CPA Practice

JANUARY 23, 2023

(TNS) Seeming to come out of left field, President Joe Biden last week blasted Republicans for pushing legislation that would abolish federal income taxes and the IRS then replace those revenues with a 30% or so national sales tax. “It Fair Tax Act of 2023 Republican Georgia Rep. has no national sales tax.

income tax 116

income tax Tax Louisiana Georgia 116

Accounting Today

AUGUST 4, 2023

If you have clients with businesses in multiple states, product or service sales in different states, or employees in other states, they need to know a thing or two about nexus.

income tax 98

income tax Sales Tax 98

TaxConnex

MARCH 30, 2023

Everything old is new again – and that goes for ideas of a national sales tax. 25 of the 118th Congress, the GOP’s “Fair Tax Act of 2023,” is the latest attempt. The embattled bill, now in committee, was introduced early this year to replace the federal income tax. What’s in the bill? Is the idea bad? The big view?

Sales 147

Sales Tax income tax Louisiana 147

TaxConnex

AUGUST 18, 2022

A lot of times regarding sales tax, the answer to any question is, “It depends.” Covid created unique conditions for companies that must collect and remit sales tax, including many temporary breaks regarding worker locations. has long included employees working in tax jurisdictions different from your office locations.

Sales 191

Sales Tax New Hampshire income tax 191

Cherry Bekaert

JULY 14, 2023

Many of these startups are set up as pass-through entities (PTEs), which provide an easy conduit for one layer of flow-through taxation and often retain favorable exit opportunities from a tax perspective. As these startups grow and take on investors, it’s important that financial managers understand the state tax ramifications of growth.

income tax 97

income tax Technology Tax South Dakota 97

TaxConnex

FEBRUARY 23, 2023

All hail sales tax! Taxing certain goods dates back as far as 4,000 years. Ancient Egypt taxed cooking oil, for instance. The tax was levied on a product people had to buy and were forbidden to reuse (coincidentally, the Pharaoh had a monopoly on production). Later, Caesar Augustus boosted the rate to 4%.

West Virginia 130

West Virginia Sales Rhode Island Tax 130

TaxConnex

MAY 2, 2023

Mike Dunleavy is reportedly preparing to introduce a sales tax as part of a long-term budget plan for the state. Five states don’t have a statewide sales tax: New Hampshire, Oregon, Montana, Alaska and Delaware (aka the “NOMAD” states). Vermont was the last state to adopt a sales tax, in 1969.

Alaska 130

Alaska Sales Tax New Hampshire 130

TaxConnex

MARCH 1, 2022

It’s that time of year again when everyone suddenly thinks about preparing their income taxes. But does tax preparation incur sales taxes – and if it does, where and how? For some 90 years, states have levied sales tax on goods (West Virginia was the first to do so , in 1921). Sourcing is huge.

South Dakota 192

South Dakota Sales Tax West Virginia 192

CPA Practice

APRIL 9, 2024

The domestic sales tax landscape in the United States has been in a constant state of flux over the last decade. In fact, the 2023 Vertex End-of-Year Sales Tax Rates and Rules report shows that a total of 444 sales tax rate changes took place across all U.S. By Michael Bernard. state and local jurisdictions.

Sales 110

Sales Tax Minnesota Tennessee 110

TaxConnex

FEBRUARY 15, 2022

A ccording to TaxConnex’s recent market survey of 100 top finance professionals, this could be the year to outsource sales tax. Three of these execs’ biggest in-house deficiencies to managing sales tax in 2022: bandwidth, internal knowledge and the right partner or solution. Seems like something needs to change.

Sales 232

Sales Tax income tax tax return 232

TaxConnex

APRIL 18, 2023

There’s always something changing in the world of tax, especially sales tax. New sales taxes are progressing in some states but not all. The 2% statewide sales tax proposed would be on top of any local taxes and would not exempt groceries, medicine or other items that have been exempted in previous sales tax bills.

Sales 130

Sales Tax North Carolina Alaska 130

RogerRossmeisl

FEBRUARY 13, 2024

Operating your small business as a Qualified Small Business Corporation (QSBC) could be a tax-wise idea. That translates into a 0% federal income tax rate on QSBC stock sale profits! The post Tax-Favored Qualified Small Business Corporation Status Could Help Your Thrive appeared first on Roger Rossmeisl, CPA.

Tax 170

Tax income tax CPA Legal 170

TaxConnex

APRIL 12, 2022

There’s always something changing in the world of tax, especially sales tax. Inflation and other spiraling prices have driven states’ lawmakers to consider relief via sales and other taxes. and nearly halve the state sales tax on groceries, to 3.5%. Give us a break. Additional Updates.

South Dakota 209

South Dakota Sales Tax North Carolina 209

TaxConnex

NOVEMBER 22, 2022

In our blog last week, we looked at how sales and use tax advisory services might be a good new field for CPAs and accounting firms. Another cost-effective approach to adding sales and use tax advisory services: partnering with sales and use tax experts. Review the sales tax payable account.

accounting firms 130

accounting firms Sales Tax tax return 130

TaxConnex

APRIL 20, 2023

If you refer to “filing taxes” most people think of income tax with its annual filing requirement. State sales tax is another beast altogether, with a dizzying number of deadlines – and, potentially, serious consequences for missing one. The states’ call Why no uniformity in sales tax requirements?

Sales 130

Sales Tax income tax tax return 130

RogerRossmeisl

NOVEMBER 6, 2023

If your business is considering merging with or acquiring another business, it’s important to understand how the transaction will be taxed under current law. Stocks vs. assets From a tax standpoint, a transaction can basically be structured in two ways: 1. Stock (or ownership interest) sale. Reasons: The corporation.

Tax 211

Tax income tax CPA Sales 211

TaxConnex

APRIL 7, 2022

Federal Income Tax Day, April 18 th , looms large in everybody’s mind right now. Too bad sales tax doesn’t come with a deadline that simple. State sales tax filing obligations come in a dizzying number of deadlines for you to follow (potentially with bad consequences if you don’t).

Sales 196

Sales Tax income tax Texas 196

TaxConnex

DECEMBER 29, 2022

New sources of tax revenue, old ones robust but sputtering in spots, tax holidays as political tools amid inflation: It’s been a year of new trends in sales tax. Almost three out of four respondents reported that online sales as a percentage of revenue had increased since 2019 – no doubt fueled by pandemic eCommerce.

Sales 130

Sales Tax Maryland Louisiana 130

TaxConnex

MARCH 19, 2024

Wouldn’t it be amazing if your online business had to deal with just a single sales tax rate? Any business that sells into America knows that sales tax is still a complex web of different rates and requirements. What is the latest word on uniform sales taxes globally? 25-Fair Tax Act of 2023.

Tax 166

Tax payroll tax Sales income tax 166

TaxConnex

MARCH 2, 2021

There’s always something changing in the world of tax, especially sales tax. The Sunshine State previously bet a lot on tourism revenue making up for not taxing internet sales – but the pandemic has wrecked that industry. This affects returns for sales taking place from December through this month.

Sales 230

Sales Tax Missouri Wisconsin 230

TaxConnex

JULY 12, 2022

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. Wholesale sales or sales of exempt goods are not subject to the fee.

Sales 178

Sales Tax Oklahoma Illinois 178

CPA Practice

MARCH 23, 2023

By Faustine Ngila, Quartz (TNS) Côte d’Ivoire citizens pay the highest income taxes in the world according to this year’s survey findings by World Population Review. ©2023 Quartz Media Inc.

income tax 71

income tax Tax corporation tax Sales 71

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. Under the SSUT formula, 50 percent of all revenues from online sales from companies participating in the program go to the state. Sales taxes were up 8.2

Sales 231

Sales Tax Alabama Texas 231

TaxConnex

OCTOBER 7, 2021

There’s always something changing in the world of tax, especially sales tax. There are currently five states with no state-level sales tax. Alaska has long heard rumblings of a statewide sales tax. Tennessee has become yet another state to beat expected tax revenues. Developing updates.

West Virginia 180

West Virginia Sales Tax Alaska 180

RogerRossmeisl

OCTOBER 29, 2023

Be aware of the tax implications if you’re selling your home or you sold one in 2023. You may owe capital gains tax and net investment income tax (NIIT). Here are the Tax Rules appeared first on Roger Rossmeisl, CPA. The post Selling Your Home for a Big Profit?

Tax 245

Tax income tax CPA Sales 245

TaxConnex

OCTOBER 5, 2021

Soon after you start dealing with states’ sales tax, you’re going to also run into another term: excise tax. What is excise tax? And is it different from sales tax? A different kind of tax pie. Federal, state, and local governments can all impose excise taxes. Calculating and Charging.

Sales 178

Sales Tax South Carolina Hawaii 178

SkagitCountyTaxServices

NOVEMBER 8, 2023

We all know the power of the holiday season for boosting sales — revenue-increasing opportunities abound. You might have heard about their new tax targets and started to worry as a business owner. High net worth individuals Specifically, this means taxpayers who earn over 1M and owe more than 250K in taxes.

income tax 62

income tax tax return Tax audit 62

CPA Practice

JANUARY 2, 2024

A bonus New Year Florida sales tax holiday has started and will continue until mid-January. This tax-free period is similar to the back-to-school tax-exempt shopping offered by Florida and other states, usually in the summer. Previously, Florida had only one sales tax holiday for back-to-school shopping.

Florida 97

Florida Sales Tax income tax 97

Withum

AUGUST 24, 2023

The choice of where to establish one’s residency prior to a liquidity event can have far-reaching implications regarding income taxes and personal financial goals. Make sure you are considering the type of income when implementing state income tax planning techniques. Conformation to IRC.

income tax 52

income tax tax planning South Dakota Wyoming 52

CPA Practice

APRIL 25, 2024

The domestic sales tax landscape in the United States has been in a constant state of flux over the last decade. In fact, the 2023 Vertex End-of-Year Sales Tax Rates and Rules report shows that a total of 444 sales tax rate changes took place across all U.S. By Michael Bernard. state and local jurisdictions.

Sales 52

Sales Tax Minnesota Tennessee 52

TaxConnex

APRIL 20, 2021

This time of year, everybody’s mind is on income tax preparation. The fact is, when it comes to many companies’ federal and state income tax returns, they don’t rely on an automated income tax return. Why should sales tax be any different? Managing a tax calendar. They turn to experts.

Sales 139

Sales Tax tax return income tax 139

Cherry Bekaert

MARCH 14, 2024

market, business owners must learn about the federal, state and local tax systems they will encounter. Sales tax in the U.S. is quite different from a value-added tax (VAT) or a goods and services tax (GST) assessed by many other countries. Listen to learn more about: 03:54 – GST tax vs. U.S.

tax services 97

tax services Tax income tax tax return 97

CPA Practice

FEBRUARY 6, 2024

State and local taxes, also often referred to as SALT, are one of the most dynamic areas of tax practice, with thousands of jurisdictions across the U.S. imposing increases or newly-created taxes on real or other property. In response to the dismissal of the earlier state lawsuit, Apple Inc.

South Dakota 124

South Dakota Tax Maryland income tax 124

CPA Practice

APRIL 22, 2024

The domestic sales tax landscape in the United States has been in a constant state of flux over the last decade. In fact, the 2023 Vertex End-of-Year Sales Tax Rates and Rules report shows that a total of 444 sales tax rate changes took place across all U.S. By Michael Bernard. state and local jurisdictions.

Sales 52

Sales Tax Minnesota Tennessee 52

TaxConnex

JANUARY 13, 2022

There’s always something changing in the world of tax, especially sales tax. Laura Kelly has asked the state Department of Revenue to work with state legislators representing the communities impacted by recent wildfires to fast-track legislation extending the sales tax exemption for fence materials and services.

Sales 197

Sales Utah Tax Wisconsin 197

RogerRossmeisl

DECEMBER 10, 2022

As year-end approaches, consider making some moves to make the best tax use of paper losses and actual losses from your stock market investments. Tax rates on sales Individuals are subject to tax at a rate as high as 37% on short-term capital gains and ordinary income. net investment income tax.

Tax 242

Tax income tax CPA Sales 242

TaxConnex

SEPTEMBER 22, 2022

There’s always something changing in the world of tax, especially sales tax. Sales tax on digital products was the subject of a white paper draft at the Multistate Tax Commission’s annual meetings in Anchorage, Alaska. Sales tax revenues continue their robust pandemic-driven rise in many states.

Sales 130

Sales Tax Indiana Colorado 130