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How SUI and State Income Taxes Affect Small Businesses

CPA Practice

Inevitably, your clients with growing businesses will want to hire, so you’ll be better able to help them if you have a clear understanding of the differences between SUI (state unemployment insurance) and SIT (state income tax) and how they affect your clients’ businesses. What is SIT Tax?

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How to File Income Tax Return: Tax Filing Preparation Guide 2022

Snyder

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.

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What’s Hot on Checkpoint for Federal & State Tax Professionals?

ThomsonReuters

In this edition, we take a look at the recently enacted corporate alternative (book) minimum tax; new elections to convert credits to cash or tax payments; changes to the electric vehicle credit; recent legislation in Kansas, Kentucky, and Missouri; and state taxation of forgiven student loans. Not yet a subscriber?

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What’s new for state sales and use taxes

TaxConnex

A Kansas House tax committee has approved legislation that would shrink the overall statewide sales tax on general purchases to 6.3% and nearly halve the state sales tax on groceries, to 3.5%. The legislation wouldn’t alter local city or county sales tax. Sales tax relief isn’t being proposed everywhere though.

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$1.5 Billion in Unclaimed Tax Refunds from 2019 Set to Expire in July 2023, Says IRS

CPA Practice

By missing out on filing a tax return, people stand to lose more than just their refund of taxes withheld or paid during 2019. Many low- and moderate-income workers may be eligible for the Earned Income Tax Credit (EITC). The EITC helps individuals and families whose incomes are below certain thresholds in 2019.

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Employer Payroll Tax Obligations When Employees Work Out-Of-State

Anders CPA

Below we dive into the state and unemployment tax responsibilities employers need to know. It’s important to remember an out-of-state employee will be considered an employee in the state in which they work , not the state in which the business is based or in which the employee lives.

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What happened in sales tax in 2022

TaxConnex

But others clung to hiking sale taxes: Kentucky considered gradually replacing its individual income tax with a broader sales tax. South Dakota rejected a proposal to cut the state sales tax. Florida seemed to be leading the way with proposed relief on a range of products from power tools to concert tickets.

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