Withum

JUNE 1, 2022

While you might view the examples that were provided as immaterial, industries that commonly use LIFO – including pharmaceutical distributors, specialty retailers, industrial equipment, farm equipment, furniture businesses, and the automotive industry – are seeing significant increases in their tax bills. Contact Us.

business tax

TaxConnex

JUNE 17, 2021

California: For adult use retail sales there is a statewide 15% excise tax as well as a statewide sales tax rate of 7.25%. Local sales tax rates apply as well. Additionally, local jurisdictions can levy an additional “business tax” or excise tax of up to 15%.

Legal

PYMNTS

JANUARY 3, 2019

Overstock , the online retailer and blockchain company, announced Thursday (Jan. 3) that it will pay a portion of its state business taxes in Ohio in bitcoin, becoming the first major U.S. company to pay state taxes in bitcoin. state to offer this way of paying for business taxes, noted Overstock in the press release. “We

Ohio

CPA Practice

NOVEMBER 10, 2023

For many small business retailers, managing a point-of-sale (POS) system comes with the territory of owning a store. But, every year, these businesses must also prove that they’ve kept track of sales and are correctly reporting their earnings. By Eric Thornton. Let’s go back to our example of a pet store.

Sales

TaxConnex

JULY 15, 2021

Colorado lawmakers have adopted SB21-282 , which extends the exception to destination sourcing requirements; the exception applies only to businesses with less than $100,000 in retail sales. 1, 2022, though, all retailers must apply the destination sourcing rules when calculating, collecting and remitting state sales tax.

Sales

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.

Sales

CPA Practice

JANUARY 16, 2025

The integrated offering from Swap and Avalara reduces cross-border complexity and compliance risk and ensures duties, taxes, and fees are paid at checkpoints to improve cart conversion in more marketplaces.

Sales

MyIRSRelief

APRIL 29, 2024

By providing a combination of tax planning, bookkeeping, and financial guidance, they empower small businesses to thrive, focusing their energy on what they do best – innovation, growth, and serving their customers. Get business tax & bookkeeping help by contacting us today!

Tax

xendoo

JANUARY 16, 2023

Filing taxes as a small business owner can be complex, with numerous factors to consider. From tax law revisions to the overwhelming number of forms, understanding your small business tax rate and how to file can be difficult. Your business entity type and preferred filing status will also affect your tax rate.

business tax

CPA Practice

APRIL 28, 2024

Understanding business taxes Federal law requires all individuals, including small business owners, to pay taxes on all income earned. This typically involves making quarterly estimated tax payments for small business owners and self-employed individuals. Self-employment tax. Excise tax.

tax return

xendoo

FEBRUARY 23, 2022

In addition to considering how much an accountant costs , you’ll also want to consider how long an accountant will take to do taxes compared to trying to do it yourself. How do you know when to bring in a tax professional? How Much Time Does it Take an Accountant to Prepare Taxes? Tax Accounting Software.

tax preparation

MyIRSRelief

MAY 1, 2024

Navigating complex tax codes, understanding specific forms like 1120, 1120S, and 1065, and ensuring compliance can feel like deciphering ancient scrolls. Here’s where a qualified business tax professional becomes your secret weapon. This article dives deep into the critical role of tax professionals for small businesses.

Tax

Cherry Bekaert

JUNE 12, 2023

Single-Sales Factor (SFS) Apportionment Tennessee aligns itself with more than 30 states by adopting the SSF apportionment for franchise and excise tax purposes, to be implemented over a three-year transition period. The primary property location is determined in accordance with scenario 2.

Tennessee

MyIRSRelief

MARCH 1, 2022

Top 5 Reasons to hire a tax/accounting firm to service your businesses bookkeeping needs. These companies offer a wide range of business bookkeeping services to help clean up all of the piles of papers on your desk. If you are worried about reporting taxes on time, then you need to get in touch with a bookkeeping services firm.

bookkeeping services

Withum

JUNE 6, 2022

The taxpayer in PLR 202221006 (March 3, 2022) is a pharmaceutical distributor that engages in the retail sale of a limited number of drugs. Recall that if a trade or business is not within an exclusion, then it is a QTB and thus eligible for an exclusion if the other QSBS requirements are met. Business Tax Services.

Tax

inDinero Tax Tips

JULY 11, 2023

How To Calculate the Home Office Deduction Required Documentation Conclusion If this guide does not answer a tax deduction question, skip the Google labyrinth and try our ultimate business tax deductions guide or consult the IRS source documentation on the home office deduction.

Tax

PYMNTS

FEBRUARY 28, 2019

As a result, businesses have begun to accept crypto as a form of payment from their consumers. According to Good Audience , hundreds of thousands of retailers currently accept cryptocurrency. While blockchain has gradually gained traction in the enterprise world, cryptocurrency’s role with businesses is less certain.

business accounting

CPA Practice

FEBRUARY 17, 2023

Though a relatively small section of an omnibus bill, the Integrity, Notification, and Fairness in Online Retail Marketplaces for Consumers Act (the INFORM Consumers Act) will have a big impact on many online marketplaces and high-volume marketplace sellers once the requirements take effect in late June 2023.

Oklahoma

Withum

SEPTEMBER 6, 2022

Cannabis retailers are adapting and developing apps to facilitate purchases. Common strategies implemented by most retailers include using a consumer-focused design for consumers to filter and find the right products based on their preferences. E-commerce has also allowed cannabis retailers to expand their consumer base.

E-commerce

PYMNTS

SEPTEMBER 4, 2019

Since 1992, when eCommerce was still in its infancy, online retailers have not had to collect sales tax. States can now tax sales by companies that do not have a physical presence within the state. Will this increasingly regulated online sales tax environment affect this growth? Online Sales Tax and Global Merchants.

South Dakota

Withum

AUGUST 8, 2023

New York state business growth will be stunted and cash will have to be redirected to pay federal income tax bills. Contact Us For more information on this topic, please contact a member of Withum’s Business Tax Services Team. What will happen if the R&E capitalization requirements continue?

New York

CTP

MAY 12, 2023

For instance, some taxpayers may have heard the advice that “ if you own a business, you’re married, and your spouse has a car, just drive their car occasionally so you can claim their vehicle on your business tax return.” that can be considered a business expense.

Tax

Snyder

JULY 14, 2022

In fact, many retailers are carving out their own niche by selling on other sites instead of directly to customers. We may think of Walmart Marketplace program as a brick-and-mortar retailer, but the world’s largest retailer has actually been dipping its toes into e-commerce for quite some time now. Not if you’re prepared!

E-commerce

MazumaBusinessAccounting

DECEMBER 3, 2019

To make sure you are prepared for the future success of your small business, here are some of the important tax forms you will need to know about: 1120 Form: Form 1120 is used to report business taxes to the IRS. With these forms, you’ll report income, gains, losses, deductions, or credits associated with your business.

Tax

xendoo

SEPTEMBER 2, 2021

Adopting a proactive strategy can help you stay ahead of business tax filing deadlines, avoiding the rush and the headache during tax season! . To help business owners with their tax preparation , we’ve prepared a business tax filing guide to walk you through the process. October 29. Plan Ahead.

Tax

CPA Practice

FEBRUARY 6, 2024

Maine and Massachusetts both enacted income tax nexus standards with $500,000 sales thresholds after Wayfair was decided. Most recently, New Jersey enacted a bright-line economic nexus standard for purposes of the Corporation Business Tax (CBT) for taxable years ending on and after July 31, 2023.

South Dakota

xendoo

OCTOBER 18, 2021

Many online retailers fail to distinguish between returns and chargebacks. Stay Current with All Taxes. Retailers often have to deal with two different types of taxes: business taxes and sales tax. Every state has its own regulations when it comes to filing sales taxes. Flexible Pricing.

Account

inDinero Tax Tips

NOVEMBER 4, 2021

Too many deductions: Deductions are a great way to save money at tax time, but too many deductions can trigger a letter from the IRS. If you have questions, check out our primer on business tax deductions. Excessive expenses: Writing off expenses is standard practice for any business.

audit

PYMNTS

FEBRUARY 26, 2019

As a result, businesses have begun to accept crypto as a form of payment from their consumers. According to Good Audience , hundreds of thousands of retailers currently accept cryptocurrency. However, the adoption curve is undoubtedly driven by consumers.

corporation tax

CPA Practice

APRIL 10, 2023

States typically take one of five different approaches to taxing accommodations: A single, statewide tax on accommodations but no additional local taxes (e.g., Connecticut, Maine, New Hampshire) A combined state/local sales tax on accommodations and local jurisdictions can impose an additional local accommodations tax (e.g.,

Tax

ThomsonReuters

MARCH 7, 2024

From 2001 through 2017, QLIP referred to a specific category of property eligible for favorable tax treatment under Internal Revenue Code, Section 168 , and encompassed any improvements made by a lessee to the interior of a commercial real property leased for business purposes.

accounting principles

MyIRSRelief

APRIL 22, 2024

With a mix of upscale retailers, dining options, and entertainment venues, it’s the perfect place to spend a day indulging in some retail therapy. Victoria Gardens in Rancho Cucamonga is a premier shopping and entertainment destination in the Inland Empire.

Tax

PYMNTS

FEBRUARY 10, 2020

To get a sense of how the impact may accrue to smaller sellers, Kumar Rajagopalan, CEO of Retailers Association of India (RAI), told Rediff.com that the tax can “create a cash flow situation for genuine sellers, too.

Tax

inDinero Tax Tips

APRIL 20, 2021

Delaware does tax companies. To compete for business tax income with New Jersey and New York, Delaware made incorporating within its borders easier for absentee (aka out-of-state) companies and incentivized absentee companies to do so. Nevada companies don’t have to pay a franchise tax, but they do in Delaware.

Delaware

ThomsonReuters

JANUARY 30, 2023

The bill would also increase the average annual gross volume of sales of retail stores, service industries, hotels, motels, and 16 restaurant operations from $95,000 to $500,000 to qualify for an exception. Tax credits State legislators are looking to offer businesses tax incentives for certain benefits to employees.

payroll

Snyder

JANUARY 10, 2023

If you’re in retail, you’ll have to pay a lot of attention to keeping the inventory clean – it’s a whole separate branch of science. If the word inventory alone frightens you, I recommend reading a detailed how-to accounting guide for retail stores. How does the small business accounting process go?

Account

inDinero Accounting

DECEMBER 5, 2023

However, the IRS rules surrounding this tax break are complicated and go beyond what we’ve covered in this article. If you want to dive deeper into this topic, you can connect with one of the experts on our business tax services team. Table of Contents What is the QSBS Exemption?

tax return