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States’ tax websites and sales tax searches

TaxConnex

But not all search engines – or state tax websites – are created equal. What it’s like typing “sales tax” into that little rectangle with the magnifying glass on each state’s website? Here are first impressions from one-and-done searches for “sales tax” on the revenue site of each state. Connecticut Dept.

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

CPA Practice

As accountants and CPAs, dealing with payroll taxes is essential to managing finances for your business clients. Understanding the details of payroll taxes helps you better assist your clients in fulfilling their obligations and maximizing tax efficiency. Social Security Tax : Employers and employees each contribute 6.2%

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2024: What’s coming up in sales tax

TaxConnex

The new year will no doubt be another active one in sales tax. Weaker state revenue The kind of year it’s going to be for state coffers could greatly influence such future sales tax trends as new levies, tougher nexus thresholds and intensifying audits. Overall, state tax revenues dropped 5.3%. If so, watch out for 2024.

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Sales tax and Marketplaces: Who owns the responsibility?

TaxConnex

jurisdictions also involves dealing with sales tax. Responsibility to pay sales tax is based on a variety of factors, such as where the seller and buyer reside and the nature of the product being sold (some items qualify for sales tax exemptions ). On a marketplace platform, who has responsibility for the sales tax?

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Sales Tax on Shipping: When Does it Apply?

TaxConnex

It’s one of the most important aspects of an online business – and one of the wackiest when trying to determine whether sales tax applies or not. Many states say that when the contents of a shipment are taxable, so is the shipping cost; similarly, when items in a shipment are exempt from sales tax, so is the cost of shipping.

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Why Sales Taxes Are Often Different for Takeout, Delivery and In-Restaurant Food

CPA Practice

And I’d save money on takeout if I lived there: While Ohio sales tax generally applies to food sold for consumption in a restaurant, takeout food is sales tax exempt. It’s one of those curious quirks of sales tax law. Some of the most perplexing sales tax laws in this country involve food.

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Sales tax and crypto: Latest developments

TaxConnex

How does sales tax fit into this? Sales tax when dollars and other “fiat money” are involved is clear: there is no sales tax due when acquiring the currency, and the currency can be used as legal tender to satisfy the purchase price of goods and services including any applicable sales tax due on the purchase price.

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