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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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Loopholes and other odd sales tax rules, part 2

TaxConnex

Almost half the states have stopped sales tax on diapers, but these baby products still, despite frequent efforts at repeal, incur sales tax in Maine, Ohio, Michigan, New Mexico, Nebraska, Washington and Nevada. California, Idaho, South Carolina, Tennessee and Virginia exempt clothing sales for some nonprofits.

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The Most Complex States for Personal Property Tax Compliance

CPA Practice

Idaho, New Mexico, Maine , and Rhode Island are just a few states where counties don’t use state-created, standardized return and depreciation forms. California, New Mexico, South Carolina, and Maricopa County, Arizona), while others still require taxpayers to file by mailing paper returns.

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How the 50 States Rank By Lifetime Taxes

CPA Practice

The table below shows a state-by-state breakdown of the average lifetime earnings compared to estimated lifetime taxes, and the percentage of earnings that will go toward tax payments, according to Self Financial: State Lifetime earnings Lifetime taxes % of earnings New Jersey $1,818,191 $987,117 54.3% New York $1,658,872 $748,199 45.1%

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The latest on sales tax on shipping charges (part 1)

TaxConnex

Connecticut, Georgia, Michigan, North Dakota, South Carolina, Tennessee, Texas, Vermont, Washington, West Virginia and Wisconsin follow this rule. Among states with sales tax, shipping generally incurs sales tax in the District of Columbia, Kansas and New Mexico.

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IRS Says State Issued Stimulus Payments are Not Taxable

CPA Practice

This means that people in the following states do not need to report these state payments on their 2022 tax return: California, Colorado, Connecticut, Delaware, Florida, Hawaii, Idaho, Illinois, Indiana, Maine, New Jersey, New Mexico, New York, Oregon, Pennsylvania and Rhode Island.

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Preparing Your Business for Sales Tax Holidays

TaxConnex

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). New Mexico, however, allows retailers to opt-out of its gross receipts tax holiday. Location, location, location is the rule when it comes to sales tax holidays.

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