RogerRossmeisl

FEBRUARY 23, 2025

One area to focus on is Section 1231 of the Internal Revenue Code, which governs the treatment of gains and losses from the sale or exchange of certain business property. Operating businesses typically dont own capital assets, The post How Section 1231 Gains and Losses Affect Business Asset Sales appeared first on Roger Rossmeisl, CPA.

Sales 191

Sales Real Estate income tax CPA 191

TaxConnex

MAY 1, 2025

Q-commerce is also likely to start sparking long-term questions about sales tax. Tax treatment Q-commerce may seem futuristically fast, but its sales tax calculation remains the same so far as its older cousin e-commerce. In Kansas City, for instance, sales tax rates vary block to block.) Get in touch to learn more!

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E-commerce Sales Tax Kansas 147

TaxConnex

APRIL 29, 2025

What is the relationship between tariffs and sales tax? What does this mean for sales tax? This means that when the sale is considered a retail sale, the business must also collect retail sales tax on the total selling price, including the surcharge or tariff fee. Tariffs have been in the headlines recently.

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Sales Wisconsin Tax E-commerce 130

TaxConnex

APRIL 17, 2025

Last time we looked at the damage that one companys past sales tax exposure and liability can do to an M&A deal. Companies must register for sales tax companies in states where they have nexus and adhere to that states filing frequency requirements. In that part, well examine what can be done about this exposure. Registering.

Sales 147

Sales Tax Illinois audit 147

TaxConnex

MARCH 4, 2025

Square is a point-of-sale (POS) system for merchants, either brick-and-mortar or online, to accept card payments and streamline other business operations. It also seems to have an excellent take on sales tax in its functions, including where Squares responsibilities end and yours begin. states where you made a sale and have nexus ).

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Sales Tax online accounting Account 147

TaxConnex

NOVEMBER 7, 2024

Assessing a company’s sales tax risk and exposure starts (and maybe ends) with the right questions. As we saw in a previous blog, these questions cover a range of topics and hinge on knowing many sales tax terms. Are you comfortable with your sales tax nexus footprint? Did your e-commerce sales increase this year?

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Sales South Dakota E-commerce Tax 113

TaxConnex

AUGUST 8, 2024

Many industries come with confusing sales tax complexities. So does agriculture, and several aspects make this industry trickier than others for sales tax. Here are points to keep in mind regarding sales tax and agriculture. Recently, for instance, Alabama degreed that some agriculture products exempt from sales and use tax.

Agriculture 264

Agriculture Sales Tax South Dakota 264

TaxConnex

JANUARY 23, 2025

A new construction project, a renovation or expansion of a property, ongoing management of a property: All these and more can come with a ton of sales tax nuances. Particularly for those construction companies with projects beyond the borders of their home state, where they may have done well with sales tax compliance for many years.

Sales 147

Sales North Carolina Tax Construction 147

TaxConnex

MAY 7, 2024

There’s always something changing in the world of tax, especially sales tax. A bill that would raise the online sales tax in Alabama is progressing with state lawmakers. The current Alabama sales tax is 8% for online purchases, the same as for purchases at the state’s brick-and-mortar stores. Leveling the field.

Rhode Island 264

Rhode Island Sales Tax South Carolina 264

TaxConnex

SEPTEMBER 5, 2024

Ecommerce couldn’t exist without shipping (and probably not without shipping’s partner “handling,” either), but do either incur sales tax? As is often the case in sales tax, it depends on what, how and where. Beyond our previous overviews of S&H and sales tax, here’s a look at the latest developments.

Sales 264

Sales Tax Rhode Island Kansas 264

TaxConnex

MARCH 13, 2025

The sales tax landscape is constantly evolving, and businesses must adapt to keep pace. According to our latest survey of over 100 finance professionals, 85% of businesses are at least somewhat likely to adjust how they manage sales tax in 2025, with 47% being very likely to make changes. What Are Businesses Looking for Instead?

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Sales Tax Education Finance 147

TaxConnex

JUNE 11, 2024

Do you need a state sales tax permit? How about a sales tax license? How about a sales tax certificate of authority? Collecting and remitting sales tax after you hit economic or physical nexus in a state comes with a lot of questions – and you usually answer no small number of questions to register for sales tax.

Sales 264

Sales Tax North Dakota Nebraska 264

TaxConnex

MARCH 21, 2024

There’s always something changing in the world of tax, especially sales tax. The Court of Appeals of South Carolina has affirmed a state Administrative Law Court (ALC) finding that the online retail giant remains liable for eight figures in unpaid sales tax on third-party sales from 2016, interest and penalties. The ol’ one-two.

South Carolina 264

South Carolina Sales Tax Alabama 264

TaxConnex

AUGUST 15, 2024

Maybe sales tax laws make more sense? Hooves, heroes and holidays Some strange sales taxes seem to split hairs – or horses in Kentucky , where the animals are big business and sales tax-free even if bought online. In most states, collectibles are subject to sales tax – and, in many states, publications are not.

Sales 264

Sales South Dakota South Carolina Tax 264

TaxConnex

FEBRUARY 15, 2024

There’s always something changing in the world of tax, especially sales tax. B&O responsibility: A Washington State appellate court has found two sellers responsible for sales tax and business and occupation (B&O) tax on sales made through Amazon’s Fulfillment by Amazon (FBA) program. No refund, stat!:

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Sales Tax Illinois Washington 263

TaxConnex

SEPTEMBER 10, 2024

When you sell across multiple states – or even within various localities in a single state – one striking observation emerges: the consistent inconsistency of sales tax rates. Why do sales tax rates have to be so complex? Patchwork Forty-five states and the District of Columbia collect statewide sales tax.

Rhode Island 264

Rhode Island Sales Alaska New Hampshire 264

TaxConnex

AUGUST 1, 2024

If it seems like jurisdictions just ceaselessly add additional sales tax laws, statutes and restrictions, recent news out of three states should be refreshing. The state’s economic nexus threshold is now just $100,000 in sales into the state annually. Contact us to learn what it means when sales tax compliance is all on us.

North Carolina 264

North Carolina Sales South Dakota North Dakota 264

TaxConnex

AUGUST 20, 2024

At first glance, the sales and use tax requirements for a contractor seem quite simple. As such, all purchases by a contractor are usually subject to sales and use tax. As such, all purchases by a contractor are usually subject to sales and use tax. but like most things in sales tax, it isn’t as simple as it seems.

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Sales Tax Construction Government 264

TaxConnex

JANUARY 11, 2024

And how do you manage sales tax when selling on it? Shopify , another cutting-edge eCommerce outlet, is not required to collect and remit sales tax for its sellers as it is not a marketplace facilitator like Amazon, eBay, or Etsy.) TikTok Shop collects and remits sales tax on behalf of its sellers.

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Sales Tax Utah tax return 264

TaxConnex

DECEMBER 5, 2023

Clubs and dues have been around for decades, but the rise of certain memberships – and the ability to sell them over the internet – have also raised the question of whether memberships incur sales tax. Health and fitness club In some states membership in one of these creates a sales tax obligation; in others it doesn’t.

South Carolina 264

South Carolina Sales Tax West Virginia 264

TaxConnex

JULY 9, 2024

Sales tax compliance has many moving parts, not just in the filing but in everything that goes into making sure you stay on the legal side of the jurisdictions where you have sales tax nexus. Billing systems You charge the customers sales tax for online purchases, they pay and you remit the money to the tax jurisdictions.

Sales 264

Sales Tax Colorado tax return 264

TaxConnex

FEBRUARY 8, 2024

Sales tax compliance depends on many factors. These rates change all the time – if not the actual percentage, then the exemptions and other special rules that can seem nothing short of picayune for a business just trying to stay on the right side of sales tax laws. Every year sees dozens if not hundreds of sales tax changes nationwide.

Sales 263

Sales South Dakota Tax Kentucky 263

CPA Practice

OCTOBER 31, 2024

tax professionals responsible for managing sales tax obligations for independent retailers reveals that 97% of respondents say they have automated or plan to automate their sales tax compliance process. Other key challenges include managing sales tax exemptions (17%), calculating correct tax rates (15%), and filing taxes on time (12%).

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Sales Tax accounting and finance bookkeeping 116

TaxConnex

JULY 18, 2024

This can lead to auditors assuming transactions are taxable, or making historical projections or arbitrary assessments of taxable sales. Sales Tax Accruals Ensure that sales tax is stated in your general ledger as a separate GL account number. This separation helps in clearly identifying and tracking sales tax amounts.

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audit Sales Tax tax return 264

TaxConnex

APRIL 9, 2024

For purposes of incurring sales tax in any state, that essentially translates into “sometimes.” How do you handle sales tax liability if you sell vitamins, dietary supplements or other items in this nebulous category? Selling vitamins and supplements – especially in more than one state – is one of the most complex areas of sales tax.

Sales 264

Sales West Virginia Tax Virginia 264

TaxConnex

DECEMBER 28, 2023

The new year will no doubt be another active one in sales tax. Weaker state revenue The kind of year it’s going to be for state coffers could greatly influence such future sales tax trends as new levies, tougher nexus thresholds and intensifying audits. But state sales tax revenues are projected to increase 1.7%

Sales 264

Sales South Dakota Louisiana Tax 264

TaxConnex

JANUARY 4, 2024

No year’s ever dull in sales tax, and the pace has only accelerated in the five years since the Supreme Court’s Wayfair decision. As we start the new year, here’s a look back at some significant sales tax events from 2023. This year, multiple states introduced new sales tax exemptions, too.

Sales 264

Sales Tax Colorado South Dakota 264

CPA Practice

NOVEMBER 12, 2024

In this webinar, you’ll learn how to: Leverage tech solutions to grow your sales tax practice : Explore the tools that can help you automate sales tax compliance and enhance your service offerings. We live and breathe sales tax and license compliance. Plus, earn CPE credit!

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Technology Sales Indiana Tax 126

TaxConnex

SEPTEMBER 17, 2024

Getting the right sales tax on your invoice is a pivotal step in managing your sales and use tax obligation. Sales and use tax is a tax imposed on the use or consumption of a product or service and meant to be paid by the end consumer. Do you have a sales tax obligation? Unfortunately, this is easier said than done.

Sales 264

Sales Tax Technology tax return 264

TaxConnex

SEPTEMBER 26, 2023

(We generally recommend that companies start watching their nexus requirements when they hit the $100,000 in sales in a state. Companies also must always consider how physical presence , such as offices or even just sales reps, can create nexus.) They also take the burden of sales tax obligation off the seller. Taxability.

Sales 264

Sales Tax South Dakota Colorado 264

TaxConnex

DECEMBER 27, 2022

Sales and use tax nexus is defined as a connection between a person or entity and a taxing jurisdiction. Sales tax nexus is the basis for all your sales tax decisions because without sales tax nexus you have no further obligation to a state. That is unless an exemption applies.

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Sales Tax Non-Profits Maine 246

TaxConnex

APRIL 25, 2024

There’s nothing like just walking down the hall of your office or clicking into a virtual team meeting to get an answer on something as complex and important as your company’s sales tax obligations. Almost as many (43%) relied on internal resources for the all-important task of calculating the correct sales tax.

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Sales Tax accounting and finance cpa firm 264

TaxConnex

FEBRUARY 13, 2024

To help financial leaders better understand what their peers are doing when it comes to sales and use tax in 2024, TaxConnex® conducted its fourth annual sales tax survey in November of 2023. If you’re struggling with how to manage sales tax in 2024, consider outsourcing. Their responses are included in the following blog.

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Sales Tax audit CPA 264