TaxConnex

DECEMBER 13, 2022

How big were online sales on Monday, Nov. Defying expectations of an off year, Cyber Monday broke online sales records, with U.S. Electronics e-sales were up 391%, computers up 372%. Online sales of sporting goods, appliances, books and jewelry all more than quadrupled. of all sales in the months of November and December.

Pennsylvania 130

Pennsylvania Sports Sales Tax 130

TaxConnex

APRIL 11, 2023

If you are a business that must collect and remit sales tax, an audit is probably one of your biggest fears. In fact, our annual survey of financial professionals on sales tax trends has ranked sales tax audits as a top worry for the third year in a row.

audit 130

audit Sales Tax auditor 130

TaxConnex

NOVEMBER 17, 2022

But retailers looking forward to perhaps record online sales have to remember how to comply with widely divergent sales tax regulations. Online sales this season are not expected to increase as much as in previous years, but a healthy increase is anticipated (overall retail sales are expected to grow just 7% compared to 15.4%

Sales 130

Sales Tax Maryland Colorado 130

TaxConnex

AUGUST 24, 2023

Sales tax automation has come a long way since the Quill vs. North Dakota case in 1992. Now, even the smallest multi-state businesses and startups have access to sales tax automation options that lower costs and ease the burden of compliance. Sales tax automation and technology fall short in these areas.

Sales 184

Sales North Dakota Tax Technology 184

TaxConnex

OCTOBER 21, 2021

Sales and use tax generally applies to the sale or use of tangible personal property (TPP) and certain services. For most brick-and-mortar retail stores, sales tax is relatively simple, but what happens when you open an online store? Do you know everywhere that your company currently has nexus?

E-commerce 187

E-commerce Sales Tax Retail 187

TaxConnex

FEBRUARY 24, 2022

But sometimes, the deal is held up for various reasons – including sales tax exposure within the company being acquired. But many business owners have been gut-punched during due diligence when an unanticipated sales and use tax? This could all be avoided if founders know their potential risk with sales and use tax?beforehand

Sales 194

Sales Tax tax return payroll 194

TaxConnex

APRIL 26, 2022

Not paying attention to your sales tax obligations is never wise. True, it’s a relatively new requirement to collect sales and use tax from remote customers, but it’s one the taxman has always taken seriously from businesses – and that seriousness is only intensifying. Your sales tax obligation starts with nexus.

audit 172

audit Tax Sales Start-ups 172

TaxConnex

NOVEMBER 18, 2021

Most businesses don’t set out to be non-compliant with sales tax, or anything for that matter. In fact, you probably have the best of intentions of meeting your sales tax obligations in the future. But what about sales tax liability from prior months? When do your sales tax obligations and liability start?

Sales 178

Sales Tax Non-Profits audit 178

TaxConnex

SEPTEMBER 28, 2021

Sales and use tax generally applies to the sale or use of tangible personal property and certain services. Since software, and especially Software-as-a-Service, may not be delivered in a tangible form, many technology and software companies have considered themselves exempt from sales and use tax. Who will you ask?

Technology 175

Technology Sales Tax audit 175

CPA Practice

APRIL 19, 2024

Online marketplace sales are expected to exceed $603 billion in the United States in 2027, or nearly 35% of all U.S. But running a marketplace also brings unique tax and compliance challenges. Of course, online marketplaces mustn’t overlook existing tax compliance responsibilities while navigating new obligations.

Tax 59

Tax Wyoming Alaska Louisiana 59

TaxConnex

JUNE 15, 2021

Why are you paying more penalties for missed notices and late payments than you were before you started working with your sales tax vendor? The good news is there are other providers that put the client first and ensure sales tax is managed correctly. Will you help me monitor my sales tax obligations?

Sales 229

Sales Tax audit tax preparation 229

Cherry Bekaert

FEBRUARY 22, 2024

As businesses in India are accustomed to the goods and services tax (GST) on their goods and services, the U.S. sales tax regime often mystifies international sellers. Both GST and sales tax are consumption-based taxes, but they differ in several important key areas: U.S. Input Tax Credit Not applicable.

Tax 87

Tax Hawaii Sales Technology 87

TaxConnex

NOVEMBER 17, 2020

W hile the pandemic has continued to wreak havoc on retail locations, online sales continue to skyrocket. So while you’re busy with closing out your year, hopefully on a higher note, don’t forget about your sales tax obligations or you could wind up with a big lump of coal. Understand your current , total nexus.

Sales 143

Sales South Dakota Tax Retail 143

TaxConnex

FEBRUARY 18, 2021

Sales and use tax obligations are determined by your nexus within a state or jurisdiction. Sales and use tax nexus is defined as the connection between a person or entity and a taxing jurisdiction. So we can’t forget about physical presence when examining our nexus footprint.

South Dakota 145

South Dakota Tax Sales Transportation 145

TaxConnex

FEBRUARY 25, 2021

You may think that if you do not have physical or economic tax nexus in a state, you do not have any tax obligations. You can still have obligations to the certain tax authorit ies in a state even where you do not have nexus and are not required to collect and remit sales tax in the state. The reason?

Rhode Island 152

Rhode Island Tax Colorado Georgia 152

CPA Practice

JULY 28, 2023

By Gail Cole Is sales tax based on shipping address or billing address? Understanding how sales tax works is fundamental for every retailer. If you’re doing business in a state with a sales tax, you may know you need to register for sales tax, then collect and remit tax as required by law.

Sales 98

Sales Tax Retail New Mexico 98

TaxConnex

MARCH 18, 2021

Wayfair created enormous changes for businesses making remote sales into the states related to sales tax. Could Wayfair have also impacted the way you manage your state income tax obligations? Sales Tax Perspective. Sales tax nexus can be physical or economic – or both. Wayfair, Inc.

income tax 148

income tax South Dakota Tax Sales 148

TaxConnex

OCTOBER 15, 2020

As if understanding your nexus obligations wasn’t confusing enough, you throw in words and phrases like marketplace facilitator, TPP, tax situs and economic vs. physical nexus and even the most advanced finance professionals can be thrown for a loop. Economic Nexus. This is now referred to as economic nexus.

Sales 162

Sales Tax South Dakota Legal 162

TaxConnex

JANUARY 19, 2023

We hear a lot about “sales tax obligations,” but who exactly in your company is “obligated?” Since the Supreme Court’s 2018 Wayfair decision, many businesses are required to collect and remit sales tax in multiple states – more so than pre-Wayfair. You are, at least in many states. Out of business – now what?

Wisconsin 192

Wisconsin Georgia Texas tax return 192

TaxConnex

DECEMBER 29, 2022

New sources of tax revenue, old ones robust but sputtering in spots, tax holidays as political tools amid inflation: It’s been a year of new trends in sales tax. Almost three out of four respondents reported that online sales as a percentage of revenue had increased since 2019 – no doubt fueled by pandemic eCommerce.

Sales 130

Sales Tax Maryland Louisiana 130

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.

Rhode Island 130

Rhode Island Sales North Carolina Tax 130

TaxConnex

APRIL 14, 2022

Sales tax is more complicated than ever, especially in a post-Wayfair world. And what’s worse is that everyone who says they’re simplifying sales tax is still leaving the hardest parts – and the liability – up to you. Sales tax registrations are completed at the Department of Revenue within each state.

Sales 159

Sales Tax tax return Start-ups 159

TaxConnex

DECEMBER 17, 2020

To better understand the growing concerns finance leaders are facing and how they are attempting to handle the massive changes, TaxConnex commissioned Porter Research in November 2020 to study financial leaders and their concerns leading into 2021 related to multi-state sales tax obligations.

Tax 205

Tax Finance Sales 205

Cherry Bekaert

MAY 23, 2023

Situation: Sales Tax Obligations Spanning Multiple States The Company was only registered with and reporting sales tax to its home state. With customers spanning 33 states and a workforce of more than 50 remote employees, all of the Company’s sales tax obligations were not being met.

Sales 98

Sales Tax Technology tax return 98

TaxConnex

FEBRUARY 11, 2021

And it might land right on your company’s bottom line after sales and use tax obligations. The NRF reports that online and “ other non-store sales ” were standout s during 2020’s holiday season, growing almost 24% year over year to $209 billion as consumers shopped more online from all- online sellers or traditional retailers’ sites.

Sales 203

Sales Tax Retail 203

TaxConnex

NOVEMBER 12, 2020

Technology companies, and specifically software companies, have always had challenges related to managing sales tax. But with the proliferation of Software-as-a-Service (SaaS) as a delivery mechanism and Wayfair, the sales tax landscape has become exponentially more complex. Sales Tax Nexus.

Technology 130

Technology Sales Tax South Dakota 130

Cherry Bekaert

JULY 14, 2023

Many of these startups are set up as pass-through entities (PTEs), which provide an easy conduit for one layer of flow-through taxation and often retain favorable exit opportunities from a tax perspective. As these startups grow and take on investors, it’s important that financial managers understand the state tax ramifications of growth.

income tax 97

income tax Technology Tax South Dakota 97

Withum

MARCH 3, 2023

What is nexus? 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.

South Dakota 52

South Dakota Tax Real Estate payroll tax 52

CPA Practice

JANUARY 17, 2023

Here’s a valuable guide to help you advise them as they grow their businesses. Is There Nexus? Wayfair case in 2018, expanding a business to make sales in another state establishes economic nexus for your clients and extends their compliance requirements. By Nellie Akalp. Foreign Qualification.

South Dakota 111

South Dakota income tax Legal payroll tax 111

TaxConnex

DECEMBER 8, 2020

Voluntary disclosure agreements (VDAs) can be an effective way to mitigate prior period sales tax exposure. If you don’t disclose back taxes and they’re unearthed through an audit, you could end up being assessed various penalties plus interest plus all tax due. Myth: It’s just a way for a state tax authority to find me.

audit 130

audit Maine Tax Sales 130

CPA Practice

FEBRUARY 27, 2024

These firms often turn to highly specialized professional management advisors who can guide them or take on these critical business functions for them. Wayfair ruling in 2018, individual states have had much greater authority to levy taxes on transactions thanks to economic nexus legislation. Since the Supreme Court’s S.

Technology 52

Technology Tax Sales tax return 52

CPA Practice

JANUARY 17, 2023

Eide Bailly sees risk awareness driving growth in sales tax automation. Sales taxes continue to be one of the most dynamic and risk prone areas of business operations, particularly since so many businesses are still not fully aware of their compliance requirements. Nearly five years following the U.S. Wayfair, Inc.,

Technology 98

Technology Sales Tax South Dakota 98

Snyder

JULY 13, 2022

Sales tax calculations can be challenging, even for experienced e-commerce business owners. If you’re just starting out and don’t already have a Shopify bookkeeping app , dealing with sales tax might seem impossible. What Is Sales Tax? When to Collect Sales Tax on Shopify.

Tax 52

Tax E-commerce Sales bookkeeping 52

TaxConnex

OCTOBER 22, 2020

“Manufacturing” for sales tax purposes is often d efined as a physical application of materials and labor to change the characteristics of tangible personal property. E very state has nuances on how sales tax applies to the manufa cturing process and the various equipment and materials that are used and consumed.

Manufacturing 132

Manufacturing Sales Tax 132

CPA Practice

MARCH 7, 2023

While you focus on your business, we stay on top of legislative and policy changes that can affect your tax compliance. How do you know if your business is required to register for sales tax in another state? Learn more about state efforts to simplify sales tax. Our favorite sales tax update has hit the Tax Desk.

Sales 52

Sales Tax South Dakota Alaska 52

Withum

NOVEMBER 17, 2022

In recent years there have been significant changes to the State and Local Tax Nexus rules. Historic physical presence nexus standards are long past. 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.

tax planning 52

tax planning Tax income tax CPA 52

Basis 365

MARCH 6, 2022

Are you overwhelmed with filing sales tax returns for your business? What if I told you there was a way to maintain complete compliance with sales tax filings without spending hours each month going through reports? Avalara and TaxJar focus on all things sales tax filings with each tracking nexus in each state.

Technology 93

Technology tax return Tax Sales 93