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.

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MyIRSRelief

JULY 3, 2023

Contact us for professional tax help today! During an ERC audit, the IRS reviews the business’s records, including payroll records, tax returns, and supporting documentation related to ERC claims. What Skills Should I Look for in a Tax Professional for ERC Audit Representation? Understanding ERC IRS Audits 1.1

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CPA Practice

MAY 8, 2023

Reducing taxes is one way to cut costs, and sometimes moving from a high-tax state to a low-tax state can eliminate thousands of dollars in expenses year after year. Tennessee, Texas, and Florida are among the most commonly moved-to states, and it just so happens that these states don’t tax income.

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Cherry Bekaert

APRIL 26, 2024

While not facing immediate penalties, the Company recognized the potential benefits of optimizing their tax strategies, particularly considering changing regulations and market conditions in respect to the Inflation Reduction Act of 2022 (IRA). Discretionary grants and tax credits may be available to increase the Company’s cash flow.

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Cherry Bekaert

OCTOBER 10, 2023

Iowa On September 29, 2023, the Iowa Department of Revenue announced that the 2022 Pass-Through Entity (PTE) Tax election and 2022 PTE Tax Form are available through GovConnectIowa. The Iowa Department of Revenue strongly recommends that a pass-through entity logs into the GovConnectIowa account to complete its 2022 PTE Tax form.

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TaxConnex

JANUARY 17, 2023

Online sales could not exist without shipping, and the charges associated with shipping are subject to sales tax in many states. Question is, who has to pay that sales tax these days, and where? For sales tax purposes, you’ll see reference to “shipping,” “shipping and handling” (Arizona taxes these two, for instance) and “delivery”.

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TaxConnex

APRIL 12, 2022

There’s always something changing in the world of tax, especially sales tax. Inflation and other spiraling prices have driven states’ lawmakers to consider relief via sales and other taxes. Florida seems to be leading the way, proposing sales tax holidays and other short- and long-term tax relief on a broad range of products.

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TaxConnex

FEBRUARY 14, 2023

Candy, flowers, diamonds, romantic dinners out or a movie snuggled on the couch: The year’s biggest day for dates looms again, and here’s an update on sales tax considerations for Valentine’s Day. If your business sells popular Valentine’s Day items online, you should know a few rules related to sales tax and taxability.

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CPA Practice

AUGUST 23, 2023

When it comes to a corporation’s relationship with its accounting firm, the firm itself is less important than the partner who leads its engagement team in lowering its tax rate, according to a new study from Iowa’s Tippie College of Business. Wilde’s team analyzed more than 94,000 tax returns of U.S. The study found….

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TaxConnex

AUGUST 24, 2021

In the world of sales tax, they’re major marketplace facilitators. Marketplace facilitators are required to charge sales tax where they have nexus (the connection between a tax authority and a company). It wasn’t long before states recognized that there was still a large portion of internet-based sales that weren’t being taxed.

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TaxConnex

AUGUST 11, 2022

A few recent developments – including scams and fine definitions –across the country show how sales tax compliance can be complicated. New York: An appeals court ruled last month against a company that claimed eligibility for sales tax refunds on several purchases of concrete. Ecommerce and sales tax cybercrime is on the rise.

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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.

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Cherry Bekaert

MAY 14, 2024

Assessing the Situation The company moved their leadership and headquarters to North Carolina and needed a U.S.-based tax process and, in May 2023, Cherry Bekaert assisted the company with a new enterprise resource planning (ERP) software implementation. Presence appeared first on Cherry Bekaert.

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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.

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ThomsonReuters

APRIL 25, 2024

Navigating state taxes on retirement income is a critical aspect of financial planning for retirees. While federal tax rules apply uniformly across the country, state tax rules can vary widely. Jump to: • State tax on retirement income • Which states do not tax retirement income?

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Withum

FEBRUARY 16, 2024

Scott has over 15 years of experience and specializes in tax compliance and planning for high-net-worth individuals. He leads the Tax Service Line out of Withum’s DC metro area and will soon take over as Partner-in-Charge of the DC office effective July 1.

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CPA Practice

APRIL 18, 2024

By Julie Appleby, KFF Health News (TNS) Tax season is never fun. But some tax filers this year face an added complication: Their returns are being rejected because they failed to provide information about Affordable Care Act coverage they didn’t even know they had. Now such unauthorized enrollments are also causing tax headaches.

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CPA Practice

NOVEMBER 2, 2023

One of the topics the minds of many tax and accounting professionals is the environment. In addition, tax incentives are a primary tool in the Act to encourage energy innovation. The Act: Extends and modifies the Production Tax Credit and Investment Tax Credit for renewable energy. By Diana Crawford, CPA.

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Cherry Bekaert

JANUARY 18, 2024

The New Markets Tax Credit (NMTC) program has been issuing tax credits for more than two decades as a driving force for investors to aid low-income communities across the United States. Contact Us The post New Markets Tax Credits and Innovate Fund Award appeared first on Cherry Bekaert.

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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.

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ThomsonReuters

SEPTEMBER 19, 2023

Earlier this summer, Kentucky, North Carolina, and Vermont all enacted laws that legalize and tax sports wagering activities. percent tax rate is imposed on the adjusted gross revenue from sports wagers placed at a licensed track and a 14.25 Similar efforts in Texas, Missouri, and Georgia failed to garner enough support.

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Withum

MARCH 31, 2021

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CPA Practice

JANUARY 11, 2024

Top 60 accounting firm Prager Metis has expanded its presence in North Carolina by combining with Asheville-based Goldsmith Molis & Gray, a full-service tax, accounting, payroll, and consulting firm. New York-based Prager Metis has one other North Carolina office location in Charlotte. 1, weren’t disclosed.

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Cherry Bekaert

AUGUST 2, 2023

Opioid Settlement Funds Opioid Settlement Funds were also highlighted, noting that governmental units need to fulfill both the requirements of the North Carolina Memorandum of Agreement (MOA) and the North Carolina Local Government Budget & Fiscal Control Act.

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CPA Practice

APRIL 7, 2023

The Department of Justice is warning taxpayers to choose their return preparers wisely as the April 18 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. million in restitution.

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TaxConnex

JANUARY 7, 2021

If you were to read our 5 Steps to Sales Tax Compliance, or any guide on maintaining sales tax compliance, understanding the taxability of your products and/or services would be one of the first steps. Taxability becomes confusing with software which tends to have varying tax rules from state-to-state. Is it SaaS-based?

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CPA Practice

DECEMBER 14, 2023

The partners and colleagues of accounting, tax, and business consulting firm Hughes Pittman & Gupton, LLP, are joining EisnerAmper in a transaction expected to close in the spring of 2024. HPG was founded in 1983 in Raleigh, North Carolina, and has grown to more than a dozen partners and a staff of almost 100.

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TaxConnex

DECEMBER 22, 2020

The year’s ongoing pandemic affected almost every aspect of life – including, and in no small way, sales tax, which was already an area that has seen unprecedented change since the Supreme Court’s Wayfair decision in 2018. Even so, sales tax moved forward. Here’s a look back at some of the year’s developments. Enter the Pandemic.

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CPA Practice

APRIL 12, 2023

million people across the nation (state-by-state list below) have unclaimed refunds for tax year 2019 but face a July 17 deadline to submit their tax return. billion in refunds remain unclaimed because people haven’t filed their 2019 tax returns yet. The Internal Revenue Service says that nearly 1.5 The IRS estimates almost $1.5

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ThomsonReuters

DECEMBER 7, 2022

Fiduciary tax comes with unique challenge s. As we know, governments collect taxes to fuel economic growth and fund investments in infrastructure, human capital, as well as the provision of services for individuals and businesses. What is fiduciary tax? The beneficiary pays tax on the assets they receive.

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TaxConnex

APRIL 5, 2022

Tangible personal property has historically been subject to the collection and remittance of sales tax while many services have been non-taxable (or exempt). More and more services are becoming taxable and represent a potential big wave of tax changes and updates in the years ahead. If your business sells?software determined?that

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CPA Practice

SEPTEMBER 11, 2023

Tax Conference – November 2 and 3, 2023 at the Brookfield Conference Center. The Tax Conference will be livestreamed for those unable to attend in person. The North Carolina Association of CPAs or NCACPA recently announced that current CEO Sharon Bryson, M.Ed., Louis Learning Center.

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TaxConnex

FEBRUARY 2, 2023

The Massachusetts Supreme Judicial Court has reportedly upheld a state Appellate Tax Board decision in favor of an auto parts retailer who challenged efforts to retroactively collect online sales taxes. At issue was abatement of a retroactive tax bill that the state Department of Revenue sought to collect from U.S. Dilworth Co.

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Going Concern

SEPTEMBER 25, 2023

Attorney’s Office, Western District of North Carolina ] A federal grand jury in Charlotte has indicted Mandy Deann Urban, 47, formerly of Charlotte, with wire fraud, for allegedly embezzling more than $1.1 Attorney for the Western District of North Carolina. million from her employer, announced Dena J.

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CPA Practice

SEPTEMBER 28, 2023

A federal jury sitting in Atlanta has convicted Jack Fisher and James Sinnott of conspiracy to defraud the United States, conspiracy to commit wire fraud, aiding and assisting the filing of false tax returns and subscribing to false tax returns. billion in fraudulent tax deductions through this scheme. Attorney Ryan K.

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CPA Practice

NOVEMBER 28, 2023

The firm will operate as Dean Dorton and provide accounting, business advisory, and professional services to clients from offices in North Carolina, Indiana, Ohio, and Kentucky. VonLehman provides assurance, accounting, tax, and progressive business advisory services for closely held businesses, nonprofits, and governmental entities.

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TaxConnex

AUGUST 4, 2022

Laws governing marketplace facilitators popped up when states saw that platforms were charging sales tax on the sale of their own or certain third-party sales but not on all sales. This produced a gap in tax collection. Recently Hawaii, Texas, Wisconsin, Illinois, Michigan, Iowa, Louisiana and North Carolina added laws.

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