TaxConnex

JANUARY 4, 2024

Added another critic, in August, “Next week’s installment of Connecticut’s annual suspension of sales taxes on clothing and shoes may be a reminder that government is very good at bribing people with their own money.” The fee will also be a way to replace lost funds from gasoline taxes as electric cars become more prevalent.

Sales 231

Sales Tax Colorado Alaska 231

TaxConnex

FEBRUARY 23, 2023

Sales taxes today have constituted about 18% of states’ tax revenue – a number likely to rise as eCommerce continues to expand. The average tax rate among states that levy a retail sales tax has nearly doubled since 1970. Sales tax has been around a long time – and it isn’t going anywhere soon.

West Virginia 130

West Virginia Sales Rhode Island Tax 130

CPA Practice

FEBRUARY 9, 2024

Now, the District of Columbia and most states allow some form of online sports betting, while another nine states only allow retail sports betting. Gambling winnings tax If you are one of the millions to place a bet this year, you need to know that the IRS considers sports betting to be gambling. Usually, the payer (e.g.,

Gambling 122

Gambling Tax Sports South Carolina 122

Cherry Bekaert

JUNE 2, 2023

Cannabis businesses generally cannot deduct business expenses for federal income tax purposes, so to alleviate the tax burden and offset operating costs, California is providing a measure of tax relief for the industry. These two new credits are the High-Road Cannabis Tax Credit and Cannabis Equity Tax Credit.

California 81

California Tax income tax Retail 81

TaxConnex

MARCH 19, 2024

national sales proposal is The FairTax Act, aimed to replace major sources of federal revenue such as income taxes, estate and gift taxes, capital gains and payroll tax. 25 years and counting One recent U.S. It would also do away with the IRS.

Tax 166

Tax payroll tax Sales income tax 166

Withum

AUGUST 8, 2023

The software development company reported a financial statement loss of approximately $1 million, but due to the required R&E capitalization increased their federal taxable income by $2.2 million resulting in an additional $462,000 of federal income taxes. What will happen if the R&E capitalization requirements continue?

New York 96

New York income tax Manufacturing financial statements 96

TaxConnex

APRIL 12, 2022

Proposed in the same Florida bill are months’-long exemptions on some hurricane-recovery and energy-efficient purchases; one-year exemptions on retail sale of baby and toddler clothing and shoes and the retail sale of children’s diapers; and a three-month exemption on the retail sale of all children’s books.

South Dakota 207

South Dakota Sales Tax North Carolina 207

TaxConnex

OCTOBER 7, 2021

The gross sales tax take finished 15.9% over August 2020; income tax collections were up 13.9%. As is the case in many states, the two taxes are the state’s largest sources of revenue. Instead, the tax collection remains the responsibility of the marketplace facilitator. State Updates.

West Virginia 179

West Virginia Sales Tax Alaska 179

Withum

AUGUST 17, 2022

Depending on the auto dealership that is chosen, an individual may not have to wait until the filing of their income tax return to benefit from the credit. Alternatively, auto dealers can decrease their federal income tax payments based on the transferred credits. Transfer of Clean Vehicle Credit to a Dealer.

Tax 124

Tax income tax Manufacturing tax return 124

TaxConnex

JULY 12, 2022

There’s always something changing in the world of tax, especially sales tax. Colorado will begin imposing a 27-cent fee on every retail delivery made by motor vehicle to a destination in the state, beginning July 1. For retailers that can’t include the?required its Sales Tax Bulletin No. required statement?on

Sales 177

Sales Tax Oklahoma Illinois 177

CPA Practice

JANUARY 17, 2023

Each state determines its state income tax, and there may be an additional local tax for employees working or living in certain cities or counties. In addition, the unemployment insurance tax varies by state and is only paid by the employer. Other Licenses and Permits.

South Dakota 111

South Dakota income tax Legal payroll tax 111

MyIRSRelief

DECEMBER 10, 2021

Well, all will soon become clear as we share a very handy guide with you all about state and local tax credits. What exactly is state and local tax? Back in 2017, there was a $10K ceiling placed upon what was previously an unlimited SALT deduction, which was made available for tax years which began in 2018 onwards, through to 2025.

Tax 100

Tax income tax tax planning tax return 100

CPA Practice

APRIL 9, 2024

States continue to issue new fees, exemptions and tax holidays. State and local jurisdictions continue to implement more fees, including everything from environmental “green fees” and retail delivery service fees to fees on transactions within airport and entertainment or dining districts.

Sales 110

Sales Tax Minnesota Tennessee 110

CPA Practice

APRIL 12, 2023

By Dawn Moser Tax forms are notoriously confusing, and with such high stakes, important to get right. We all know the IRS is keen on collecting the right amount of income tax, but determining that amount can get tricky. Especially when one considers everything that counts as income.

income tax 72

income tax Real Estate Non-Profits Tax 72

TaxConnex

JANUARY 13, 2022

Minnesota has updated its guidance for calculating sales tax on certain online discounts, including online deals and cryptocurrency. Also, gift cards and cryptocurrency are a form of currency and should be treated as cash for sales tax purposes. Pennsylvania Republican State Sen. billion, an increase of $3.26

Sales 196

Sales Utah Tax Wisconsin 196

Withum

OCTOBER 2, 2023

With significant tax legislation sunsetting in the next few years, including the top individual income tax bracket rising from 37% to 39.6% and the 199A pass-through deduction being eliminated, auto dealers could see an effective federal income tax rate increase of approximately 10%.

Washington 72

Washington income tax Tax Sales 72

TaxConnex

APRIL 8, 2021

153 –would allow the state and local governments to collect a tax on purchases made over the internet (and other remote sellers too), with a reduction in the income tax as an offset. While some larger online retailers like Amazon already remit sales tax in Missouri, the measure could reportedly generate up to $161.9

South Dakota 131

South Dakota Sales Missouri Tax 131

Reckon

APRIL 30, 2024

The surplus will be established largely due to income tax from a strong employment market and extra company taxes due to strong commodity prices. Recent modelling and forecasting by Deloitte has predicted that Labor’s second federal budget will leave $13.8 billion in the coffers as surplus. billion deficit.

income tax 97

income tax Construction Manufacturing Tax 97

TaxConnex

SEPTEMBER 29, 2020

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. The number of online retailers in the program has also grown from fewer than 200 in 2017 to more than 2,900 today. Sales taxes were up 8.2

Sales 230

Sales Tax Alabama Texas 230

TaxConnex

MARCH 31, 2022

One quick explanation of the difference is an example from Alabama : The consumers use tax is imposed on tangible personal property brought into Alabama for storage, use, or consumption in the state when the seller did not collect seller’s use tax on the sale of the property. California state income tax return.”.

Tax 188

Tax Alabama Washington California 188

TaxConnex

SEPTEMBER 22, 2022

In Colorado , the Denver City Council has proposed an amendment to the tax code exempting a new state delivery fee and other certain government fees from sales or use tax. Virginia has determined that a remote seller’s use of banner advertisements for sales promotion did not trigger sales and use tax nexus requirements.

Sales 130

Sales Tax Indiana Colorado 130

Withum

OCTOBER 31, 2023

2023-33 on October 6, 2023, with additional information on how individuals buying used or new electric vehicles (EVs) can transfer a federal income tax credit to the auto dealership at the time of purchase, as opposed to claiming the credit on their federal income tax return.

income tax 72

income tax tax return Tax Sales 72

TaxConnex

APRIL 18, 2023

WalletHub has a new survey of states’ tax burdens. WalletHub compared the 50 states across the three tax types of state tax burdens — property taxes, individual income taxes and sales and excise taxes — as a share of total personal income in each state. Heaviest and lightest.

Sales 130

Sales Tax North Carolina Alaska 130

Going Concern

AUGUST 9, 2022

This from Federal News Network back in March: The agency is still stuck paying many of its front-line employees who open mail and process incoming tax returns $15 an hour. Rettig said the agency competes with retail giants like Amazon, Walmart and Target for the same labor pool.

tax return 124

tax return income tax Tax Retail 124

PYMNTS

APRIL 17, 2017

Retail sales in the U.S. Last month, retail and food services sales — adjusted for seasonal variation, holiday and trading-day differences — totaled $470.8 This decline may turn out to be temporary, and some peg the consumer spending slowdown on late income tax refund disbursement. This represents a 0.2 percent in March.

Retail 40

Retail income tax New York Sales 40

CPA Practice

JULY 31, 2023

Sayre has more than 15 years of experience consulting and advising public and privately held clients in the areas of income and franchise taxation. James is one of the firm’s leading experts in accounting for income tax, including accounting for mergers and acquisitions, in accordance with ASC 740.

Real Estate 97

Real Estate West Virginia Manufacturing audit 97

TaxConnex

JUNE 21, 2022

Twenty-four states and the District of Columbia had added enforcement of economic nexus in 2019, in addition to the 19 that added the burden to online retailers right after Wayfair. Among states without a sales tax, Alaska municipalities were banding together to administer local sales taxes on remote commerce.

South Dakota 184

South Dakota E-commerce Alaska Missouri 184

TaxConnex

DECEMBER 29, 2022

Heading into the new year, state sales tax revenues were up coast to coast, often by double-digit percentages. online retail sales in the 2021 holiday season had jumped 11% over 2020 and you had the foundation set for a banner 2022 for eCommerce – and online sales tax. South Dakota rejected a proposal to cut the state sales tax.

Sales 130

Sales Tax Maryland Louisiana 130

xendoo

JANUARY 16, 2023

The term refers to when the IRS taxes the same income twice—once at the corporation level and again on an individual shareholder’s personal income tax. The IRS taxes corporations as separate legal entities, which opens them up to double taxation. The IRS then taxes them at the corporate income tax rate.

business tax 52

business tax Tax income tax payroll tax 52

inDinero Tax Tips

APRIL 11, 2023

Incorporation is a critical legal matter that impacts more than your company’s tax responsibilities for doing business. Delaware is considered “the place” to establish your corporate entity as there’s no Delaware sales tax. Delaware offers perhaps the most favorable tax treatment to businesses. Historically, in the U.S.,

Delaware 52

Delaware Nevada Tax Sales 52

Basis 365

JUNE 10, 2022

Taxes are the most significant difference between employees and contractors. You will need to withhold tax money from salaried employees and send it to the government for income tax, social security, etc. A W-2 form detailing how much was paid and what was withheld will be available to your employee at tax time.

payroll 52

payroll income tax payroll tax Tax 52

TaxConnex

FEBRUARY 2, 2021

Sales tax is broadly defined to mean any tax that is charged to the end-user customer by the retailer of property or services. Though this definition is correct, it does not always provide a complete picture of a business’s transactions tax liabilities.

Tax 133

Tax Missouri Maryland Pennsylvania 133

CPA Practice

FEBRUARY 13, 2024

Brand protection: Business owners don’t have to worry about brand devaluation or damage to suggested retail price. To encourage American businesses to help their communities, IRS regulations allow Regular C Corporations to take an above-cost federal income tax deduction for in-kind donations.

Non-Profits 52

Non-Profits income tax CPA Tax 52

TaxConnex

FEBRUARY 9, 2021

Sales of goods are subject to Delaware gross receipts tax as a wholesale sale ( where the goods are re-sold) or as a retail sal e (where the goods are consumed by the purchaser ). Wholesale sales are based on destinations within the state and retail sales are based on the passage of title within Delaware. Where n exus looms.

Sales 142

Sales Delaware Alaska Montana 142

PYMNTS

JANUARY 2, 2020

5,000 a day, and the new rule was brought forward through the Income Tax Rules of 2019, with the idea of boosting more digital transactions as well as supporting NPCI, which is a not for profit organization. RuPay is a payment network offered by National Payments Corp. The fine for non-compliance is going to be ?5,000

Finance 52

Finance Sales Non-Profits Retail 52

ThomsonReuters

MAY 6, 2022

A full-time traveling or city salesperson who works on your behalf and turns in orders to you from wholesalers, retailers, contractors, or operators of hotels, restaurants, or other similar establishments. Federal income tax withholding. Employers should not withhold federal income tax from the wages of a statutory employee.

payroll 95

payroll income tax Agriculture payroll tax 95

CPA Practice

APRIL 25, 2024

States continue to issue new fees, exemptions and tax holidays. State and local jurisdictions continue to implement more fees, including everything from environmental “green fees” and retail delivery service fees to fees on transactions within airport and entertainment or dining districts.

Sales 52

Sales Tax Minnesota Tennessee 52