than a dozen other states to hold off filing their returns until the IRS makes up its mind.

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ThomsonReuters

JUNE 2, 2023

The Service explained that it works on this inventory in two sites (Cincinnati and Ogden) with trained staff to work any possible COVID-19 tax credits, such as the ERC. More recently, employers may also use a Form 941-X to claim certain COVID-19-era tax credits aimed to help both businesses and workers during the health emergency.

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payroll tax payroll tax return Tax 52

ThomsonReuters

DECEMBER 19, 2023

The credit was extended and modified by the Inflation Reduction Act and is based on the placed-in-service date for the qualifying property. These credits are available to taxable businesses entities and certain tax-exempt entities eligible for direct payment of tax credits.

Tax 110

Tax accounting and finance Manufacturing income tax 110

Nancy McClelland, LLC

DECEMBER 28, 2022

I have explained the importance in prior blog posts of making sure that S-Corp medical premiums are properly tracked and reported in QuickBooks and on the W-2 forms for shareholder-employees. More in this blog post and from the IRS here.). Company contributions: Taxable at the employee level only, for both federal and state income tax.

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payroll payroll tax income tax quickbooks 52

ThomsonReuters

MAY 17, 2022

Self-employed workers who drive for Uber or deliver food for DoorDash, who sell crafts and merchandise on Etsy, or who hire out their services on TaskRabbit? These budding entrepreneurs often get paid through mobile payment services like Venmo, Paypal or CashApp or get paid directly through the Uber or Doordash app.

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Tax tax return income tax Start-ups 105

ThomsonReuters

APRIL 18, 2023

For accounting professionals, payroll services have long been viewed as a time-consuming, high-risk loss leader. Payroll errors are certainly a real concern, but with the right tools and resources in place, payroll services can be a growth opportunity for firms. For business owners, payroll is complex and often their greatest expense.

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payroll payroll tax Tax audit 107

ThomsonReuters

SEPTEMBER 7, 2023

Eligible expenses for the dependent care tax credit include daycare, babysitters, nannies, day camps, and similar care services. Each dependent you claim can lead to a reduction in taxable income and potentially increase your tax refund. These limits include a maximum dollar amount per dependent and a maximum overall limit on expenses.

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Tax income tax tax return tax preparation 52

ThomsonReuters

DECEMBER 20, 2020

Some use all of a company’s gross receipts; some look just at gross receipts from taxable transactions. The last thing any company wants is for sales tax complexity to limit the ability to enter new markets and sell products and services online. So how do you determine if you have a sales tax obligation in multiple states?

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South Dakota Sales Tax E-commerce 72

ThomsonReuters

JANUARY 12, 2023

By implementing crypto tax reporting software, accountants can make it easy for clients to connect their exchange accounts and wallets to identify taxable transactions, calculate the correct tax gain/loss, and import the results directly into an accounting firm’s professional tax packages. . Understand crypto technology.

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ThomsonReuters

SEPTEMBER 1, 2022

Internal Revenue Service (IRS) sections 4661 and 4671 currently list 42 chemicals and 151 “hazardous substances” as taxable. The distinction between “chemicals” and “substances” here is that chemicals are raw materials taxable on their own, and substances are comprised of one or more taxable chemicals.

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Technology Tax Manufacturing accounting and finance 52