TaxConnex

MARCH 24, 2022

A marketplace facilitator is a platform where third-party sellers of any size and geographic area can facilitate retail sales by listing their products, while the marketplace facilitator processes payments, collects receipts and in some cases assists in shipment. But there are, as always in the world of sales tax, conditions.

South Dakota 175

South Dakota Nevada Missouri Minnesota 175

TaxConnex

NOVEMBER 16, 2021

The explosive growth of online sales means that state and local governments are searching for ways to recoup the tax revenue that they have determined they are owed. Between the second quarter of 2020 and the second quarter of 2021, online sales in the United States grew by 28 percent. This is known as “ economic nexus.”.

South Dakota 164

South Dakota E-commerce Rhode Island Illinois 164

TaxConnex

AUGUST 24, 2021

In the world of sales tax, they’re major marketplace facilitators. A marketplace facilitator is a platform where third-party sellers of any size and geographic area can facilitate retail sales, including the collection/processing of payments, in exchange for compensation. Think of it almost like a consignment shop.

Sales 215

Sales South Dakota Tax South Carolina 215

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. Popular it’s not.

Colorado 189

Colorado Tax tax return Sales 189

TaxConnex

JULY 1, 2021

Sales tax is a significant revenue source for many states. In fact, according to the Tax Policy Center, for many states, it can comprise 25%-35% of a state’s revenue. What these businesses don’t realize is that due to responsible party laws, a business itself is not the only one at risk. Is that person you?

Sales 130

Sales Tax tax return audit 130

TaxConnex

JUNE 27, 2023

Staying on top of your sales tax obligations is crucial to maintaining compliance and avoiding costly penalties. However, navigating the complex world of sales tax filing is a lot for a business to manage without the right expertise.

Sales 130

Sales Tax auditor tax return 130

TaxConnex

AUGUST 4, 2022

This is a business or organization that contracts with third-party businesses to sell goods and services on its platform and facilitates retail sales.?Marketplace these sales by listing the products, taking the payments, collecting receipts and in some cases assisting in shipment. This produced a gap in tax collection.

Wisconsin 130

Wisconsin North Carolina Michigan Iowa 130

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

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. Let’s take a look at some of the terms associated with sales tax and their definitions.

Sales 163

Sales Tax South Dakota Legal 163

TaxConnex

SEPTEMBER 28, 2022

By now most businesses that sell online have heard about nexus, the connection that a company has with a jurisdiction that ignites a sales tax obligation. Nexus can be economic and based on a threshold of sales volume in a given time. How is technology being taxed? How many tax jurisdictions are there, anyway?

South Dakota 205

South Dakota Alaska Tax Sales 205

TaxConnex

MAY 4, 2021

But don’t forget that success that comes from selling into more states can also expand your sales tax burdens. Businesses that sell into multiple states or jurisdictions have to pay attention to sales tax thresholds, and it’s not a one-time project. connection a business has with a state or taxing jurisdiction.

Sales 246

Sales Tax South Dakota audit 246

TaxConnex

DECEMBER 30, 2021

Sales tax in 2021, though, seemed to move in only one direction: It intensified as even more states hopped on the economic nexus bandwagon and the sales tax burden for online businesses grew. Here’s a look back at some of 2021’s biggest developments in sales tax. Happy new fear. Illinois, on Jan.

Sales 195

Sales Tax Maryland West Virginia 195

TaxConnex

JUNE 9, 2022

What’s new in May for state sales and use taxes. There’s always something changing in the world of tax, especially sales tax. Exempting groceries from sales tax as American families struggle with inflation and other economic woes is politically tempting. Food for thought. Time for a renovation?

Sales 194

Sales Tax Colorado Massachusetts 194

TaxConnex

JUNE 7, 2022

They’re platforms where third-party sellers of any size and geographic area can facilitate retail sales, including the collection/processing of payments, in exchange for compensation. Marketplace facilitators are required to charge sales tax where they have nexus (the connection between a tax authority and a company).

South Dakota 182

South Dakota Sales Tax Start-ups 182

TaxConnex

OCTOBER 28, 2021

It may be the season of ghosts and goblins, but sales tax obligations last all year, and as many would admit, keeping track of all your sales tax obligations can be quite scary. What’s your shield when the sales tax monster comes after you? in sales). of tax you should have collected.

Sales 206

Sales Tax audit Legal 206

TaxConnex

NOVEMBER 19, 2020

When it comes to managing sales tax compliance, for most businesses there are really three ways you can do it. Outsource sales tax compliance. We’ve compiled some of the top questions we get from clients on the risk and liability of sales tax non-compliance. Attempt to manage everything in-house.

Sales 218

Sales Tax audit Legal 218

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

SEPTEMBER 30, 2021

Last week we talked about all of the different filing frequencies and deadlines you have to manage with your sales tax obligation. T rying to meet your sales tax obligations across many different states confronts you with a head-spinning assortment of deadlines and filing frequencies. If you missed that – check it out!

Sales 180

Sales Tax Maryland tax return 180

TaxConnex

JULY 28, 2022

Failure to comply with the applicable sales tax rules can have a devastating effect on a business, but they’re often overlooked because they’re considered “pass-through” as the business is responsible for collecting the applicable taxes which pass through the business and are subsequently turned over or paid to the states.

Sales 130

Sales Tax Start-ups Legal 130

TaxConnex

NOVEMBER 10, 2020

Sales tax is complicated no matter the industry you are in. Some sales tax concepts for the leasing industry are quite simple while others are more complicated. This property that is owned by the lessor creates sales tax nexus wherever the equipment resides. This concept is generally straightforward.

Sales 201

Sales Tax Finance 201

TaxConnex

JULY 12, 2022

There’s always something changing in the world of tax, especially sales tax. 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. Wholesale sales or sales of exempt goods are not subject to the fee.

Sales 179

Sales Tax Oklahoma Illinois 179

TaxConnex

DECEMBER 22, 2022

Many jurisdictions impose a sales tax on the rental or lease of tangible personal property. And along with this tax imposition comes some sales tax applicability nuances depending on the type of lease, associated services and the type of property being leased. The back story. Wayfair, Inc. Important Definitions.

South Dakota 130

South Dakota Sales Tax Finance 130

TaxConnex

JUNE 21, 2022

The Supreme Court Wayfair decision four years ago gave tax jurisdictions the sudden power to require countless companies to collect and remit sales tax. In many respects, Wayfair also opened the path to levying additional kinds of tax obligations on businesses that sell online as eCommerce becomes more and popular.

South Dakota 186

South Dakota E-commerce Alaska Missouri 186

TaxConnex

MARCH 16, 2021

Patrick’s Day, don’t look to four-leaf clovers, pots of gold or leprechauns to bail you out of trouble with sales tax. If your company has a sales tax obligation s and doesn’t have a process yet in place, plan for the risks of non-compliance. sales tax audits ?are of tax you should have collected.

South Dakota 142

South Dakota audit Alaska auditor 142

CPA Practice

APRIL 19, 2024

The IRS on Friday posted on its website the highly anticipated draft Form 1099-DA , a new tax form that cryptocurrency brokers will begin using next year to report digital asset transactions. Source: Internal Revenue Service “For sales or exchanges of digital assets that take place on or after Jan. 25, 2023. “A

Tax 69

Tax tax return Sales CPA 69

TaxConnex

NOVEMBER 1, 2022

Businesses have new ways to sell today, as marketplaces such as Amazon and the business’s own website have joined established channels like direct retail sales and wholesale sales. Each brings different sales tax implications – and retail and ecommerce businesses aren’t always aware of their obligations.

Sales 130

Sales South Dakota South Carolina Illinois 130

TaxConnex

JUNE 8, 2021

There’s always something changing in the world of tax, especially sales tax. They were the last two states with a sales tax to set up such requirements.). The law kicks in on Jan. Those with annual gross receipts from sales sourced into Kansas exceeding $100,000 are subject to the requirement.

Sales 143

Sales Tax Arkansas South Carolina 143

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

CPA Practice

OCTOBER 18, 2023

On-demand service marketplaces: great for midnight ice-cream cravings or last-minute school project supplies; complicated for tax compliance. And with marketplace facilitator laws in effect, more and more on-demand service providers are responsible for managing taxes for the transactions on their platforms.

Tax 52

Tax Sales audit tax services 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

Withum

OCTOBER 20, 2022

For the latest news and updates on Wyoming state and local tax. On October 1, 2022, The Wyoming department of Revenue issued a Bulletin related to Sales and Use Tax for lodging transactions by physical hotel and transactions facilitated by Online Travel Companies known as OTCs. October 21, 2022. Contact Us. Let’s Chat.

Wyoming 52

Wyoming Tax Sales 52

CPA Practice

DECEMBER 18, 2023

Senate Bill 353 , which was signed into law in October 2023, further clarifies certain requirements. Manufacturers and distributors of beverages covered by the Bottle Bill are responsible for paying the applicable fees. Businesses registered as a manufacturer are responsible for paying processing fees.

California 89

California Manufacturing Iowa Vermont 89

ThomsonReuters

FEBRUARY 9, 2024

As we step into a new year, the taxation realm is abuzz with discussions surrounding the Tax Relief for American Families and Workers Act of 2024. However, amidst this spotlight, there are other tax proposals quietly gaining momentum. Firms must prepare for potential shifts in tax liabilities and advise clients accordingly.

Tax 110

Tax tax return Technology income tax 110

Basis 365

NOVEMBER 16, 2022

To get sales, it's your responsibility to make yourself stand out from the crowd of sellers. You can improve your seller ranking by having solid sales across all states and positive customer reviews. As a seller on Amazon, you are responsible for adhering 100% to their Terms and Condition. How many stores can you have?

Tax 98

Tax Sales Start-ups Account 98

ThomsonReuters

DECEMBER 20, 2020

What is the difference between sales tax and value-added tax (VAT)? Both sales tax and VAT are types of indirect tax – a tax collected by the seller who charges the buyer at the time of purchase and then pays or remits the tax to the government on behalf of the buyer. legal services).

Sales 119

Sales South Dakota Tax corporation tax 119

Snyder

SEPTEMBER 23, 2022

FOB is one of the internationally accepted incoterms and may stand for ‘free on board’ or ‘freight on board’ and means the shipping process when the seller is responsible for the delivery of products on board the vessel that was chosen by the buyer to a named port of shipment. Responsibility. What does FOB destination mean? Accounting.

Transportation 98

Transportation Sales Start-ups Legal 98

PYMNTS

DECEMBER 26, 2019

Merchants aiming to sell nationwide must pay attention to how their goods are treated by each state’s tax code. Items considered as exempt medical necessities in some states may be taxed at high rates in others, and businesses cannot afford to be caught by surprise. Around The Next-Gen Sales Tax Wor ld.

Tax 52

Tax South Carolina Alaska Louisiana 52