TaxConnex

FEBRUARY 23, 2023

All hail sales tax! Imperial Rome’s Julius Caesar is considered to have implemented a proper sales tax, a 1% flat rate across his entire Empire. Medieval Spain collected a general sales tax from the mid-14th through the 18th centuries reaching as much as 15%. Taxing certain goods dates back as far as 4,000 years.

West Virginia 130

West Virginia Sales Rhode Island Tax 130

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

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 188

Sales Tax Wisconsin Massachusetts 188

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. Restaurant food is almost always taxed at the rate of the local/state sales tax. Taxable and exempt items.

Sales 130

Sales West Virginia South Dakota Tax 130

TaxConnex

FEBRUARY 22, 2022

If your business sells software or software-as-a-service (SaaS), you deal with one of the most complex sales tax situations, potentially without even realizing it. Your sales tax obligation and liability begin with where you have nexus , a connection between your company and a taxing authority or jurisdiction. Mississippi?has

Sales 182

Sales Tax North Carolina Mississippi 182

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

TaxConnex

MARCH 22, 2022

Collecting and remitting sales tax to states and other tax jurisdictions is time consuming and can be expensive. collection discount to help with the costs of managing sales tax.?If If it sounds like free money to help cover the costs of outsourcing your sales tax compliance, it can be? Some states give?a?collection businesses,?these

Sales 194

Sales Utah Tax South Carolina 194

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 196

Sales South Carolina Tax E-commerce 196

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. Wholesale sales or sales of exempt goods are not subject to the fee. its Sales Tax Bulletin No.

Sales 177

Sales Tax Oklahoma Illinois 177

TaxConnex

AUGUST 2, 2022

In many states, sales tax holidays have been in full swing this year and will continue for months to come. These holidays are limited times (frequently weekends) where a state allows sales tax to be eliminated or reduced on categories of consumer products. What’s on sale? Children’s books have a sales tax holiday through Aug.

Sales 130

Sales West Virginia Tax South Carolina 130

Cherry Bekaert

APRIL 22, 2024

However, all job creation incentives typically require: 1) A minimum net job increase 2) Maintained jobs 3) Operations in certain industries or activities Jobs Tax Credits may be claimed on a retroactive basis in Georgia, South Carolina, Mississippi, Tennessee and Virginia in any open tax years. taxable wages for up to 15 years.

South Carolina 105

South Carolina North Carolina Mississippi Tennessee 105

TaxConnex

AUGUST 9, 2022

There’s always something changing in the world of tax, especially sales tax. State sales tax holidays fail to live up to the hype. in favor of conveniently popular yet ultimately ineffective sales tax holidays.”. Several states tinkered with their sales tax exemptions this summer. Iowa has modified its sales tax base.

Sales 130

Sales Louisiana Tax Iowa 130

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. Sales tax rates are based on data from the Tax Foundation and are accurate as of January 2023. Sales tax rates are based on data from the Tax Foundation and are accurate as of January 2023. Exclusions may apply.

Sales 96

Sales South Carolina West Virginia Tax 96

TaxConnex

JULY 11, 2023

This time of year is a trove for online sellers of these products and states seem to realize it’s time to ring the bell on sales tax breaks for back-to-school. These holidays are limited times (frequently weekends) where a state allows sales tax to be eliminated or reduced on categories of consumer products. Florida , July 24-Aug.

Sales 100

Sales Tax Sports Mississippi 100

CPA Practice

OCTOBER 12, 2023

Retail sales of guns and ammunition will soon be subject to a new state excise tax in California. Under Assembly Bill 28, which Governor Gavin Newsom signed into law on September 26, 2023, an 11% tax will apply to gross receipts from retail sales of ammunition, firearms, and firearm precursor parts starting July 1, 2024.

California 124

California Sales Tax Pennsylvania 124

CPA Practice

JANUARY 3, 2024

Sales tax holidays are all the rage right now. There were about 45 sales tax holidays in 24 states in 2023 and could be even more than that in 2024. If you’re in retail, hang on to your hats and read our sales tax holiday FAQ to learn: What is a sales tax holiday? What states have a sales tax holiday in 2024?

Sales 78

Sales Nevada Tax West Virginia 78

CPA Practice

JULY 18, 2023

Worldwide retail ecommerce sales could reach $6.169 trillion in 2023 and comprise 22.3% of total retail sales. The following guide provides more detailed information for each state and answers frequently asked questions like, “Do you charge sales tax on items shipped out of state?” or “Is there sales tax on U.S.

Sales 98

Sales Retail Tax West Virginia 98

TaxConnex

SEPTEMBER 1, 2022

Wayfair, Inc et al , but many businesses are still trying to figure out how to manage sales tax obligations brought on by this decision. Some examples: Iowa: Gross sales to the state over $100,000; no annual transaction threshold. Mississippi: $250,000 sales; no transaction threshold.

South Dakota 198

South Dakota Mississippi Iowa Sales 198

ThomsonReuters

APRIL 25, 2024

In addition to state income taxes, retirees should consider other state-level taxes, such as property taxes , sales taxes , and estate taxes , which can further impact their overall tax liability. However, sales taxes here can be higher than in other states. States with no tax on pensions. States with no tax on TSPs.

South Dakota 52

South Dakota Rhode Island New Hampshire Wyoming 52

CPA Practice

APRIL 5, 2024

Mississippi $1,212,292 $481,017 39.7% The study looks at how much tax the average person is estimated to pay in each state throughout their lifetime. 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%

West Virginia 126

West Virginia Rhode Island South Dakota North Dakota 126

CPA Practice

APRIL 3, 2024

To determine the residents with the biggest tax burdens, WalletHub compared the 50 states based on the cost of three types of taxes—property taxes, individual income taxes, and sales and excise taxes—as a share of total personal income in the state. Washington has the highest sales and excise tax burden, while New Hampshire has the lowest.

Rhode Island 111

Rhode Island Alaska Tax New Hampshire 111

CPA Practice

APRIL 9, 2024

To determine the residents with the biggest tax burdens, WalletHub compared the 50 states based on the cost of three types of taxes—property taxes, individual income taxes, and sales and excise taxes—as a share of total personal income in the state. Washington has the highest sales and excise tax burden, while New Hampshire has the lowest.

Rhode Island 105

Rhode Island Alaska Tax New Hampshire 105

CPA Practice

JANUARY 23, 2023

By Marsha Mercer, Stateline.org (TNS) As inflation soared in the past year, families in some states suffered a double whammy—paying food sales taxes on top of higher-priced groceries. Tennessee, which dropped its grocery sales tax from 5% to 4% in 2017, lifted the tax for a month last August. You tell me the difference,” Kaiser said.

Idaho 111

Idaho South Dakota Tax Kansas 111

CPA Practice

APRIL 4, 2024

On the flip side, those looking for a home in Mississippi, Ohio, Arkansas, Indiana, and Kentucky must earn between $63,043 and $65,186. The total number of homes for sale, including homes that were under contract but not yet sold, increased by 8.8% In Hawaii, California, D.C., ©2024 Quartz Media Inc.

Mississippi 52

Mississippi Hawaii Arkansas Kentucky 52

TaxConnex

JANUARY 24, 2023

Shipping is indispensable to eCommerce yet sales tax on it remains a mishmash of regulations across the states. In our previous blog, we looked at how exemptions, the taxability of the item being shipped and selling into tax-free states affect sales tax on shipping. Shipping is taxable in Illinois, by the way, after years of confusion.

Sales 26

Sales Tax South Carolina Massachusetts 26

TaxConnex

NOVEMBER 11, 2021

There’s always something changing in the world of tax, especially sales tax. Tis the season: Even as critics claim that Amazon’s recent earnings slump might signal the beginning of the end of the e-commerce boom, holiday e-commerce sales are expected to hit a record $207 billion in the U.S. billion in online sales.

Sales 41

Sales E-commerce Tax Illinois 41

Anders CPA

SEPTEMBER 28, 2022

Even if a state doesn’t require sales tax on SaaS, the company may still need to file if they pass a certain threshold of sales. How a state may define SaaS could determine if a company is required to file a sales tax return in a particular state, regardless of if SaaS is actually taxable by law within that given state.

Rhode Island 52

Rhode Island West Virginia South Dakota South Carolina 52

ThomsonReuters

JANUARY 30, 2023

The bill would also increase the average annual gross volume of sales of retail stores, service industries, hotels, motels, and 16 restaurant operations from $95,000 to $500,000 to qualify for an exception. Currently, Mississippi does not have any minimum wage or overtime provisions.

payroll 105

payroll Hawaii West Virginia Oklahoma 105

CPA Practice

JANUARY 3, 2024

Tax-free shopping Florida kicked off 2024 with its first-ever January back-to-school sales tax holiday. Additionally, Mississippi has shifted to a single income tax rate of 4.7%. However, in some cases, eligible buyers can now take the federal EV tax credit on qualifying vehicles at the point of sale.

Tax 128

Tax Kansas income tax Montana 128

Cherry Bekaert

OCTOBER 9, 2023

Expensive Fees – Non-traded REITs may have high up-front fees, sales commissions and operating expenses, such as management and legal fees. These funds normally add value and are driven by capital gains , where more of the expected return is earned from the asset sales rather than the income stream.

Real Estate 110

Real Estate Non-Profits income tax Mississippi 110

PYMNTS

JULY 6, 2020

The biggest declines in shopping are happening in Mississippi, Texas, South Carolina, Louisiana and Alabama, according to the data. shopping malls could shudder by the end of 2021, a demise already in motion from years of declining sales, but hastened by the coronavirus.

Rhode Island 67

Rhode Island South Carolina Retail Mississippi 67

CPA Practice

APRIL 24, 2023

If an S Corp sells its assets within five years, shareholders are subject to built-in gains tax on the asset sale. In addition, passive income (rent, interest, stock sale funds) that makes up more than 25% of an S Corp’s gross income is also subject to tax.

Legal 98

Legal income tax tax return Mississippi 98

inDinero Accounting

DECEMBER 5, 2023

Here is the list of states that do not conform to the federal rules: California Mississippi Alabama Massachusetts New Jersey Pennsylvania Wisconsin QSBS Tax Treatment The QSBS exemption shields the greater of $10M of gains, or 10x the cost basis of purchased stock, from capital gains tax.

tax return 52

tax return Mississippi Wisconsin Tax 52

PYMNTS

SEPTEMBER 17, 2019

Sales of the gummies will be taken care of by PLUS, and they’ll cost $35 for 14 gummies. They’ll be flavored blackberry tea and will be available in states across the country except Alaska, Idaho, Iowa, Hawaii, Mississippi, Oklahoma and South Dakota. Casper was recently valued at $1.1

South Dakota 44

South Dakota Mississippi Idaho Iowa 44

CPA Practice

APRIL 21, 2023

When confidence is shaken, further business opportunities for a potential sale, merger, or investment disappear, which can stifle growth or even result in closing the business. He earned a BSc in accounting from the University of Mississippi. This can also lead to a decline in employee morale and may cause a higher turnover.

Technology 98

Technology audit Legal Mississippi 98

PYMNTS

JANUARY 28, 2021

In fact, Oates and his partners spent more than two years as a clothing rental app that targeted the sorority scene at the University of Mississippi, based on research that showed many coeds there required 20 unique dresses per semester. But it wasn’t always that way.

Mississippi 76

Mississippi California Retail Sales 76

PYMNTS

AUGUST 21, 2020

But this week, Bentonville got smoked by the other brick-and-mortar powerhouse just up the Mississippi River in Minneapolis: Target. comp-store sales increase of 9.3 Digital sales rose from 180 basis points in Q1 to 600 basis points in Q2. One day later, Target announced that its comp-store sales grew 24.3

Mississippi 72

Mississippi Retail Sales Maine 72