TaxConnex

APRIL 27, 2021

Sales tax obligations are getting more complicated for businesses of all industries. In this blog, we’ll talk to some of the common missteps businesses make when trying to manage sales tax on their own. Figuring out where you have nexus is key to determining your sales tax liability.

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TaxConnex

APRIL 20, 2021

This time of year, everybody’s mind is on income tax preparation. And for many accountants and CPA firms, this time of year means extra-long hours and more time spent managing clients’ finances. The fact is, when it comes to many companies’ federal and state income tax returns, they don’t rely on an automated income tax return.

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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. What is sales tax?

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Xero

JANUARY 30, 2024

Property investment accounting, or landlord accounting, manages your property portfolio assisting with tax compliance and return on investment. Know property investment accounting regulations and taxes To swim well, you need to know the strokes, and how to navigate the water. personal expenses from property use).

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ThomsonReuters

SEPTEMBER 19, 2023

It’s also been a popular topic of debate in state legislatures. Earlier this summer, Kentucky, North Carolina, and Vermont all enacted laws that legalize and tax sports wagering activities. percent tax rate is imposed on the adjusted gross revenue from sports wagers placed at a licensed track and a 14.25

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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 20, 2020

What is the difference between sales tax and value-added tax (VAT)? Both sales tax and VAT are types of indirect tax – a tax collected by the seller who charges the buyer at the time of purchase and then pays or remits the tax to the government on behalf of the buyer. legal services).

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ThomsonReuters

FEBRUARY 6, 2024

Jump to: What is direct tax? Examples of direct tax Understanding tax provision Understanding state apportionment Differences between direct and indirect taxes When a taxpayer must pay taxes directly to the government, meaning the taxes cannot be shifted to other entities or individuals, it is known as direct tax.

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ThomsonReuters

MARCH 20, 2024

Tax professionals involved in omnichannel retail industries face an unprecedented number of challenges these days. Calculating sales tax across different retail channels is complex due to various regulations, frequent changes in product data, and outdated systems, especially with increasing sales volume and shrinking budgets.

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ThomsonReuters

JULY 6, 2023

As accounting firms look to differentiate themselves from the competition, one trend is leading the way: business advisory. From advising on mergers and acquisitions to specializing in accounting and advisory in your clients’ specific industry, there are many ways to take advantage of this unique opportunity.

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ThomsonReuters

SEPTEMBER 8, 2023

Choosing the right business structure for entrepreneurs Business owners can structure their companies in several different ways , depending on the size of the business, its growth potential, how the business is managed, how the owners want to be taxed, and many other variables. What are the main types of business ownership?

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ThomsonReuters

AUGUST 25, 2023

Jump to: What is tax depreciation on rental property? How is depreciation taxed on the sale of rental property? How do you avoid depreciation recapture tax on rental property? There are also tax benefits to be gained. million American tax filers declared rental income in 2019.

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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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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. Fees and taxes with Etsy. How is tax paid with an Etsy seller account. Listing fees. Transaction fees.

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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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Accounting Insight

JANUARY 5, 2024

Despite how common VAT is, the tax is difficult at the best of times to understand. Knowing who pays VAT – the buyer or the seller – is straightforward, though, if you take the time to learn about the tax or have help. With this specific blog, we explain who collects VAT and what governments expect of businesses. What’s GST?

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Withum

SEPTEMBER 14, 2022

While we’re waiting on the IRS to ramp up, now is a good time to take the opportunity to reassess your tax “strategies” and compliance. The IRS is aware of the “creative” schemes some taxpayers employ to lower their tax bills. 10 Troublesome Tax Schemes. As the saying goes, the best offense is a great defense.

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Nancy McClelland, LLC

DECEMBER 26, 2023

You cannot depend on the company’s name to determine corporate status, nor can you rely on the state LLC/Corp database, as it only indicates the entity type at the state level — almost any type of entity may elect corporate status with the IRS. So, keep in mind that a company can be an LLC but be taxed as a corporation.

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Nancy McClelland, LLC

DECEMBER 26, 2023

You cannot depend on the company’s name to determine corporate status, nor can you rely on the state LLC/Corp database, as it only indicates the entity type at the state level — almost any type of entity may elect corporate status with the IRS. So, keep in mind that a company can be an LLC but be taxed as a corporation.

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ThomsonReuters

JANUARY 30, 2023

States eye workforce as a legislative priority for payroll The majority of state legislatures began their legislative sessions this January. This came as no surprise to Tim Storey, CEO of the National Conference of State Legislators (NCSL). State legislators are responding to the call. Minimum wage increases.

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CTP

AUGUST 17, 2023

As we mentioned in our last blog, small business owners can see major benefits from the Employee Retention Credit with a little expert guidance. Fortunately, training as a Certified Tax Planner provides access to ongoing education and the support of a community of tax professionals to help boost your knowledge on this fairly new credit.

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ThomsonReuters

DECEMBER 6, 2022

Today, the ESG landscape is more mature in Europe and other parts of the world compared with the United States. Given the increased focused on ESG, this blog marks the first in a series dedicated to ESG and its impacts on the accounting profession. What is ESG accounting? Then there’s the tax implications.

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ThomsonReuters

MAY 6, 2022

This Summer/Fall testing period will be based on federal laws and regulations in effect as of January 1, 2022. ” The CPP only covers federal payroll information – payroll laws, U.S. Department of Labor regulations, record retention, federal payroll tax forms, payroll systems, and accounting. Next testing period .

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Snyder

JUNE 17, 2022

Sales tax can be complicated to calculate, as it varies from country to country and even from state to state. In the United States, for example, sales tax is collected by the seller at the time of purchase and remitted to the appropriate state tax authority. What Is Sales Tax?

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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. Which European companies could be liable? .

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ThomsonReuters

OCTOBER 12, 2023

Tax implications for owning property abroad What is FATCA? Helping clients with foreign income tax forms For U.S. To support this effort, forward-thinking accounting firms are increasingly using tax preparation software and scan-and-populate solutions to tackle the challenges of foreign income reporting. What is FEIE?

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ThomsonReuters

JULY 7, 2021

Federal Employment Taxes. The United States first imposed a federal income tax briefly during the American Civil War and also in the 1890s. Constitution in 1913 that permanently legalized a federal income tax. if the employer qualifies for the full FUTA tax credit) on a certain amount of employee wages each year.

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ThomsonReuters

MARCH 28, 2023

Compliance may not be the most glamorous task facing indirect tax (IDT) teams, but the rapid pace of change in global regulations and reporting requirements is turning the humble compliance function into a rapid-fire gauntlet of continuous challenges. In the next two years, more than a dozen countries (e.g.,

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LyfeAccounting

JULY 20, 2021

This post will cover the next steps on your entrepreneurial journey that will keep your LLC compliant with federal and state laws, safe from liability, and you more knowledgeable and confident. For example: Most banks require an LLC’s EIN number to open a business bank account, get a business credit card, or get a business loan.

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ThomsonReuters

JUNE 22, 2021

But before we give you a state-by-state rundown on the more mundane upcoming changes, here’s one federal reminder that beginning July 1, 2021, the Employee Retention Credit is claimed against only the employer share of Medicare tax. State by State Payroll Tax Changes. The new laws, Int. per hour. .

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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. It costs small businesses more in accounting and bookkeeping work than it could possibly save anyone. I just have to hope they don’t get audited by IDOR.

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ThomsonReuters

FEBRUARY 15, 2023

property taxes, which help fund roads, schools, emergency medical services, and other services, are a vital source of revenue for state and local governments. Property tax rates vary greatly among states and localities and can have a major impact  on business investments and where people decide to live.

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inDinero Tax Tips

NOVEMBER 16, 2021

There are many tax benefits to installing solar panels, some of which will be well in excess of your tax liability. For small businesses looking to go solar, it makes sense to partner with a tax equity investor in solar. What is Tax Equity Investment in Solar? Solar tax equity investment is a win-win for both parties.

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inDinero Tax Tips

NOVEMBER 16, 2021

There are many tax benefits to installing solar panels, some of which will be well in excess of your tax liability. For small businesses looking to go solar, it makes sense to partner with a tax equity investor in solar. What is Tax Equity Investment in Solar? Solar tax equity investment is a win-win for both parties.

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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.

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ThomsonReuters

NOVEMBER 2, 2021

As a corporate tax professional, you know the complexities of complying with business taxation requirements. Your company may have to file corporate tax returns in multiple states and local jurisdictions, as well as with federal — and perhaps international — tax authorities. Does every corporation file income tax returns?

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DuctTapeMarketing

JULY 24, 2018

When payroll is handled in-house, you need the appropriate software to support the job, an employee who has hours to dedicate to the process each week, and a keen understanding of tax laws and employer obligations. Some companies are looking for just the basics: issuing checks and W2 forms, plus managing tax obligations.

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