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

CPA Practice

with Maryland and Virginia) West Virginia (with Kentucky, Maryland, Ohio, Pennsylvania, and Virginia) Wisconsin (with Illinois, Indiana, Kentucky, and Michigan) Paying payroll taxes can be a daunting task for business owners, but with expert advice and guidance from their CPAs, it becomes more manageable.

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The Best States for Minority Entrepreneurs

CPA Practice

Wyoming, South Dakota, North Dakota, New Hampshire, Montana, Maine, Utah, Kansas, Minnesota, Maryland, Idaho, Oregon, Colorado, Missouri, Nebraska, Florida, Ohio, Wisconsin, and Massachusetts also made the list. California, Georgia and Maryland), only Maryland made the top 20 list.

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Sales tax and Marketplaces: Who owns the responsibility?

TaxConnex

The platform currently calculates, collects and remits state sales tax on shipments to (in the order in which they began): Washington, Pennsylvania, Oklahoma, Minnesota, Iowa, Connecticut, South Carolina, South Dakota, New Jersey, the District of Columbia, New York, Idaho, Nebraska, Alabama, Arkansas, Kentucky, California, Maine, Massachusetts, North (..)

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Proliferation of Fees Adds Layers of Complexity for Indirect Tax Teams

CPA Practice

So far this year, states including Maryland, Maine, Oregon, Colorado and California have enacted legislation that attaches new environmental fees to plastic, paper, glass and metallic packaging materials. Minnesota isn’t the only state to impose delivery fees on companies doing business in their jurisdiction.

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Sales Tax on Shipping: When Does it Apply?

TaxConnex

When only some of the contents of a shipment are taxable, the shipping charges must be pro-rated in Minnesota, New Jersey, North Carolina, North Dakota, Ohio, Rhode Island, South Dakota, Vermont, Washington and Wisconsin (where a “reasonable allocation” is required). Shipping does not incur sales tax in Missouri.

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How the 50 States Rank By Lifetime Taxes

CPA Practice

Minnesota $1,645,072 $589,066 35.8% Maryland $1,871,450 $655,454 35.0% Connecticut $1,731,261 $855,307 49.4% Vermont $1,442,094 $651,434 45.2% New York $1,658,872 $748,199 45.1% Massachusetts $1,857,438 $816,700 44.0% New Hampshire $1,674,402 $722,610 43.2% Rhode Island $1,600,495 $684,828 42.8% Illinois $1,580,130 $665,286 42.1%

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U.S. Sales Tax Rate Changes Reach 10-Year High

CPA Practice

In 2023, several states including Maryland and Pennsylvania implemented new green fees; Ohio, Tennessee, and Florida deployed new sales tax exemptions or updated their existing exemptions; and Minnesota brought on new delivery fees. While these are not technically sales taxes per se, they pose similar challenges to indirect tax teams.

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