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Payroll Taxes Demystified: A Breakdown for Accountants and CPAs Serving Business Owners

CPA Practice

Employers are still accountable for withholding federal income taxes in the eight states that don’t collect state income tax (Wyoming, Washington, Texas, Tennessee, South Dakota, Nevada, Florida, and Alaska). and West Virginia) Washington, D.C. and West Virginia) Washington, D.C.

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Illinois CPA Society Announces Mary T. Washington Wylie Internship Preparation Program Scholars

CPA Practice

The Illinois CPA Society and its charitable partner, the CPA Endowment Fund of Illinois, have announced the latest group of young aspiring professionals to complete its award-winning and highly competitive Mary T. Amanda Balaba Illinois Wesleyan University Lapu-Lapu, Philippines Aisha Bawany DePaul University Morton Grove, Ill.

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Sales tax and Marketplaces: Who owns the responsibility?

TaxConnex

Stored inventory can trigger physical nexus for a retailer (though states such as Illinois and Pennsylvania may be easing off of that stance). Note that a facilitator such as Amazon might also have warehouses in many states to store the inventory of its sellers. sales tax will be collected by eBay and included in the order total.

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How the 50 States Rank By Lifetime Taxes

CPA Practice

Taxpayers in Washington will pay the most on everyday expenses ($83,014), followed by those in California ($78,191), accounting for food, clothing, personal care, and entertainment. Illinois $1,580,130 $665,286 42.1% Washington $1,729,531 $631,249 36.5% Kentucky $1,307,340 $411,333 31.5% Illinois $1,580,130 $665,286 42.1%

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The accountant’s guide to state taxes on retirement income

ThomsonReuters

These states include Alaska, Florida, Nevada, South Dakota, Tennessee, Texas, Washington, and Wyoming. These states are Alabama, Alaska, Florida, Hawaii, Illinois, Iowa, Mississippi, Nevada, New Hampshire, Pennsylvania, Rhode Island, South Dakota, Tennessee, Texas, Vermont, Washington, and Wyoming. States with no tax on TSPs.

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Sales Tax on Shipping: When Does it Apply?

TaxConnex

When only some of the contents of a shipment are taxable, the shipping charges must be pro-rated in Minnesota, New Jersey, North Carolina, North Dakota, Ohio, Rhode Island, South Dakota, Vermont, Washington and Wisconsin (where a “reasonable allocation” is required). Taxability can also depend on how the bill/invoice is presented.

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CPA Exam Candidates: You Better Hurry Up and Apply For BEC Before It’s Gone Forever

Going Concern

Candidates who want to sit for a retake of BEC before it disappears forever have until November 12 to apply except for those candidates sitting in Idaho (November 15), Kentucky (November 8), North Carolina (October 15 for both first-time and retake BEC sections), Virginia (November 14), and West Virginia (November 8).

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