Wayfair: Sales Tax and State Income Tax Implications


Wayfair created enormous changes for businesses making remote sales into the states related to sales tax. Could Wayfair have also impacted the way you manage your state income tax obligations? Sales Tax Perspective. Sales tax nexus can be physical or economic – or both.

How to File Income Tax Return: Tax Filing Preparation Guide 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. What is income tax? How does income tax work?


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Illinois Grocery Sales Tax Reduced by 1% For The Next 12 Months

Nancy McClelland, LLC

Illinois’ 1% sales tax on groceries will be suspended for the state’s fiscal year, from June 1, 2022 through June 30, 2023. This sales tax reprieve is predicted to net approximately $400 million in consumer savings.

How To Download An IRS Account Transcript – UPDATED 2/6/2022

Nancy McClelland, LLC

Last year we began requiring all clients to submit a copy of their IRS Account Transcript along with their Tax Organizer and other annual tax prep documentation. If a taxpayer did not receive the full amount, then they are entitled to recoup the difference on their annual tax return.

What's new in state sales and use taxes


There’s always something changing in the world of tax, especially sales tax. The fee will apply when at least one item is subject to sales or use tax and the delivery is mailed, shipped or delivered by motor vehicle. its Sales Tax Bulletin No.

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Latest Developments in State and Local Sales Tax


The state’s SSUT has taken in more than $309 million overall during the current fiscal year – almost double the tax generated during all of fiscal 2018-19. city council was also recently set to vote on giving a quarter of online sales tax revenue to the city’s schools in 2021. (A

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Shrinking the Delaware Tax Loophole: Other U.S. States to Incorporate Your Business


Incorporation is a critical legal matter that impacts more than your company’s tax responsibilities for doing business. Delaware does tax companies. Sales tax. With so few taxes, how does Delaware rake it in? The Delaware franchise tax. Oregon’s corporate taxes.

Last Week in Payroll: Summertime Tax Tips


Summertime Tax Tips. Let’s go over a few summertime tax tips for payroll professionals this season: 1) Interns. Biden Administration issues tax proposals “Green Book.” House bill 118 will immediately take effect after Illinois Governor Pritzker signs it into law.

A List of the 10 Worst Property Taxes By States


Your physical address might result in you paying significantly more in property taxes than someone else. And as millions of Americans rush from one state to another, one thing you just have to keep in mind is property taxes. Are Property Taxes a Bad Thing? Illinois.

Are Interstate Telecommuters During COVID-19 a Sales Tax Liability for Your Company?


Many companies are discovering that this massive shift in work behavior may also have unforeseen tax implications. While businesses may focus on the potential for new income and activity tax liabilities, they should be aware that indirect tax responsibilities may be affected as well. A few states have issued guidance temporarily waiving sales and use tax consequences of workers who are temporarily forced to telecommute from the state due to COVID-19, but most have not.

The New Year Brings Fresh Uncertainty for U.S. Business Tax Professionals


Business Tax Professionals. The tax rules and regulations U.S. We’re left to approach tax-filing season with a great deal of uncertainty,” said Melissa Oaks, a Thomson Reuters tax specialist who presented the webinar. “We’re Uncategorized Checkpoint US Tax Reform

Last Week in Payroll: Minimum Wage


Chicago/Cook County, Illinois: $14.00 The IRS has issued the much anticipated revised Form 941 , Employer’s Quarterly Federal Tax Return, and its instructions for used beginning with the second quarter of 2021. This includes withholding taxes. Income tax rates to change in 2023.

Can Employers Pay Wages in Cryptocurrency?


FAQ # 11 specifically says that remuneration paid in virtual currency to an employee in exchange for services constitutes wages for federal employment tax purposes. What the IRS said about paying federal taxes with crypto. employment taxes).

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Payroll trends to watch in 2022 (Part 2)


Typically, when an employer needs to terminate an employment relationship with workers, the employer’s unemployment tax rate for the following year may increase. This results in employers paying more in FUTA taxes. The tax year 2021 version’s instructions note that the U.S.

Heads Up! Payroll Changes Coming in July


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. Illinois.

The Strange Spending Trends Around Sales Tax Holidays


billion , it is still a more valuable run of commerce activity than Mother’s Day, Father’s Day, Easter and Valentine’s Day combined — which is why state tax holidays placed at the end of July and beginning of August have become so very popular over the last two decades. This year 17 states will have sales tax holidays of one form or another — up from 16 last year, but down from the national high of 20 states in 2010. How Tax Holidays Work.