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? As with most details of sales tax, much depends on the situation, jurisdiction and new laws.

Rhode Island 130

Rhode Island West Virginia Alaska North Dakota 130

Cherry Bekaert

JUNE 5, 2024

Public Law 86-272 (PL 86-272) offers limited protection to out-of-state companies that solely solicit sales for tangible personal property within a state. In 2021, the Multistate Tax Commission (MTC) released a controversial reinterpretation of what activities may be considered more than mere sales solicitation.

income tax 59

income tax Manufacturing Tax tax services 59

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.

Sales 26

Sales Tax South Carolina Massachusetts 26

Going Concern

JANUARY 4, 2024

Dion provides audit, review and attest services to public and private companies in a variety of industries including technology and life sciences, government, not-for-profit, hospitality and corporate social responsibility. International Tax Services). Automotive & Dealer Services Practice). M&A Tax Services).

Real Estate 58

Real Estate Hospitality Construction Texas 58

Withum

JUNE 6, 2022

Section 1202 provides for the full or partial exclusion of capital gain realized on the sale of QSBS. The taxpayer in PLR 202221006 (March 3, 2022) is a pharmaceutical distributor that engages in the retail sale of a limited number of drugs. The IRS noted that all of the taxpayer’s revenues are generated by the sale of drugs.

Tax 126

Tax income tax Pharmaceutical Manufacturing 126

PYMNTS

OCTOBER 3, 2019

sales tax obligations via the company’s sales tax application programming interface (API). Wayfair last year, many online retailers now have to collect sales tax in additional states. The move means that users of Stripe’s payments platform can now connect to TaxCloud to manage their U.S.

South Dakota 65

South Dakota North Dakota quickbooks Technology 65

CPA Practice

OCTOBER 18, 2023

How can I manage compliance documents when services are involved? What is an on-demand services marketplace? On-demand service marketplaces are platforms that connect customers to retailers and service providers for more-or-less immediate delivery. What are the compliance challenges for selling on-demand services?

Tax 52

Tax Sales audit tax services 52

Withum

MARCH 3, 2023

Supreme Court interpreted sales tax nexus under the Commerce Clause as a minimal physical connection with a state; however, in South Dakota v. In a state with nexus, meeting an established threshold can now be considered sufficient connection with a state for sales and use tax purposes. Wayfair, 138 S. Who needs it?

South Dakota 52

South Dakota Tax Real Estate Sales 52

Withum

SEPTEMBER 6, 2022

Cannabis retailers are adapting and developing apps to facilitate purchases. Common strategies implemented by most retailers include using a consumer-focused design for consumers to filter and find the right products based on their preferences. E-commerce has also allowed cannabis retailers to expand their consumer base.

E-commerce 52

E-commerce Management Consulting Retail Transportation 52

Withum

JUNE 1, 2022

Utilizing LIFO when costs are rising due to inflation is generally advantageous for income tax purposes because sales prices are offset by higher inflated purchase costs. Company A would recognize taxable income of $17,050, increasing their taxable income by 24%, even though the same number of sales took place. Potentially.

business tax 119

business tax Tax income tax tax return 119

Cherry Bekaert

APRIL 24, 2023

Prior to the amendment, the law largely applied to interstate cigarette sales and was intended to promote greater legal and tax compliance with respect to -the cigarette industry. The second step in the compliance process is registration with the state tobacco tax administrator in each state that a company sells vapor products into.

Legal 40

Legal Tax Sales Government 40

inDinero Accounting

DECEMBER 5, 2023

However, the IRS rules surrounding this tax break are complicated and go beyond what we’ve covered in this article. If you want to dive deeper into this topic, you can connect with one of the experts on our business tax services team. This would come to a capital gains tax bill of $140,000 ($500,000 * 0.28).

tax return 52

tax return Mississippi Wisconsin Tax 52

TaxConnex

JANUARY 28, 2021

There’s always something changing or new going on in the world of tax, especially sales tax. Nationwide , the Streamlined Sales Tax Governing Board has made amendments to the Streamlined Sales and Use Tax (SST) Agreement to revise its amnesty-related provisions.

Sales 149

Sales Tax Alaska Illinois 149

Withum

NOVEMBER 17, 2022

Today, almost all states employ economic nexus concepts, whereby merely having sales sourced to a state generally result in a filing requirement even without a physical presence. States across the nation use different sourcing rules and methodologies to assign sales to a state. Income tax apportionment. ultimate customer).

tax planning 52

tax planning Tax income tax New York 52

CPA Practice

FEBRUARY 8, 2023

Collectively, the professionals joining Andersen deepen the firm’s expertise serving high net worth individuals, families, and businesses across a range of industries, including real estate, manufacturing, construction, professional services, hospitality, entertainment, technology, retail, financial planning, and agriculture.

Real Estate 52

Real Estate Agriculture Iowa income tax 52

PYMNTS

OCTOBER 17, 2016

Small retailer makes a decision on anything — IT and hosting services, telephone services, accounting and tax services, POS hardware, etc. It’s a familiar story. based on what it needs at the moment. Which often means, Castrechini said, thinking about the role of payments in scaling their business.

Education 76

Education Retail tax services Start-ups 76

PYMNTS

MARCH 15, 2019

Ongoing regulatory changes and persistent uncertainty mean that that importance will continue even outside of tax season, with challenges that even the most automated of accounting software solutions cannot always tackle. billion in tax revenue in 2017, according to a Government Accountability Office (GAO) audit.

Tax 77

Tax Account accountant accounted 77

TaxConnex

NOVEMBER 23, 2021

A time many retail businesses rely on to meet their year-end numbers. But what happens when a world still rocked by the pandemic continues to make the majority of its sales online? eCommerce has become a growing and important aspect of retail sales. But how does this impact your sales tax obligations?

Tax 180

Tax Sales tax return Retail 180

inDinero Tax Tips

JULY 11, 2023

How To Calculate the Home Office Deduction Required Documentation Conclusion If this guide does not answer a tax deduction question, skip the Google labyrinth and try our ultimate business tax deductions guide or consult the IRS source documentation on the home office deduction. What Are the IRS Rules for the Home Office Deduction?

Tax 93

Tax business tax tax services Entertainment 93

xendoo

JANUARY 16, 2023

How Much Do Small Businesses Pay in Taxes by State? How Are Small Businesses Taxed? Depending on your business structure and income, you may be subject to one or more types of taxes. Xendoo’s business tax services will help you figure out what you owe if you’re unsure of how to calculate your estimated taxes.

business tax 52

business tax Tax income tax payroll tax 52

PYMNTS

JUNE 10, 2020

Wayfair , which stated that online retailers could be mandated to collect sales tax – and that taxes could be levied on companies that do not have a physical presence in those states. So far, at least some merchants have flown “under the radar” of tax collection because they have not hit certain sales thresholds.

South Dakota 52

South Dakota Tax Sales tax services 52

inDinero Tax Tips

JULY 11, 2023

How To Calculate the Home Office Deduction Required Documentation Conclusion If this guide does not answer a tax deduction question, skip the Google labyrinth and try our ultimate business tax deductions guide or consult the IRS source documentation on the home office deduction. What Are the IRS Rules for the Home Office Deduction?

Tax 52

Tax business tax tax services Entertainment 52

TaxConnex

APRIL 18, 2023

There’s always something changing in the world of tax, especially sales tax. New sales taxes are progressing in some states but not all. The 2% statewide sales tax proposed would be on top of any local taxes and would not exempt groceries, medicine or other items that have been exempted in previous sales tax bills.

Sales 130

Sales Tax North Carolina Alaska 130

MyIRSRelief

DECEMBER 10, 2021

When it comes to matters regarding taxes and tax breaks, it’s important to know where you stand. The demand for professional tax services as of late is greater than ever before and if you’re a taxpayer yourself, you’ll instantly understand exactly why that is. Taxes for the storage, use, or consumption of items.

Tax 100

Tax income tax tax planning tax return 100

Withum

AUGUST 17, 2022

Prior to the taxpayer electing to transfer their credit to the dealer, and no later than the time of sale, the dealer must disclose to the taxpayer the following items: The manufacturer’s suggested retail price (“MSRP”) The value of the credit allowed and any other incentive available for the purchase of such vehicle. Contact Us.

Tax 124

Tax income tax Manufacturing tax return 124

Withum

AUGUST 17, 2022

Prior to the taxpayer electing to transfer their credit to the dealer, and no later than the time of sale, the dealer must disclose to the taxpayer the following items: The manufacturer’s suggested retail price (“MSRP”) The value of the credit allowed and any other incentive available for the purchase of such vehicle. Contact Us.

Tax 52

Tax income tax Manufacturing tax return 52