CalCPA

NOVEMBER 15, 2021

To claim the Main Street Small Business Tax Credit II Credit, taxpayers must obtain a tentative credit reservation before Nov. The post Reminder: Main Street Small Business Tax Credit II appeared first on Hot Topics. The credit.

Maine 96

Maine business tax Tax 96

KROST

OCTOBER 21, 2021

In Late September 2021 Governor Newsome signed Assembly Bill (AB) 150 establishing the Main Street Small Business Tax Credit II. Taxpayers that qualified for Employee Retention Credit may also qualify for the Main Street Small Business Tax Credit. Tax , Tax Specialty Services. Melillo, CPA, Principal.

Maine 91

Maine California business tax Tax 91

TaxConnex

DECEMBER 5, 2023

Clubs and dues have been around for decades, but the rise of certain memberships – and the ability to sell them over the internet – have also raised the question of whether memberships incur sales tax. Health and fitness club In some states membership in one of these creates a sales tax obligation; in others it doesn’t.

South Carolina 204

South Carolina Sales Tax West Virginia 204

Inform Accounting

OCTOBER 24, 2023

Private residence relief means that you do not have to pay capital gains tax on any gain that you make when your sell your home to the extent that the gain relates to the period that you lived in the property as your only or main residence or the last nine months of ownership (36 months if you are disabled or sell your home and go into care).

Maine 52

Maine Tax 52

TaxConnex

NOVEMBER 28, 2023

does not free you from the complexities of sales tax. In many countries, you will run into some kind of sales tax – familiar if you’re used to selling in the U.S., You pay any VAT liabilities to the tax office of the appropriate country. tax jurisdictions in which they have nexus. (A Selling outside the U.S.

Sales 208

Sales Tax Transportation Maine 208

Accounting Today

JANUARY 16, 2024

The chairs of Congress's two main tax committees announced a deal to extend a number of expired tax credits and tax breaks, including the expanded Child Tax Credit.

Tax 131

Tax Maine 131

Inform Accounting

JANUARY 15, 2024

Main residence relief is a valuable relief which prevents a tax charge arising where a gain is realised on the disposal of a property which is your only or main residence.

Maine 52

Maine Tax 52

CPA Practice

APRIL 5, 2024

Earlier this week WalletHub released a study that shows which states’ residents have the highest and lowest tax burden , measured as the proportion of total personal income that residents pay toward state and local taxes. The study looks at how much tax the average person is estimated to pay in each state throughout their lifetime.

West Virginia 126

West Virginia Rhode Island South Dakota North Dakota 126

Withum

JULY 26, 2023

In what seems to be an unprecedented turn of events on July 21, 2023, the IRS released Notice 2023-55 , providing temporary relief for taxpayers in determining which foreign taxes are “creditable” taxes for U.S. In early 2022, the IRS issued final regulations providing guidance on determining if a foreign tax is creditable for U.S.

Maine 98

Maine Tax income tax CPA 98

CTP

DECEMBER 28, 2021

Understanding the benefits and drawbacks of different retirement plans is crucial to long-term tax planning. Most retirement plan investment earnings are taxed at ordinary income tax rates—you receive an ordinary tax deduction for every contribution, and you pay ordinary income tax rates when you withdraw funds.

tax planning 98

tax planning Maine Tax income tax 98

CTP

APRIL 10, 2024

A common conversation with clients is how to minimize taxes on their investments. When it comes to business or investment properties, taxpayers may be hesitant to sell, even if the investment is turning out to be an unprofitable one, because doing so will mean paying a sizable capital gains tax. What other options are available?

Real Estate 96

Real Estate Tax Maine Sales 96

TaxConnex

DECEMBER 27, 2022

Sales and use tax nexus is defined as a connection between a person or entity and a taxing jurisdiction. Sales tax nexus is the basis for all your sales tax decisions because without sales tax nexus you have no further obligation to a state. That is unless an exemption applies.

Sales 186

Sales Tax Non-Profits Maine 186

CPA Practice

APRIL 9, 2024

By Oren Koren Tax season is underway, which means cyber criminals are hard at work. This type of malware poses a severe risk to CPA firms, often starting as a dripping leak but becoming a gushing waterfall, as it can enable unauthorized access to sensitive client data, including tax returns, financial statements, and personal information.

cpas 117

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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). Salestaxes are no exception.

West Virginia 130

West Virginia Sales Rhode Island Tax 130

CPA Practice

FEBRUARY 15, 2024

Kiplinger Consumer News Service Tax Day 2024 is April 15. That’s the day taxes are due for most taxpayers. However, each year, the IRS extends tax deadlines for taxpayers in designated areas impacted by severe storms and natural disasters. The IRS announces these tax deadline extensions for various states as disasters occur.

Rhode Island 102

Rhode Island West Virginia Tennessee Connecticut 102

CPA Practice

MARCH 27, 2024

By Dave Eisenstadter, masslive.com (TNS) With this year’s tax filing deadline approaching, IRS reporting continues to show millions fewer refunds this year compared with last year. Records obtained from the IRS show that this year’s tax season is on track to have the fewest refunds in at least 15 years.

Tax 119

Tax Massachusetts tax return Maine 119

TaxConnex

JANUARY 11, 2022

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.

Rhode Island 180

Rhode Island Sales Tax South Dakota 180

TaxConnex

MAY 23, 2023

Last time we looked at a sample of the strange sales tax laws regarding food, including a sliced bagel in New York. If only that was the only complex category concerning sales tax. Diapers and groceries are taxed in Hawaii, Idaho, Utah, Kansas, Missouri, Oklahoma, Arkansas, Tennessee and Alabama, Mississippi and South Dakota.

South Carolina 130

South Carolina South Dakota Sales Montana 130

TaxConnex

MAY 25, 2023

Sales tax is complex for businesses of all sizes. If you are a business with customers in multiple states, your scope and risk grows in accordance with the number of states and the sales tax complexities in those states. Sales tax obligations begin with whether you have nexus in a state or other locality.

Sales 130

Sales Tax audit Maine 130

TaxConnex

JUNE 13, 2023

Sales tax compliance involves a highly complex set of rules and regulations. These rules change frequently in many jurisdictions, and the question of whether (and how) your company needs to collect and remit sales tax to a certain jurisdiction can be quite difficult to determine. A main one being time. Why is it not enough?

Sales 130

Sales Tax Maine Account 130

Withum

JANUARY 16, 2024

We are excited to announce that Ways and Means Chairman Jason Smith (R-MO) and Senate Finance Committee Chairman Ron Wyden (D-OR) released a bipartisan tax framework that promotes Main Street businesses, while also providing more financial security to families in need. For the 2023 taxable year, a 179 expense of $1.16

Tax 118

Tax Tennessee New Jersey Massachusetts 118

CPA Practice

JANUARY 8, 2024

The IRS has announced that it will start accepting and processing tax returns on Monday, Jan. million individual tax returns to be filed by the April 15, 2024, tax deadline. Although the IRS will not officially begin accepting and processing tax returns until Jan. The agency expects more than 128.7

Tax 133

Tax tax return income tax Massachusetts 133

Accounting Today

APRIL 4, 2024

Filing and payment deadlines for taxpayers in designated areas have been pushed back.

Rhode Island 56

Rhode Island Maine Tax 56

TaxConnex

MAY 18, 2023

Sales tax can be complicated, with rules that frequently change and disparate application across the nation’s thousands and thousands of tax jurisdictions. Sales tax, even at its simplest, can seem like a patchwork puzzle. And that’s before you throw in odd rules and tax loopholes. Colorado taxes napkins and silverware.

Sales 130

Sales West Virginia South Dakota Tax 130

TaxConnex

APRIL 4, 2024

Now, almost six years after the landmark Wayfair case ignited sales tax obligations for more remote sellers, one of those numbers might be falling out of favor. Since the Supreme Court’s decision in 2018, almost all states with economic nexus opted to have dollar volume of sales as one trigger for sales tax obligations.

South Dakota 206

South Dakota North Dakota Wisconsin Iowa 206

TaxConnex

DECEMBER 8, 2022

spares you the complexities and headaches of sales tax thresholds. And you’d be right – except that in many countries you’d instead run into value-added tax (VAT) on transactions. VAT is an indirect tax on consumption, ultimately payable by the final consumer of the goods or services. You may think that selling outside the U.S.

Tax 194

Tax Transportation Sales Maine 194

Accounting Today

SEPTEMBER 25, 2023

The IRS says taxpayers in Maine and Massachusetts who were hit by the hurricane now have until Feb. 15 to file and pay some taxes.

Tax 124

Tax Massachusetts Maine 124

TaxConnex

JULY 21, 2022

Understanding economic and physical nexus and the taxability of your products and services goes a long way to ensuring your sales tax compliance. But nothing’s that simple with sales tax. nexus requires remote sellers to collect sales tax because they hit certain thresholds of revenue or sales in states. Off to marketplace.

Sales 177

Sales Tax Pennsylvania Ohio 177

MyIRSRelief

APRIL 15, 2022

If you are an individual or a business taxpayer who is facing tax problems, you can end your nightmare now. Get tax relief representation and complete resolution today! Tax representation services help in Connecticut: New Haven-Milford Metropolitan Area. Unfiled tax returns, IRS tax exams, audits, appeals, EA, CPA, Tax lawyer.

Connecticut 130

Connecticut Tax Real Estate tax return 130

TaxConnex

MAY 24, 2022

One relatively new development is the complex overlay of sales tax on these transactions. Add internet sales to the mix and you’ve got sales tax obligations sprouting up these days more than ever. Nearly half the attendees of a recent TaxConnex webinar on multi-channel selling use direct/retail eCommerce as their main avenue of sales.

South Dakota 185

South Dakota Sales Tax Retail 185

CPA Practice

FEBRUARY 9, 2024

However, if you are among the 68 million people expected to place bets on the big game, you need to know that taxes are part of the equation. So, as we start tax season, here’s what you need to know about what your Super Bowl bet has to do with your tax return. Super Bowl 2024 is on Sunday, Feb. Usually, the payer (e.g.,

Gambling 122

Gambling Tax Sports South Carolina 122

TaxConnex

DECEMBER 30, 2021

Sales tax in 2021, though, seemed to move in only one direction: It intensified as even more states hopped on the economic nexus bandwagon and the sales tax burden for online businesses grew. Here’s a look back at some of 2021’s biggest developments in sales tax. Other states intensified their sales tax moves.

Sales 192

Sales Tax Maryland West Virginia 192

Withum

MARCH 22, 2024

Most people are aware that we are in tax filing season with individual returns due April 15th (or April 17th for those living in Maine and Massachusetts). CPAs, EAs, and professional tax preparers see many clients this time of year and they are obviously busy with this work. Unless that is done, nothing will happen.

tax preparation 59

tax preparation Tax cpas Massachusetts 59

CPA Practice

FEBRUARY 1, 2024

Under the so-called “Augusta rule,” homeowners can avoid any tax consequences for certain short-term rentals. Let’s start with this basic tax premise. If you rent out a main or second home, such as a vacation home, the income from the rental activity is generally taxable. It’s a good opportunity to pocket tax-free money.

Tax 115

Tax Georgia Sports Maine 115

CPA Practice

FEBRUARY 1, 2024

The IRS started accepting and processing income tax returns on January 29, 2024. This article includes a handy reference chart taxpayers can use to estimate how soon they may get their income tax refund. When will I get my tax refund? ” That’s without an expensive “tax refund loan” or other similar product.

Tax 111

Tax tax return income tax Massachusetts 111

ThomsonReuters

JULY 10, 2023

Jump to: What is sales tax? What is use tax? Sales tax vs. use tax Summary Calculating, collecting, and reporting sales tax and use tax can get complicated as a business grows, and it can be easy to confuse these two types of indirect taxes. What is sales tax?

Tax 97

Tax Sales Arizona Georgia 97

TaxConnex

JULY 26, 2022

Partnerships, just like your sales tax obligations, evolve over time. Sales tax is not a set it and forget it task, so if you’ve handed things off and aren’t sure how things are going, it may be time for a check-up with your provider. Has your boss contacted you about a sales tax issue? Too Much Time Spent on Oversight?.

Sales 191

Sales Tax tax return Technology 191