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

TaxConnex

JULY 25, 2023

In addition to state and local taxes, your business may also be subject to various federal and state regulatory obligations. Most taxes are administered by the state Departments of Revenue (DOR) and local jurisdictions. The remainder of this blog will discuss the various tax requirements for a telecom company. to 7 percent.

Tax 179

Tax Florida Missouri Maryland 179

TaxConnex

MAY 6, 2021

There’s always something changing in the world of tax, especially sales tax. In the trendiest sales tax news (aside, of course, from Florida finally passing economic nexus legislation), Connecticut lawmakers have proposed a digital advertising services tax similar, experts say, to one recently enacted in Maryland.

Sales 201

Sales North Carolina Tax Maryland 201

TaxConnex

MARCH 10, 2022

But what exactly is economic nexus – and, more importantly, have you kept up with its constant changes in the sales tax realm? Sales tax nexus is the connection your business has with a state or local taxing jurisdiction. It can be physical in the form of one of your offices actually being in a state or other tax jurisdiction.

South Dakota 188

South Dakota Sales Tax Maryland 188

TaxConnex

DECEMBER 29, 2022

New sources of tax revenue, old ones robust but sputtering in spots, tax holidays as political tools amid inflation: It’s been a year of new trends in sales tax. Heading into the new year, state sales tax revenues were up coast to coast, often by double-digit percentages. Add that U.S. Too much or too little?

Sales 130

Sales Tax Maryland Louisiana 130

CPA Practice

APRIL 9, 2024

The domestic sales tax landscape in the United States has been in a constant state of flux over the last decade. In fact, the 2023 Vertex End-of-Year Sales Tax Rates and Rules report shows that a total of 444 sales tax rate changes took place across all U.S. States continue to issue new fees, exemptions and tax holidays.

Sales 110

Sales Tax Minnesota Tennessee 110

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 181

Rhode Island Sales Tax South Dakota 181

CPA Practice

JANUARY 17, 2024

A deal between two Maryland CPA firms commenced a couple weeks ago, as top 300 accounting firm Rosen, Sapperstein and Friedlander (RS&F), based in Towson, acquired Hunt Valley-based Mister, Burton & Associates (MBA). Financial terms of the transaction weren’t disclosed.

Maryland 52

Maryland cpa firm audit CPA 52

TaxConnex

MARCH 1, 2022

It’s that time of year again when everyone suddenly thinks about preparing their income taxes. But does tax preparation incur sales taxes – and if it does, where and how? For some 90 years, states have levied sales tax on goods (West Virginia was the first to do so , in 1921). Sourcing is huge.

South Dakota 192

South Dakota Sales Tax West Virginia 192

TaxConnex

JANUARY 3, 2023

Next summer will mark five years since the Supreme Court ignited economic sales tax nexus with the South Dakota v. Many businesses are still trying to figure out how to manage the resulting obligations, but one thing’s clear: Now every state with a sales tax has economic nexus. Wayfair, Inc et al decision. Stay tuned.

South Dakota 196

South Dakota Sales Alaska Tax 196

TaxConnex

NOVEMBER 2, 2021

You won’t find too many more confusing sales tax scenarios than the one involving dietary supplements. For purposes of sales tax, sometimes supplements and vitamins are considered drugs (prescription or not), sometimes groceries or food, sometimes tangible personal property – and sometimes not. Sales tax isn’t getting any easier.

Sales 198

Sales West Virginia Tax Vermont 198

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

TaxConnex

AUGUST 30, 2022

Many tech companies consider themselves a service provider exempt from sales and use tax. But the 2018 Wayfair decision expanded the definition of nexus and and more of these businesses are now subject to sales and use tax collection, including on one of their product staples: apps. What about the sales tax?

Sales 189

Sales Tax Wisconsin Massachusetts 189

TaxConnex

MARCH 9, 2023

At least three states opened this year with proposals to revamp taxes concerning digital advertising and data. Massachusetts legislators seem to be leading the way, with multiple draft bills that would adopt a digital advertising services tax on commercial data collection or the sale of personal information. The bills are in committee.

Sales 147

Sales Tax Indiana Massachusetts 147

CPA Practice

APRIL 11, 2024

The Justice Department is advising taxpayers to choose their return preparers wisely as the April 15 federal tax filing deadline approaches. Unscrupulous preparers who include errors or false information on a tax return could leave a taxpayer open to liability for unpaid taxes, penalties and interest.

tax return 116

tax return Tax tax preparation Florida 116

CPA Practice

APRIL 22, 2024

The analysis accounts for average federal income taxes and withholdings for Social Security and Medicare, as well as state and local taxes. In Alabama, the analysis showed you will bring home just under 69% of your salary, after taxes. That means you’d need to earn $145,515 a year to bring home $100,000.

South Dakota 108

South Dakota Alabama New Hampshire Wyoming 108

TaxConnex

SEPTEMBER 30, 2021

Last week we talked about all of the different filing frequencies and deadlines you have to manage with your sales tax obligation. T rying to meet your sales tax obligations across many different states confronts you with a head-spinning assortment of deadlines and filing frequencies. If you missed that – check it out!

Sales 179

Sales Tax Maryland tax return 179

TaxConnex

OCTOBER 5, 2021

Soon after you start dealing with states’ sales tax, you’re going to also run into another term: excise tax. What is excise tax? And is it different from sales tax? A different kind of tax pie. Federal, state, and local governments can all impose excise taxes. Calculating and Charging.

Sales 178

Sales Tax South Carolina Hawaii 178

TaxConnex

MAY 10, 2022

There’s always something changing in the world of tax, especially sales tax. Florida sales tax exemptions on hurricane-preparedness items may soon encompass purchases of pet food, thanks to the lobbying of a local Girl Scout troop. has become the second state this year to expand its sales tax exemption involving gold and silver.

Sales 163

Sales Tax Mississippi Non-Profits 163

PYMNTS

NOVEMBER 16, 2020

Group Seeks to Block Maryland Online Advertising Tax. Marylanders for Tax Fairness is preparing for a battle in January over the state’s attempt to make a digital advertising tax, the Baltimore Sun reported. Maryland legislators ratified the tax earlier in 2020, but Gov. Larry Hogan vetoed the levy.

Maryland 60

Maryland Technology Tax Tennessee 60

TaxConnex

JULY 15, 2021

There’s always something changing in the world of tax, especially sales tax. 1, 2022, though, all retailers must apply the destination sourcing rules when calculating, collecting and remitting state sales tax. Marketplace sellers that properly remitted tax can file a claim for credit. As of Feb.

Sales 141

Sales Tax Louisiana North Carolina 141

TaxConnex

NOVEMBER 17, 2022

But retailers looking forward to perhaps record online sales have to remember how to comply with widely divergent sales tax regulations. With this continued expansion of online sales, keep an eye on a few details related to your sale tax compliance: Nexus. This is the connection between your online business and a tax jurisdiction.

Sales 130

Sales Tax Maryland Colorado 130

TaxConnex

JULY 13, 2023

As we saw last time, sales tax holidays are continuing to enjoy a heyday this year. Maryland , Aug. 13-19: Qualifying clothing and footwear priced $100 or less will be exempt from sales tax. Connecticut: Tax-free week begins on the third Sunday of August and runs until the following Saturday. Iowa , Aug. New Jersey , Aug.

Sales 130

Sales West Virginia South Carolina Tax 130

TaxConnex

JULY 8, 2021

Many states use sales tax holidays to waive or reduce sales tax on various items. Location, location, location is the rule when it comes to sales tax holidays. The holidays may only cover state sales tax but not local sales taxes, as in South Carolina (which, like other states, has no price cap on eligible items).

Sales 197

Sales South Carolina Tax E-commerce 197

CPA Practice

APRIL 22, 2024

The domestic sales tax landscape in the United States has been in a constant state of flux over the last decade. In fact, the 2023 Vertex End-of-Year Sales Tax Rates and Rules report shows that a total of 444 sales tax rate changes took place across all U.S. States continue to issue new fees, exemptions and tax holidays.

Sales 52

Sales Tax Minnesota Tennessee 52

TaxConnex

JULY 12, 2022

There’s always something changing in the world of tax, especially sales tax. The fee will apply when at least one item is subject to sales or use tax and the delivery is mailed, shipped or delivered by motor vehicle. its Sales Tax Bulletin No. Here’s a review of some of the recent changes and updates. Indiana modified?its

Sales 178

Sales Tax Oklahoma Illinois 178

TaxConnex

FEBRUARY 2, 2021

Sales tax is broadly defined to mean any tax that is charged to the end-user customer by the retailer of property or services. Though this definition is correct, it does not always provide a complete picture of a business’s transactions tax liabilities. Missouri has local license taxes in most cities.

Tax 134

Tax Missouri Maryland Pennsylvania 134

TaxConnex

AUGUST 19, 2021

In the fall of 2020, I published an article on how the sales tax picture is changing due to COVID-19. Now that we’re over a year into the pandemic, I wanted to provide an update on the sales tax landscape, what predictions have remained the same and what’s changed. sales tax economic nexus on remote sellers. Latest developments.

Sales 232

Sales E-commerce Tax Missouri 232

TaxConnex

JANUARY 16, 2024

Then you already have one of the most complicated situations in sales tax. Your tax obligation and liability begin with where you have nexus , the connection between your company and a taxing authority or jurisdiction. These questions factor into determining whether sales tax applies.

Iowa 206

Iowa Connecticut Maryland Colorado 206

CPA Practice

OCTOBER 11, 2023

And while fees aren’t exactly sales and use taxes, they do greatly increase compliance complexity for indirect tax teams. 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 109

Minnesota Tax Colorado Oregon 109

TaxConnex

DECEMBER 10, 2020

States may be getting tougher on sales tax delinquents as the pandemic drags on and tax revenues, in many places, take hits. area company must pay back more than $95,000 after pocketing sales tax money owed to the state, according to authorities. TaxConnex provides services to become your outsourced sales tax department.

Sales 158

Sales Tax Ohio Nebraska 158

TaxConnex

OCTOBER 8, 2020

What’s an IP address and how can it influence your company’s need to collect and remit sales tax to states? When your customers access your website and make purchases, the customer is often providing a billing and/or shipping address which can be used to determine where sales tax applies. Texas and Maryland. Stay tuned.

Sales 130

Sales Tax Texas Nevada 130

MyIRSRelief

MAY 24, 2023

The notice will state the amount of tax due, as well as interest and penalties. The notice will also include the following information: The amount of tax due The amount of interest and penalties The due date for payment Instructions on how to pay What do I need to do if I receive an IRS CP14 notice? What is an IRS CP14 notice?

North Carolina 147

North Carolina Oklahoma Ohio Tax 147

CPA Practice

AUGUST 3, 2023

This list includes every back-to-school sales tax holiday this summer, from July 27, 2023, through the end of August. Rules for tax-free shopping can vary from state to state. So, just because something is tax-exempt in one state doesn’t mean it will be in another. Does Summer Camp Qualify for a Childcare Tax Credit?

Sales 96

Sales South Carolina West Virginia Tax 96

TaxConnex

JUNE 8, 2021

There’s always something changing in the world of tax, especially sales tax. They were the last two states with a sales tax to set up such requirements.). The bill requires the collection and remittance of sales and compensating use tax by most marketplace facilitators beginning July 1. And 2021 continues to prove that.

Sales 143

Sales Tax Arkansas South Carolina 143

MyIRSRelief

MAY 24, 2023

The notice will state the amount of tax due, as well as interest and penalties. The notice will also include the following information: The amount of tax due The amount of interest and penalties The due date for payment Instructions on how to pay What do I need to do if I receive an IRS CP14 notice? What is an IRS CP14 notice?

North Carolina 130

North Carolina Oklahoma Ohio Tax 130

CPA Practice

OCTOBER 4, 2023

Supreme Court has agreed to take up a lower court decision on taxation ( Moore v United States ) that could open or slam the door on a federal wealth tax, it’s worth a deep dive into just how terrible a wealth tax would be for American taxpayers. Second, no matter how it’s positioned, a wealth tax is not based on objective facts.

Tax 105

Tax income tax Hawaii Oklahoma 105