TaxConnex

FEBRUARY 9, 2023

States aren’t the only ones who can complicate your life with sales tax: Local governments want to play their part, too. Cities, counties and towns nationwide – which have almost all seen an increase in their sales tax revenues in recent years – constantly tinker with their own sales taxes.

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Snyder

JUNE 9, 2022

For e-commerce business owners, income tax filing season marks the start of a highly stressful time. Among the taxes that e-commerce businesses need to file, income tax is the most common one. To help you meet the income tax filing season fully armed and prepared, we have compiled a step-by-step guide. What is income tax?

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CPA Practice

JANUARY 3, 2024

Taylor, Kiplinger Consumer News Service (TNS) As we venture into the new year, 2024 brings a wave of changes in state taxes across the country. From gas taxes to property tax amendments and income tax cuts, being aware of these changes is crucial since state and local taxes are among the highest taxes most people pay.

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CPA Practice

AUGUST 21, 2023

By Joy Taylor, Kiplinger Consumer News Service (TNS) Businesses that sell marijuana have a heavy federal income tax burden. They are taxed on their income but can’t write off most of their business expenses. Here is the main federal income tax implication. Legal marijuana businesses are an enforcement priority of the IRS.

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TaxConnex

OCTOBER 4, 2022

So you’ve done the smart thing and determined that your company has sales tax obligations in various states. Now you must collect, file, and remit sales tax in multiple states. You then need to create a billing process to apply tax to your invoice, manage your sales tax-exemption certificates and prepare and file sales tax returns.

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TaxConnex

MAY 11, 2021

Both the process of reporting sales tax and the level of sales tax detail required varies from state to state. Some reporting requirements that should be considered in your sales tax compliance process are: 1. Returns are typically due either monthly, quarterly, or annually. Know your Deadlines. Due dates also vary.

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CPA Practice

APRIL 12, 2023

million people across the nation (state-by-state list below) have unclaimed refunds for tax year 2019 but face a July 17 deadline to submit their tax return. billion in refunds remain unclaimed because people haven’t filed their 2019 tax returns yet. People face a July 17 deadline to file their returns.

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TaxConnex

JUNE 6, 2023

It also offers complex sales tax obligations you may not know about. If you sell in Europe, you know about the value-added tax (VAT) on online sales, which is applied at each stage of the supply chain and with rates generally applied at a country level and exceptions on certain products. has taxes on sales too – a lot of them.

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TaxConnex

FEBRUARY 10, 2022

In a little more than three years since the Supreme Court’s Wayfair decision , multi-state sales tax has gone from a simple obligation for some companies that were based solely in one state to a nightmare of complying with 50 different states’ sales tax rules. Also with some states, you must specify the tax you’re registering for (e.g.,

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CPA Practice

OCTOBER 18, 2023

With sales tax compliance, it’s the latter. The fact is, not all states are equal when it comes to sales tax filing and remittance. For a variety of reasons, sales tax compliance in certain states takes more time and causes more headaches than sales tax compliance in others. There’s no one reason why this is so.

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TaxConnex

JULY 15, 2021

There’s always something changing in the world of tax, especially sales tax. 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. As of Feb. Illinois lawmakers have passed S.B.

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CPA Practice

FEBRUARY 11, 2023

After several days of requests by taxpayers, state agencies and the National Taxpayer Advocate , the Internal Revenue Service has provided clarifying the federal tax status involving special payments made by 21 states in 2022. Alaska is in this group as well, but please see below for more nuanced information.

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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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CPA Practice

APRIL 19, 2024

But running a marketplace also brings unique tax and compliance challenges. Our 2024 Avalara Tax Changes report explores new and changing requirements for marketplace facilitators and sellers across a variety of industries. They all face different tax compliance obligations and challenges. Read the report now.

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Anders CPA

MAY 23, 2023

Remote workers have become a staple of the workplace, but hiring out-of-state employees can lead to payroll tax complications. Multi-state payroll tax withholding done incorrectly can lead to penalties and interest for employers and create tax headaches for employees.

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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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Anders CPA

NOVEMBER 29, 2022

Who will be most impacted by the new retail delivery fee Colorado has begun collecting, and how can businesses adjust? Although the retail delivery fee is based in Colorado, businesses in other states that sell taxable goods to Colorado customers will also feel the effects. New Colorado Retail Delivery Fee.

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CPA Practice

APRIL 14, 2023

have unclaimed refunds for tax year 2019 but face a July 17 deadline to submit their tax return, the IRS said on Wednesday. billion in refunds remain unclaimed because people have not filed their 2019 tax returns yet. Under the law, taxpayers usually have three years to file and claim their tax refunds.

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CPA Practice

APRIL 13, 2023

have unclaimed refunds for tax year 2019 but face a July 17 deadline to submit their tax return, the IRS said on Wednesday. billion in refunds remain unclaimed because people have not filed their 2019 tax returns yet. Under the law, taxpayers usually have three years to file and claim their tax refunds.

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Rhode Island West Virginia South Dakota North Dakota 52

Going Concern

FEBRUARY 9, 2024

Big 4 Big Four Lobby Congress on Accounting Pipeline, AI, Crypto [ Bloomberg Tax ] PwC spent the most at $3.27 In a summary of the report, Linklaters said six unidentified partners outside Australia should have asked where the tax information had come from and that disciplinary action had been taken against them. “Win big?

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PANALITIX

DECEMBER 3, 2020

Specifically, they want to work with clients who VALUE their skills and insights, rather than ‘checking tax returns’. As stated by the founder of a firm in Colorado Springs , “The problem actually lay with the partners who wouldn’t move over and allow others to properly contribute. Dedicate some available time to… ‘play time’.

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MyIRSRelief

JULY 3, 2023

Contact us for professional tax help today! During an ERC audit, the IRS reviews the business’s records, including payroll records, tax returns, and supporting documentation related to ERC claims. What Skills Should I Look for in a Tax Professional for ERC Audit Representation? Understanding ERC IRS Audits 1.1

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MyIRSRelief

JUNE 9, 2020

IRS has the authority to compromise a taxpayer’s tax liability. An OIC is an agreement between the taxpayer and IRS that compromises a taxpayer’s tax debt for less than the full amount owed. Delinquent return filings: IRS will not default an OIC for those taxpayers who are delinquent in filing their tax return for tax year 2018.

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SingleTrackAccounting

OCTOBER 6, 2020

An alarming amount of business owners are not taking advantage of a major federal tax saving filing status, s-corporation. You are probably overpaying your taxes. . The key feature that makes an s-corp different is the tax advantages it offers. An s-corp is a tax filing status with the IRS. . We’ll unpack this for you.

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SingleTrackAccounting

FEBRUARY 7, 2020

We are starting down the third year of the Tax Cuts and Jobs Act and tax savings are all around us. Every year the standard tax brackets increase with inflation. Here’s a breakdown of the 2020 tax brackets. . Here are 5 tax saving strategies for small businesses. You would end up paying $1,530 in taxes.

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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. Next, in 1939, the Federal Unemployment Tax Act (FUTA) was passed, which resulted in an employer tax (typically, 0.6%

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PANALITIX

NOVEMBER 30, 2020

Specifically, they want to work with clients who VALUE their skills and insights, rather than ‘checking tax returns’. As stated by the founder of a firm in Colorado Springs , “The problem actually lay with the partners who wouldn’t move over and allow others to properly contribute. Dedicate some available time to… ‘play time’.

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SingleTrackAccounting

FEBRUARY 11, 2020

All is good in the entrepreneur hood until the tax man comes around in April. Self Employment tax on the entire amount on your 1099 …. on top of your regular income tax! Most self-employed people only find out about this nightmare situation after they file tax returns with 1099s and are then hit with the tax bill.

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Going Concern

SEPTEMBER 1, 2023

The professional and business service sector added 19,000 jobs, including 2,700 in accounting, tax preparation, bookkeeping and payroll services. Law & Order Co-Owner of Media Brokerage Firm Pleads Guilty to Filing a False Tax Return [ Department of Justice ] According to court documents and statements made in court, Susan K.

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ThomsonReuters

FEBRUARY 9, 2022

Typically, when an employer needs to terminate an employment relationship with workers, the employer’s unemployment tax rate for the following year may increase. If a state does not repay these loans within around two years, the Federal Unemployment Tax Act (FUTA) tax credit for employers in those states is reduced.

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Going Concern

APRIL 5, 2024

KPMG Envisions AI as Part of Every Job in Its Global Workforce [ Bloomberg Tax ] KPMG partners who lead the firm’s global AI strategy are pursuing a quest to weave generative AI into all aspects of the organization’s work and touch every corner of its global network. million in 2023 while generating total revenues of $4.1

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CPA Practice

JANUARY 12, 2024

So let’s talk about Thomson Reuters synergy that was in Denver, Colorado, November 8 through 1120 23. That’s the CEO about the allocation of AI to tax and accounting. And there’s some stuff in here that, again, for big companies with a global minimum tax tool and E invoicing and product classification. And I’m Randy Johnston.

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PYMNTS

NOVEMBER 16, 2018

states (and the District of Columbia) where marijuana has been legalized for sale in some capacity, it has thrown off a fairly large chunk of tax revenue in the last year. billion in taxes from legal cannabis companies last year, an amount of money that is undoubtedly a sizzle for the federal coffers.

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PYMNTS

JANUARY 8, 2018

Credit Karma said yes to early tax refunds for consumers – for free. Good Tax Lending Karma. Good news for consumers avidly awaiting their tax refund for 2018: Credit Karma Tax is rolling out a new product call Earlybird Advance, an online refund advance service. And that was just Tuesday.

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ThomsonReuters

JUNE 14, 2021

The guidance is aimed at helping multi-state employers determine to which state wages should be reported and unemployment taxes paid. Being familiar with the DOL’s “localization of work” provisions may be helpful to employers that want to make sure wages are reported and unemployment taxes are paid to the correct state.

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ThomsonReuters

AUGUST 2, 2021

The IRS has updated its lengthy list of FAQs on paid sick and family leave tax credits under the American Rescue Plan Act (ARPA) relating to COVID-19 vaccines. Form 941 has been revised several times since the start of the pandemic due to COVID-19 tax credits available to employers. Federal News . Learn more.

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