TaxConnex

SEPTEMBER 13, 2022

Remote retail sales just got rockier in Colorado, which has begun imposing a 27-cent fee on every retail delivery made by motor vehicle to a destination in the state. 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. Will the fee stand?

Colorado 188

Colorado Tax tax return Sales 188

CPA Practice

DECEMBER 19, 2023

The start of a month typically brings some number of tax-related changes. Erie County, New York, exempts energy sources and services New York state sales tax doesn’t apply to retail sales of residential energy sources and services, but local sales tax does apply in many jurisdictions, including Erie County.

South Carolina 111

South Carolina Tax Florida tax return 111

CPA Practice

DECEMBER 19, 2023

Firearms and ammunition are already subject to New York sales tax. If New York State Senate Bill 7733 is enacted, it will place an additional excise tax on the sale of firearms and ammunition in the Empire State. SB 7733 would impose an excise tax on licensed dealers in firearms, firearms manufacturers, and sellers of ammunition.

New York 133

New York Tax Manufacturing tax return 133

TaxConnex

MARCH 31, 2022

One such phrase is “sales and use tax.”. We sure know what “sales” tax is. What about Use Tax? Use tax is defined ?as as a tax on the storage, use or consumption of a taxable item or service on which no sales tax has been paid. Use tax or sales tax is due on a sale, but not both. Your ‘choice’.

Tax 189

Tax Alabama Washington California 189

TaxConnex

OCTOBER 3, 2023

There’s always something changing in the world of tax, especially sales tax. billion in tax revenue on sales tax holidays that offer breaks on such goods as back-to-school or disaster-preparedness items. The other prevalent argument is that sales tax holidays are a way of giving tax relief. “The

Sales 147

Sales Louisiana Tax Tennessee 147

CPA Practice

FEBRUARY 9, 2024

However, if you are among the 68 million people expected to place bets on the big game, you need to know that taxes are part of the equation. So, as we start tax season, here’s what you need to know about what your Super Bowl bet has to do with your tax return. Super Bowl 2024 is on Sunday, Feb. Usually, the payer (e.g.,

Gambling 122

Gambling Tax Sports South Carolina 122

TaxConnex

SEPTEMBER 7, 2023

Nonprofits are often thought to be exempt from sales taxes, but is that correct? Other stats say more than 2 million charities exist that are tax-exempt according to Internal Revenue Service rules. Are non-profits exempt from sales tax obligations? These same organizations are not necessarily exempt from sales tax.

Sales 147

Sales Tax Non-Profits North Carolina 147

TaxConnex

NOVEMBER 22, 2022

In our blog last week, we looked at how sales and use tax advisory services might be a good new field for CPAs and accounting firms. Another cost-effective approach to adding sales and use tax advisory services: partnering with sales and use tax experts. Compare the state income tax return filings to the state sales tax filings.

accounting firms 130

accounting firms Sales Tax tax return 130

TaxConnex

AUGUST 31, 2023

Online selling of products and services triggers sales tax obligations today like never before – and has ever since the Supreme Court’s 2018 Wayfair decision unleashed economic nexus on e-commerce merchants nationwide. Some businesses can manage the calculation of sales tax without separate sales tax software systems.

Sales 229

Sales E-commerce Tax Alaska 229

MyIRSRelief

MAY 1, 2024

Yet, amidst the excitement lurks a dark alley – the realm of taxes. Navigating complex tax codes, understanding specific forms like 1120, 1120S, and 1065, and ensuring compliance can feel like deciphering ancient scrolls. Here’s where a qualified business tax professional becomes your secret weapon.

Tax 130

Tax tax planning audit Non-Profits 130

TaxConnex

JANUARY 30, 2024

Every now and then something comes along that transforms sales tax. States’ definitions of a “marketplace facilitator” vary almost as much as states’ sales tax laws themselves. States seem to believe that marketplace facilitators – most of which are much larger than most retailers – constitute a rich source of tax revenue.

Iowa 204

Iowa Pennsylvania Illinois Tax 204

TaxConnex

APRIL 13, 2023

Our third annual survey of financial professionals across accounting, manufacturing, construction, software and technology, retail/eCommerce, telecom and others showed that many industries face sales tax challenges and that financial leaders continue to lean on internal resources to get the job done. What’s keeping them up at night?

Sales 130

Sales Tax tax return audit 130

CPA Practice

APRIL 28, 2024

The Internal Revenue Service is offering tax-related information to entrepreneurs in anticipation of the upcoming kick-off of National Small Business Week. Tax topics during the week will include: Monday, April 29. Small business owners must implement data protection safeguards and always be on the lookout for tax-related scams.

tax return 128

tax return income tax Tax business tax 128

TaxConnex

MAY 30, 2023

You know all about reaching sales tax nexus: selling enough or having a physical presence in a tax jurisdiction sufficient to create a connection with that jurisdiction and create an obligation for you to collect and remit sales tax. Sales tax isn’t getting any easier. But business and sales patterns change over time.

Sales 130

Sales Michigan Tax Wisconsin 130

TaxConnex

OCTOBER 4, 2022

So you’ve done the smart thing and determined that your company has sales tax obligations in various states. Now you must collect, file, and remit sales tax in multiple states. You then need to create a billing process to apply tax to your invoice, manage your sales tax-exemption certificates and prepare and file sales tax returns.

Sales 130

Sales Tax tax return Colorado 130

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

TaxConnex

JANUARY 26, 2023

There’s always something changing in the world of tax, especially sales tax. Gary Bingel, partner-in-charge for state and local taxes in accounting firm EisnerAmper’s State and Local Tax National Tax Group, made several predictions for 2023 in sales and other taxes. Crystal ball time. Oneida, N.Y.,

Sales 130

Sales Tax Arkansas Missouri 130

RogerRossmeisl

MAY 15, 2023

Financial statements, tax returns and marketing materials tell only part of the story. For retail operations, does the company. Valuing a business requires more effort than just plugging numbers from the financial statements into a spreadsheet or artificial intelligence software program. Are there any capacity constraints?

tax return 242

tax return financial statements CPA Tax 242

TaxConnex

DECEMBER 28, 2021

And that means that more companies may find themselves with new sales tax obligations. More than $1 in every $4 spent on retail purchases during the 2021 holiday season will come from online orders, by some estimates (with about two out of every five of those done via a smartphone, other industry observers add ). billion in U.S.

Sales 182

Sales Tax audit tax return 182

CPA Practice

APRIL 10, 2023

By Gail Cole A bill making its way through the Colorado General Assembly could help all businesses, and especially small businesses, comply with the retail delivery fee (RDF) that took effect July 1, 2022. What is the Colorado retail delivery fee? Benefits to the state The retail delivery fee benefits Colorado in a few ways.

Colorado 107

Colorado Retail Tax Sales 107

CPA Practice

JANUARY 9, 2024

What will 2024 bring when it comes to managing tax and reporting processes? have shared their top tax and technology predictions, and explore how the intersection of automation and artificial intelligence will continue to impact tax compliance, how economic and market factors will affect growth across global business segments, and more.

Technology 81

Technology Tax E-commerce audit 81

ThomsonReuters

JULY 10, 2023

Jump to: What is use tax? Sales tax vs. use tax Summary Sales tax and use tax are important sources of revenue for the government but properly calculating, collecting, and reporting these taxes can quickly get complicated. What is use tax? How does use tax work? What is nexus?

Tax 98

Tax Massachusetts Washington South Dakota 98

TaxConnex

MARCH 2, 2021

There’s always something changing in the world of tax, especially sales tax. The Sunshine State previously bet a lot on tourism revenue making up for not taxing internet sales – but the pandemic has wrecked that industry. Estimates reportedly said the tax will generate up to $250 million but opponents promise legal challenges.

Sales 230

Sales Tax Missouri Wisconsin 230

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

JULY 15, 2021

There’s always something changing in the world of tax, especially sales tax. Colorado lawmakers have adopted SB21-282 , which extends the exception to destination sourcing requirements; the exception applies only to businesses with less than $100,000 in retail sales. 199, which would establish a centralized sales tax commission.

Sales 141

Sales Tax Louisiana North Carolina 141

TaxConnex

APRIL 6, 2021

There’s always something changing in the world of tax, especially sales tax. The Alaska Remote Seller Sales Tax Commission has approved its “Remote Seller Sales Tax Code & Common Definitions” that would apply to local municipalities in Alaska that choose to adopt it. 10 to report use tax.

West Virginia 130

West Virginia Sales Nebraska Alaska 130

ThomsonReuters

JULY 10, 2023

Jump to: What is sales tax? What is use tax? Sales tax vs. use tax Summary Calculating, collecting, and reporting sales tax and use tax can get complicated as a business grows, and it can be easy to confuse these two types of indirect taxes. What is sales tax?

Tax 97

Tax Sales Arizona Georgia 97

xendoo

FEBRUARY 23, 2022

As tax season looms, you may be wondering whether you should have an accountant prepare your taxes. In addition to considering how much an accountant costs , you’ll also want to consider how long an accountant will take to do taxes compared to trying to do it yourself. How do you know when to bring in a tax professional?

Tax 94

Tax tax preparation tax return Account 94

CPA Practice

APRIL 19, 2024

The success of online marketplaces is inspiring many retailers to operate marketplaces of their own. But running a marketplace also brings unique tax and compliance challenges. Our 2024 Avalara Tax Changes report explores new and changing requirements for marketplace facilitators and sellers across a variety of industries.

Tax 59

Tax Wyoming Alaska Louisiana 59

ThomsonReuters

JUNE 15, 2022

In the middle of a busy legislative season, several states have made important changes in their tax code that practitioners across the nation will want to be aware of in order to service clients who may have multistate needs. Tax Relief Enacted in Delaware, Florida, Georgia, and New Mexico. Florida Sales Tax Holiday.

Rhode Island 105

Rhode Island Delaware Oklahoma Tax 105

Anders CPA

NOVEMBER 29, 2022

Who will be most impacted by the new retail delivery fee Colorado has begun collecting, and how can businesses adjust? Although the retail delivery fee is based in Colorado, businesses in other states that sell taxable goods to Colorado customers will also feel the effects. Key Takeaways: The retail delivery fee amounts to $0.27

Retail 52

Retail Colorado tax return Tax 52

ThomsonReuters

JULY 10, 2023

Jump to: What is sales tax? Sales tax varies by state What is nexus? What is excise tax? What is VAT tax? Sales tax vs. use tax Summary Sales tax, which is a consumption tax levied on the sale of goods and services, is an important source of revenue for governments at the state and local levels.

Sales 98

Sales Tax Michigan Washington 98

TaxConnex

FEBRUARY 4, 2021

At the end of last year, TaxConnex commissioned Porter Research Group to conduct a survey of 100 finance leaders to understand the growing concerns they face related to sales tax heading into 2021. Which types of business are most dissatisfied with how they are currently managing sales tax? What is the cause of their dissatisfaction?

Sales 130

Sales Tax E-commerce tax return 130

CPA Practice

MAY 19, 2023

Sherrod Brown wants to tweak a controversial upcoming tax rule that would require third-party payment platforms to issue 1099-K forms to small business owners and entrepreneurs who have at least $600 in sales. By Sabrina Eaton, cleveland.com (TNS) Sen.

Tax 98

Tax Louisiana Missouri Ohio 98

CPA Practice

JANUARY 23, 2024

and the expansion of e-invoicing globally in 2024, both of which will lead to the likelihood of increase sales tax audits. The Avalara Tax Changes Report covers tax changes across the U.S. Avalara is a provider of cloud-based tax compliance automation for businesses of all sizes, today released its annual t for 2024.

audit 64

audit E-commerce Sales South Dakota 64

CPA Practice

MARCH 8, 2023

Anyone who deals with property tax knows firsthand how complex it can be to manage, especially given how tax laws differ not only between states but even among local jurisdictions within the same state. Ask three organizations how they manage their property taxes, and you’ll get three different answers.

Tax 105

Tax Technology accounting and finance tax return 105

CPA Practice

APRIL 10, 2023

Still, whatever discomfort I experience when booking a room has nothing on what lodging platforms have to endure to comply with the multitude of lodging tax requirements in the United States. We talk a lot about how complicated sales tax compliance is at the Avalara Tax Desk, and it is. Sometimes you just have to go with it.

Tax 85

Tax West Virginia Wisconsin Virginia 85