TaxConnex

JANUARY 11, 2022

It’s one of the most important aspects of an online business – and one of the wackiest when trying to determine whether sales tax applies or not. Many states say that when the contents of a shipment are taxable, so is the shipping cost; similarly, when items in a shipment are exempt from sales tax, so is the cost of shipping.

Rhode Island 181

Rhode Island Sales Tax South Dakota 181

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 193

Sales Tax Colorado Massachusetts 193

TaxConnex

JANUARY 17, 2023

Online sales could not exist without shipping, and the charges associated with shipping are subject to sales tax in many states. Question is, who has to pay that sales tax these days, and where? As with most details of sales tax, much depends on the situation, jurisdiction and new laws.

Rhode Island 130

Rhode Island West Virginia Alaska North Dakota 130

TaxConnex

OCTOBER 13, 2020

Companies that perform services often see themselves as tax exempt, and in many cases that is true, but there are certain states andsituations in which that is not the case. Gain a better understanding of your sales and use tax obligations with these frequently asked questions we have received from businesses that provide services.

Sales 185

Sales South Dakota Tax Hawaii 185

TaxConnex

DECEMBER 14, 2023

In sales tax calculation, you deal with the “hard” and the “less-hard.” Figuring out sales tax obligations for goods (aka, tangible personal property, or TPP) is the less-hard part; you merely have to bear in mind that every state that taxes TPP does it a little differently. What’s a service?

West Virginia 207

West Virginia Virginia Kentucky Minnesota 207

CPA Practice

JANUARY 30, 2024

sales tax rate changes reached a 10-year high in 2023, proving once again that it will be challenging for businesses to meet their ever changing compliance obligations. This is according to data in the 2023 End-of-Year Sales Tax Rates and Rules report, which is conducted annually by Vertex a provider of tax technology solutions.

Sales 72

Sales Tax auditor tax services 72

Withum

OCTOBER 9, 2023

On October 4, 2023, Massachusetts enacted tax legislation (H.4104), The legislation adopts a single sales factor apportionment formula for all corporations and also makes changes for how financial institutions source its income from investment activities and trading activities.

Massachusetts 72

Massachusetts Sales Tax tax return 72

Withum

JULY 18, 2022

Wayfair eliminating the physical presence requirement for a state to impose a sales tax on sales of goods or services in that state. Out-state sellers, also called remote sellers, must collect and remit sales tax on goods and services sold in all states, even if they do not have a physical presence.

South Dakota 118

South Dakota Sales Tax Missouri 118

Insightful Accountant

FEBRUARY 21, 2024

State nexus laws are crucial in tax advisory. Even without sales tax services, SALT law changes can signal nexus impacts. Practitioners often overlook SALT law changes unless specialized, but clients expect awareness.

Tax 96

Tax tax services Sales 96

Cherry Bekaert

AUGUST 31, 2023

As digital business advancements help technology companies grow and expand, state tax authorities continuously develop new rules and regulations to keep up with the market. Contact Us The post Reduce Your Technology Company’s Sales Tax Risk appeared first on Cherry Bekaert.

Technology 52

Technology Sales Tax tax return 52

Withum

SEPTEMBER 16, 2022

It is no surprise that states are seeing significant growth in sales tax revenue, a trend fueled by changes in consumer spending during the pandemic. The third reason for higher sales tax revenue was the Wayfair decision in which the Supreme Court expanded the physical nexus requirement to include economic nexus (e.g.,

Sales 80

Sales Retail Tax South Dakota 80

Withum

JUNE 8, 2022

The IRS’ “Dirty Dozen ” is an annual list warning taxpayers of abusive tax arrangements, schemes, scams, and shams. If challenged by the IRS, accuracy-related and civil fraud penalties could amount to 75% of any underpayment of tax. Business Tax Services. What if I do nothing? Contact Us. Contact Us.

Sales 120

Sales tax services business tax audit 120

TaxConnex

MARCH 3, 2022

Understanding the taxability of your company’s products or services is one of the key steps to complying with sales and use tax laws. Services” are not tangible and can be an entirely different animal in terms of taxability. legislation that excludes some payment processing services from tax.

Indiana 188

Indiana Connecticut Nebraska Maryland 188

PANALITIX

JULY 21, 2021

Random sales statistics, little nudges. I came upon some “sales” statistics* on the interweb (so we know they’re legit). If you’re sending out an updated engagement letter for straightforward tax services to a client you’ve been working with for a few years – you might not need to “tell a story” to retain them as clients.

Sales 130

Sales tax services Tax Account 130

PANALITIX

JULY 20, 2021

Random sales statistics, little nudges. I came upon some “sales” statistics* on the interweb (so we know they’re legit). If you’re sending out an updated engagement letter for straightforward tax services to a client you’ve been working with for a few years – you might not need to “tell a story” to retain them as clients.

Sales 130

Sales tax services Tax Account 130

Cherry Bekaert

MAY 3, 2024

Therefore, a well-thought-out global tax management strategy will be imperative to the success of your global business activities. With proper tax planning a company is able to reduce its worldwide effective tax rate as it expands overseas. What Is Global Tax Minimization? international tax rules. income tax.

Tax 52

Tax income tax Non-Profits corporation tax 52

TaxConnex

SEPTEMBER 1, 2022

Wayfair, Inc et al , but many businesses are still trying to figure out how to manage sales tax obligations brought on by this decision. Some examples: Iowa: Gross sales to the state over $100,000; no annual transaction threshold. Mississippi: $250,000 sales; no transaction threshold.

South Dakota 200

South Dakota Mississippi Iowa Sales 200

ThomsonReuters

JULY 6, 2023

If you’re a tax and accounting professional, you’ve likely found yourself answering numerous questions related to your clients’ tax returns. Whether it’s advising on residential energy tax credits or restructuring a partnership, your knowledge and expertise beyond the tax return are valuable.

Tax 98

Tax tax return income tax audit 98

CPA Practice

FEBRUARY 24, 2023

Tax season is already in full swing and accounting firms across the country are working non-stop to meet the April filing deadline. Firms often don’t have a sufficient year-round client base to support the staffing levels they need during tax season. By Matt Bowen. The industry’s extreme seasonality can significantly hinder growth.

accounting firms 128

accounting firms Tax Account accountant 128

Withum

AUGUST 10, 2023

On August 3, 2023, Treasury and the IRS issued proposed regulations and a press release identifying monetized installment sale transactions and substantially similar transactions as Listed Transactions. It has previously included monetized installment sales on its annual Dirty Dozen list of common tax scams and schemes.

Sales 52

Sales tax return Tax tax services 52

CPA Practice

FEBRUARY 27, 2024

These processes often include accounting and CFO services, financial planning, transaction services, corporate tax compliance and, increasingly, state and local tax compliance, including sales and use tax reporting. One of its core growth services is sales tax management.

Technology 52

Technology Tax Sales tax return 52

TaxConnex

NOVEMBER 11, 2022

November 11, 2022 - TaxConnex™ , a technology-enabled sales tax compliance outsourcing provider, shared that they are exhibiting at Thomson Reuters SYNERGY 2022 Conference for Corporate Professionals November 13-16. TaxConnex helps eliminate the sales tax burden – no matter how many states you’re in or how often regulations change.

Washington 130

Washington Tax Sales tax services 130

Withum

FEBRUARY 9, 2022

The qualified small business stock (QSBS) exclusion generally provides for a full or partial exclusion of capital gain realized on the sale of QSBS. Primary and Secondary Sales of Stock. If you have any questions please contact a member of our business tax team. Business Tax Services. Contact Us. Contact Us.

Sales 78

Sales Tax business tax tax services 78

TaxConnex

SEPTEMBER 21, 2021

When attempting to manage your sales tax obligations across many different states, one of the first things to hit you will be the dizzying number of deadlines you must follow when filing sales tax returns. Generally, the higher the volume of tax you’ll be reporting, the more often you have to file and remit.

tax return 180

tax return Tax Sales tax services 180

Withum

JUNE 6, 2022

Section 1202 provides for the full or partial exclusion of capital gain realized on the sale of QSBS. The taxpayer in PLR 202221006 (March 3, 2022) is a pharmaceutical distributor that engages in the retail sale of a limited number of drugs. The IRS noted that all of the taxpayer’s revenues are generated by the sale of drugs.

Tax 126

Tax income tax Pharmaceutical Manufacturing 126

Withum

JUNE 8, 2022

The Infrastructure Investment and Jobs Act (IIJA), enacted into law on November 15, 2021, reinstated and modified two Superfund excise taxes, effective July 1, 2022. The first is the tax on chemicals under section 4661 and the second is the tax on imported substances under section 4671. The IIJA lowered this threshold to 20%.

Tax 121

Tax Manufacturing tax return tax services 121

Intuitive Accountant

OCTOBER 18, 2022

Use this script to create a winning sales tax service strategy for your firm.

Tax 94

Tax tax services Sales 94

ThomsonReuters

JANUARY 28, 2022

Tax season is a critically busy time of the year for accountants, and we all know the stress that can come with such a high demand for services during that part of the year. But for some tax and accounting firms, the high volume of clients from January to April represents the majority of their business for the year.

Tax 102

Tax tax preparation bookkeeping bookkeeping services 102

Withum

AUGUST 24, 2023

Please join James Bartek , Jason Rosenberg and Bonnie Susmano from Withum’s State and Local Tax services team, as they provide an update on key state and local tax issues affecting the healthcare industry.

Healthcare 52

Healthcare Tax income tax New York 52

TaxConnex

JANUARY 24, 2023

Shipping is indispensable to eCommerce yet sales tax on it remains a mishmash of regulations across the states. In our previous blog, we looked at how exemptions, the taxability of the item being shipped and selling into tax-free states affect sales tax on shipping.

Sales 26

Sales Tax South Carolina Massachusetts 26

Withum

JUNE 1, 2022

Unfortunately, a deteriorated supply chain and increased inflation most likely will increase the tax bill for businesses that use the LIFO method of accounting. Utilizing LIFO when costs are rising due to inflation is generally advantageous for income tax purposes because sales prices are offset by higher inflated purchase costs.

business tax 119

business tax Tax income tax tax return 119

CPA Practice

FEBRUARY 2, 2024

Simply put, there are so many other options for clients to “get the books done” or “taxes filed” than there used to be. The message that many accountants indirectly or directly communicate to their potential clients and ends up falling flat is: “I can do your taxes cheaper/faster/better.” Let’s look at tax services as an example.

Account 119

Account accountant accounted tax return 119

inDinero Tax Tips

NOVEMBER 7, 2023

If you know how to use net operating losses to your advantage, you can strategically time investments to save money on your taxes. Net Operating Loss Limitations Record Keeping and Documentation Conclusion Navigating tax advantages like net operating losses can be a headache. Not to worry. What is a Net Operating Loss?

accrual accounting 105

accrual accounting Tax accounting and finance tax services 105

Withum

NOVEMBER 17, 2022

In recent years there have been significant changes to the State and Local Tax Nexus rules. 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. State and Local Tax Workarounds. Other metrics (e.g.,

tax planning 52

tax planning Tax income tax CPA 52

MyIRSRelief

APRIL 15, 2021

Lately, there has been a lot of talk surrounding R&D tax credits, and how they can potentially benefit large and small companies alike, regardless of which industry you happen to be involved in. Here’s a look at several things to know surrounding R&D tax credits. First off, what are R&D tax credits? Increased ROI.

Tax 100

Tax payroll tax tax return Start-ups 100

ThomsonReuters

FEBRUARY 8, 2022

1) Communicate clearly to win new tax clients. When you seek to win new tax clients, it’s best to start at the beginning. With so many generations in need of tax and accounting services in the market today, it can be a challenge to discover what a client truly wants or needs, or how they want to connect with you.

Tax 105

Tax payroll Entertainment bookkeeping 105

inDinero Tax Tips

MAY 10, 2023

Tracking expenses and claiming all of the small business tax deductions you’re eligible for can add up to substantial savings, especially for start-ups that reinvest aggressively as they scale. Many popular tax software are, of course, designed to help you through these startup tax deductions.

business tax 52

business tax Tax bookkeeping bookkeeping services 52