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 195

Sales Tax North Dakota Nebraska 195

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.

audit 212

audit Sales Tax tax return 212

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 225

Sales West Virginia Tax Virginia 225

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.

Sales 198

Sales Tax accounting and finance auditor 198

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.

Sales 198

Sales Tax Utah tax return 198

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 189

Sales South Dakota Tax Kentucky 189

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%

South Dakota 219

South Dakota Sales Tax Louisiana 219

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 204

South Carolina Sales Tax West Virginia 204

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.

Sales 205

Sales Tax audit CPA 205

TaxConnex

MAY 14, 2024

Once upon a time, selling online meant little more than setting up a website and sending both marketing efforts and sales direct to your customers from you. jurisdictions also involves dealing with sales tax. On a marketplace platform, who has responsibility for the sales tax? But selling in U.S.

Sales 226

Sales South Carolina Rhode Island Tax 226

TaxConnex

FEBRUARY 1, 2024

It’s also safe to say that its storyline of repetition seems to echo what you must do, over and over and over, to comply with sales tax laws. It’s a doozy! – “Needlenose Ned” Ryerson There are multiple steps to make sure your sales tax compliance works well. The days you get over and over with sales tax are deadline days.

Sales 228

Sales Tax Minnesota Colorado 228

TaxConnex

MAY 28, 2024

Managing your sales and use tax process can be difficult for businesses of all sizes and industries. Unlike most countries, there isn't a nationwide sales tax. This blog will examine 5 common situations businesses face that could expose you to sales tax risk so you can be sure to remain compliant. Change of Staff.

Sales 203

Sales Tax audit accountant 203

TaxConnex

JANUARY 2, 2024

Is one of your new year’s resolutions to make sure you’re complying with sales tax in 2024? If you’ve determined nexus to exist for your business and understand that your products or services are taxable, but you’ve yet to comply to sales & use tax rules.

Sales 224

Sales Tax financial statements audit 224

TaxConnex

FEBRUARY 6, 2024

Sales tax is not something top of mind for most executives, but it is something that the majority of businesses will have to manage at some level. No matter the size of your business, if you are selling a taxable product or service and establish nexus in specific states or jurisdictions, then you have a sales tax obligation.

Sales 212

Sales Tax Technology auditor 212

TaxConnex

MARCH 5, 2024

Some NFTs alone on OpenSea have sold for millions and in recent years the average sales price of an NFT (an admittedly volatile commodity) jumped from about $150 to $4,000. Nevertheless, how long before states start trying to tap this market to collect sales tax? Sales of digital products are generally subject to retail sales tax.

Sales 147

Sales Tax Wisconsin Minnesota 147

TaxConnex

FEBRUARY 27, 2024

Your sales tax obligations depend on knowledge and that knowledge often resides in a professional tax specialist (usually an accountant) who helps your company meet its sales tax obligations. This is a complicated time for sales tax obligations – and a terrible time to try to hire an accountant.

Sales 218

Sales Tax Account accountant 218

TaxConnex

SEPTEMBER 28, 2023

Now it’s time to register with the states to collect and remit sales tax. You complete your sales tax registrations and file them with the departments of revenue or taxation in each state. These registrations are called sales tax permits, sometimes licenses. New York calls theirs a “sales tax certificate of authority.”

Sales 147

Sales Tax West Virginia North Dakota 147

TaxConnex

OCTOBER 26, 2023

Sales tax is a major obligation for your business. Sales tax rates and taxability rules differ by state and even locality. Software that has the rates and taxability rules built-in helps make sure you charge the right sales tax with each purchase. Sales tax calculation software does make sense. Applying sales tax.

Technology 147

Technology Sales Tax E-commerce 147

TaxConnex

DECEMBER 7, 2023

There’s always something changing in the world of tax, especially sales tax. Johns County, Florida, received a $750 credit from Amazon after discovering that the marketplace facilitator had been overcharging her for sales tax for more than a decade, news reports said. New York state sales tax collections jumped 2.5%

Sales 147

Sales Tax West Virginia South Dakota 147

TaxConnex

MAY 24, 2022

Taxable sales of products direct to end users has been a staple of business for ages. One relatively new development is the complex overlay of sales tax on these transactions. Add internet sales to the mix and you’ve got sales tax obligations sprouting up these days more than ever. Assessing your footprint.

South Dakota 184

South Dakota Sales Retail Tax 184

TaxConnex

DECEMBER 12, 2023

But not for sales tax liability, where most states still maintain strong responsible party laws. And they can come as a real shock: CEOs, CFOs, directors and other execs can be held personally responsible for sales tax shortfalls. That’s true for many of the fiscal messes that can befall a company. How do they know who’s responsible?

Sales 192

Sales Tax Ohio Georgia 192

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 200

Sales Tax South Dakota Colorado 200

TaxConnex

NOVEMBER 28, 2023

does not free you from the complexities of sales tax. In many countries, you will run into some kind of sales tax – familiar if you’re used to selling in the U.S., The provinces that levy a PST in addition to the GST are British Columbia, Manitoba, Quebec (the Quebec sales tax is the “QST”) and Saskatchewan. but different, too.

Sales 207

Sales Tax Transportation Maine 207

CPA Practice

AUGUST 9, 2024

Retail sales continued to grow in July as consumers shopped for school and college supplies and took advantage of special promotion days offered by some retailers, according to the CNBC/NRF Retail Monitor , powered by Affinity Solutions, from the National Retail Federation. Total sales were up 2.1% That compared with increases of 0.3%

Sales 117

Sales Retail Sports 117

TaxConnex

DECEMBER 21, 2023

It’s the end of the year and as we all start to think about our New Year’s resolutions, it’s also a good time to start thinking about correcting any sales tax missteps your business may be facing. If you believe you have sales tax exposure, contact us to learn how we can help. The states’ response to the VDA application will vary.

Sales 218

Sales Tax audit tax accountant 218

TaxConnex

OCTOBER 24, 2023

Know what word in sales tax also has five letters? Our third annual survey of financial professionals showed that although most companies (67%) reported that state sales tax audits have remained at the same level over the past two years, almost one in four respondents (23%) said they expect such audits to increase in coming months.

audit 147

audit Sales Tax auditor 147

TaxConnex

JANUARY 23, 2024

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. Check out our SaaS map here!

Sales 186

Sales Tax Washington Technology 186

TaxConnex

OCTOBER 19, 2023

Often as things change in sales tax – and they change often – one constant keeps lurching along. Why are so many businesses managing this in-house when they are comfortable outsourcing other aspects of finance and sales tax? Often, it’s because their sales tax software providers do not offer this as a service. and not just “Hi.”

Sales 147

Sales Tax audit Finance 147

TaxConnex

MARCH 26, 2024

We are at the end of Q1 of 2024 and continue to discuss how to ensure your business is set up to get sales tax right in 2024. If you’re like the over 49% of businesses who participated in our annual sales tax trends survey and are unsatisfied with the way you are managing sales tax, then you’re in the right place.

Sales 158

Sales Tax tax return Retail 158

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 provides the most value at the point of sales tax calculation. 

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Sales North Dakota Tax Technology 182

TaxConnex

SEPTEMBER 14, 2023

How is sales tax managed for this growing industry? The sales tax obligations related to subscription box services depend on many of the same questions as other remote sellers: Are your products taxable or exempt in tax jurisdictions where you have customers? You generally have to charge sales tax on ornamental plants and flowers.

Sales 147

Sales Rhode Island Tax Kansas 147

TaxConnex

DECEMBER 28, 2021

And that means that more companies may find themselves with new sales tax obligations. eCommerce sales – topping the $200-billion mark for the first time. How does this impact sales tax obligations? Then there’s the danger of sales tax audits. Online shopping from Thanksgiving through Cyber Monday (Nov. billion in U.S.

Sales 180

Sales Tax audit tax return 180

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.

Sales 186

Sales Tax Non-Profits Maine 186