TaxConnex

AUGUST 4, 2022

We talk a lot about nexus and compliance processes in our content, but what about marketplace facilitators? In this blog we answer your top questions about marketplace facilitators. What is a marketplace facilitator? Why are states adding marketplace facilitator laws? This produced a gap in tax collection.

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TaxConnex

SEPTEMBER 15, 2020

Sales tax is complicated. Many sales tax companies will tell you it’s simple with their solution, but when you take a look at all that goes in to compliance – you will understand that no technology can fully automate or manage sales tax without a good bit of project management from your side.

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TaxConnex

MAY 27, 2021

Taking advantage of sales and use tax exemptions can save your business money and headaches. But exemptions can be harder to secure in some states than in others. The presumption is that all sales of tangible personal property are taxable without specific and enumerated exemptions.

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TaxConnex

NOVEMBER 16, 2021

The explosive growth of online sales means that state and local governments are searching for ways to recoup the tax revenue that they have determined they are owed. Between the second quarter of 2020 and the second quarter of 2021, online sales in the United States grew by 28 percent. What is Affiliate Nexus?

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ThomsonReuters

JULY 10, 2023

Jump to: What is use tax? What is nexus? Sales tax vs. use tax Summary Sales tax and use tax are important sources of revenue for the government but properly calculating, collecting, and reporting these taxes can quickly get complicated. What is use tax?

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ThomsonReuters

JULY 10, 2023

Jump to: What is sales tax? Sales tax varies by state What is nexus? What is excise tax? What is VAT tax? While, in many instances, businesses are required to charge and collect sales tax from consumers, knowing when and how to charge sales tax can get complex.

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ThomsonReuters

JULY 10, 2023

Jump to: What is sales tax? What is use tax? Sales tax vs. use tax Summary Calculating, collecting, and reporting sales tax and use tax can get complicated as a business grows, and it can be easy to confuse these two types of indirect taxes.

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CPA Practice

JULY 28, 2023

By Gail Cole Is sales tax based on shipping address or billing address? Understanding how sales tax works is fundamental for every retailer. If you’re doing business in a state with a sales tax, you may know you need to register for sales tax, then collect and remit tax as required by law.

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ThomsonReuters

FEBRUARY 9, 2024

As we step into a new year, the taxation realm is abuzz with discussions surrounding the Tax Relief for American Families and Workers Act of 2024. However, amidst this spotlight, there are other tax proposals quietly gaining momentum. What does this mean for my firm? The penalty increases as the pay ratio widens.

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Tax tax return Technology income tax 110

ThomsonReuters

JULY 25, 2023

A company’s decision to introduce indirect tax (IDT) automation into its tax processes is often fraught with indecision and uncertainty. Every company’s tax technology journey is different, and it’s not always clear when and how tax automation should be incorporated or what the benefits will be.

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CPA Practice

JANUARY 3, 2024

Sales tax holidays are all the rage right now. There were about 45 sales tax holidays in 24 states in 2023 and could be even more than that in 2024. If you’re in retail, hang on to your hats and read our sales tax holiday FAQ to learn: What is a sales tax holiday?

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ThomsonReuters

AUGUST 25, 2023

Jump to: How does depreciation affect corporation taxes? What is the purpose of making a provision for depreciation? What is the depreciation guidance for corporate alternative minimum tax? With tax obligations on the rise, your role as a trusted advisor is bound to grow in importance.

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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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ThomsonReuters

DECEMBER 19, 2023

Jump to: What are the tax credits available for electric vehicles? How does the electric vehicle tax credit work? For accountants, understanding these tax credits is essential in ensuring clients make the most of their investment in clean vehicles. What are the tax credits available for electric vehicles?

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Ronika Khanna CPA,CA

SEPTEMBER 28, 2023

When starting your new Canadian small business or launching into self employment, it is essential to determine whether you are required to register for GST/HST (and QST if you have a started a business in Quebec ). The $30,000 limit applies to the last 4 quarters of revenues. This can be a substantial benefit for businesses and freelancers.

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quickbooks Tax Sales Healthcare 98

Snyder

OCTOBER 31, 2022

You may want to start a new career or may consider starting an e-commerce store as a possibility of additional income. In this article, we’ll answer all your questions so you can have a better picture of what it’s like — to start your own small business with Shopify. How to add a blog to your Shopify store?

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E-commerce Start-ups Tax Sales 97

Xero

AUGUST 21, 2023

This year’s US Roadshows were nothing short of inspiring, with accounting, bookkeeping and app partners showing up from all over the country to attend our events in Austin, Atlanta and Los Angeles. At the event, we shared a first look of what the new experience will look like. Here are a few of the highlights.

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ThomsonReuters

FEBRUARY 6, 2024

Jump to: What is indirect tax? Types of indirect tax The value of indirect tax to tax professionals Differences between direct and indirect tax Tax planning and management is one of the primary areas accountants help their clients. Taxes are either direct tax or indirect tax.

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Withum

FEBRUARY 1, 2024

Last year is a closed book for most transactions that will be reported on your 2023 tax return. However, there are some things you could do now that would simplify your tax return for 2024 and later years and also reduce the fees you pay a professional preparer. Here are some actions to consider.

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Snyder

OCTOBER 27, 2022

This blog will teach you how to receive payments on Etsy , both including and apart from PayPal. This blog is a part of a series dedicated to the most popular e-commerce marketplaces’ payment solutions. What is Integrated PayPal? What is Standalone PayPal? What are Etsy Payments and how do they work? Listing fees.

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E-commerce accounting and finance Tax Sales 98

ThomsonReuters

SEPTEMBER 8, 2023

Jump to: What are the main types of business ownership? What is a C corporation? What is an S corporation? What is an LLC? Many entrepreneurs wonder what types of business ownerships are possible and how to determine which one is right for their business. What are the main types of business ownership?

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income tax Tax Legal tax return 75

ThomsonReuters

MARCH 1, 2024

Jump to: How are S corporations taxed? How can S corporations reduce their taxes? How a corporate tax software can help filing S corporation taxes Setting up your business as an S corporation (S corp) provides several tax advantages that are not available to owners of C corporations (C corp) or Limited Liability Companies (LLCs).

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ThomsonReuters

DECEMBER 20, 2020

Wayfair decision dramatically shifted the sales tax landscape in the United States. Companies of all sizes are facing sales tax compliance obligations that are more complex than ever. So how do you determine if you have a sales tax obligation in multiple states? The impact of South Dakota v.

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South Dakota Sales Tax E-commerce 72

Xero

AUGUST 25, 2022

Today, we wrapped up Xerocon New Orleans, the second of three Xerocon events we’re hosting in 2022. . It’s so important that we connect with our communities to understand why they choose Xero, what is working well, and where we can improve. Expanding Xero Small Business Insights to the United States and Canada.

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Mark Lee

NOVEMBER 7, 2023

Invariably they want to know if social media is worthwhile, where to advertise, what marketing activities to pursue, what networking activities might be worthwhile, how to get more traffic to their website and much more – all in a similar vein. In my 5 Ms model I set these out as follows: Motive – What do you want?

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Nancy McClelland, LLC

APRIL 9, 2023

Reminder: Due to a new law , Illinois S-Corp and Partnership owners should generally pay quarterly IL state ( not federal) taxes through the business. The post below is about how to pay IL taxes personally ; click here for how to make IL business tax payments. and ask you what kind of tax payment you wish to make.

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ThomsonReuters

OCTOBER 25, 2022

Unbeknown to many companies outside of the United States, the US has reinstated a long-dormant environmental tax known as the Superfund Excise Tax , which impacts certain companies in the EU and UK — especially those involved in the chemical, gas, and petroleum industries. Producing in the US. benzoic acid.

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Nancy McClelland, LLC

DECEMBER 26, 2023

WHAT’S NEW (or isn’t) FOR 2023: – Beginning in 2022, the 1099-NEC was made so that it’s no longer year-specific; there are no changes to the form for 2023. – The IRS launched IRIS, a new free online portal , for businesses to file 1099 returns. NEC” stands for “non-employee compensation”.

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bookkeeping tax return Non-Profits Tax 52

Nancy McClelland, LLC

DECEMBER 26, 2023

WHAT’S NEW (or isn’t) FOR 2023: – Beginning in 2022, the 1099-NEC was made so that it’s no longer year-specific; there are no changes to the form for 2023. – The IRS launched IRIS, a new free online portal , for businesses to file 1099 returns. NEC” stands for “non-employee compensation”.

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bookkeeping tax return Non-Profits Tax 52

ThomsonReuters

JULY 6, 2023

What are business advisory services? Business advisory services capitalize on the unique insight of accounting firms to make a profitable shift from serving clients as a once-a-year tax compliance processor to a year-round strategic business advisor. Today, technology can automate the entire tax compliance workflow.

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ThomsonReuters

JANUARY 28, 2022

Tax season is a critically busy time of the year for accountants, and we all know the stress that can come with such a high demand for services during that part of the year. But for some tax and accounting firms, the high volume of clients from January to April represents the majority of their business for the year.

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Withum

SEPTEMBER 14, 2022

Thanks to the Inflation Reduction Act the IRS is hiring thousands of new field agents and examiners. Before this new funding, taxpayers of all stripes and income brackets enjoyed a period of very low audit rates due to the IRS’s shrinking workforce, which further exacerbated the audit statistics. 10 Troublesome Tax Schemes.

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Accounting Insight

OCTOBER 27, 2023

Specifically, it relates to the movement of goods – arrivals and dispatches – across EU Member States. The requirements of Intrastat remain similar across the EU, though certain Member States have implemented rules differently. As a result, it can be confusing when trading cross-border in the region.

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E-commerce Transportation Sales Tax 59

Mark Lee

DECEMBER 12, 2023

My advice in this blog post about safeguarding your practice largely concerns only what I might call ‘simpler’ clients. I had thought this might not happen until MTD for income tax becomes a reality. Many will look to pay lower fees for what they perceive to be a simpler service from their accountant.

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Nancy McClelland, LLC

JULY 22, 2022

On June 27th I woke to find dozens of notifications from MyTax Illinois in my email inbox — one for each and every client of ours who files sales taxes. If you want to skip my rant and go to the section on what a small business owner should do next, scroll down to the next line in bold. My inbox on June 27th.

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Ronika Khanna CPA,CA

SEPTEMBER 1, 2023

A small smattering of the ways in which excel can help small business owners includes: Accounting spreadsheets: Many small business owners, self employed workers, freelancers etc who don’t have many transactions, are unincorporated and don’t require extensive reporting can simply use a spreadsheet to do their accounting.

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accounting software accounting and finance tax return Start-ups 65

ThomsonReuters

DECEMBER 14, 2022

Though an automated tax engine will ultimately improve a company’s overall operations, a successful implementation process does place certain demands on a company’s personnel, some of which can be challenging if not addressed properly. How to integrate with other technologies. Choice of software is imperative, however.

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