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What’s new in sales tax?

TaxConnex

The Court of Appeals of South Carolina has affirmed a state Administrative Law Court (ALC) finding that the online retail giant remains liable for eight figures in unpaid sales tax on third-party sales from 2016, interest and penalties. Here’s a review of some of the recent changes and updates. Amazon still liable.

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Sales tax and Marketplaces: Who owns the responsibility?

TaxConnex

(Marketplace facilitators can also be called on the carpet just like individual remote sellers can if they fail in sales tax obligations, as happened recently to Amazon in South Carolina.) Note that a facilitator such as Amazon might also have warehouses in many states to store the inventory of its sellers.

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Legal analysis: Implications of state tax exclusion of overtime wages for employers and employees

ThomsonReuters

Finally, South Carolina House Bill 4811 , currently referred to the Committee on Ways and Means, provides an exemption for overtime income but does not define what overtime income is. Two state bills from Mississippi ( House Bill 224 ) and Wisconsin ( Assembly Bill 938 ) are dead in the water.

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Betting on the Super Bowl? Don’t Forget About Taxes

CPA Practice

States with legal sports betting Legal sports betting, including online betting, has expanded across the United States in the last few years. Supreme Court decision that allowed states to decide whether to legalize sports betting. Reuters has reported that the Chiefs are slight underdogs to the 49ers.

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Friday Footnotes: Deloitte Partner Scammed By Other Deloitte Partner; Big 4 Legal Grows; A $3.5 Billion Error | 2.17.23

Going Concern

.” Big Four: EY, Deloitte, KPMG, and PwC step on law firms’ toes increasing legal revenue to £1.25bn [ City A.M. ] The Big Four accounting firms – EY, Deloitte, KPMG, and PwC – are capturing an ever-larger share of the global market for legal services. State lawmakers alarmed in probe of $3.5B Billion Error | 2.17.23

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Friday Footnotes: Big 4 Nixes Legal Practices; EY Looks the Other Way; Auditors Get Lectured Again | 10.14.22

Going Concern

Big Four Audit Giants Shut Down Legal Operations in China Following ‘Regulatory Raids’ [ Law.com ]. The Big Four auditing giants have quietly shut down their legal affiliations in China following intense regulatory scrutiny, according to an investigation by Law.com International, in a major development for Asia’s legal industry.

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The Benefits of Delayed Business Filings

CPA Practice

A delay allows business owners to specify a future effective date on their registration forms, granting them control over when their company officially becomes a legal entity. In a delayed filing, the business controls when the company officially becomes a legal entity. Let’s look at both options.