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Exemption Certificate Expirations

TaxConnex

Otherwise, you the seller have legal responsibility to assess and collect the sales tax from the purchaser and can be penalized later if you don’t. Your buyer produces a valid exemption certificate that you keep on file. It pays to know all you need to know about an exemption certificate.

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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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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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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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Sales tax concerns if you sell through multiple channels

TaxConnex

Let’s say a supplier/distributor in Arkansas sells to a retailer in South Carolina and drop ships to the retailer’s customer in Illinois. Any way you handle it, legal and complete sales tax compliance is getting harder for multi-channel sellers. This is a small win for online sellers.

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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.

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New Markets Tax Credit Case Study for Safe Harbor

Cherry Bekaert

The project is taking advantage of being co-located to a low-income housing tax credit (LIHTC) community providing shared infrastructure and other cost savings, as well as utilizing the South Carolina Textile Tax Credit to further reduce capital needs.