TaxConnex

NOVEMBER 2, 2021

You won’t find too many more confusing sales tax scenarios than the one involving dietary supplements. For purposes of sales tax, sometimes supplements and vitamins are considered drugs (prescription or not), sometimes groceries or food, sometimes tangible personal property – and sometimes not.

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Sales West Virginia Tax Vermont 197

TaxConnex

MAY 23, 2023

Last time we looked at a sample of the strange sales tax laws regarding food, including a sliced bagel in New York. If only that was the only complex category concerning sales tax. California, Idaho, South Carolina, Tennessee and Virginia exempt clothing sales for some nonprofits. Take diapers. In the clear?

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South Carolina South Dakota Sales Montana 130

TaxConnex

JANUARY 13, 2022

There’s always something changing in the world of tax, especially sales tax. Laura Kelly has asked the state Department of Revenue to work with state legislators representing the communities impacted by recent wildfires to fast-track legislation extending the sales tax exemption for fence materials and services.

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Sales Utah Tax Wisconsin 196

TaxConnex

OCTOBER 27, 2022

States are like that, too: sometimes candy is considered food (groceries) for sales tax purposes, sometimes it’s not and sometimes it’s somewhere in between. In many states, for instance, liquor-filled candy – which admittedly few are going to give to kids on Halloween – can be taxed differently than regular candy.

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Sales West Virginia South Dakota Tax 130

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.

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Sales Rhode Island South Dakota Tax 180

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.

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Sales Tax Oklahoma Illinois 177

TaxConnex

APRIL 4, 2024

Now, almost six years after the landmark Wayfair case ignited sales tax obligations for more remote sellers, one of those numbers might be falling out of favor. Since the Supreme Court’s decision in 2018, almost all states with economic nexus opted to have dollar volume of sales as one trigger for sales tax obligations.

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South Dakota North Dakota Wisconsin Iowa 206

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.

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Sales Tax Retail New Mexico 98

Going Concern

FEBRUARY 22, 2023

TL;DR Two guys and their accounting firm are accused of filing false tax returns and a touch of COVID relief fraud. 1 charging two Utah County men and an accounting firm with claiming an excess of $11 million in tax credits through a COVID-related fraud scheme. Read: A federal grand jury returned an indictment on Feb.

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Utah accounting firms tax return Account 100

TaxConnex

JANUARY 25, 2024

Most states change their sales tax rate laws on either Jan. and a ton of local jurisdictions with the authority from their states to change their individual tax rates. Kentucky was the latest state to subject SaaS to sales tax, effective last year. An annual review should work. Take software-as-a-service.

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Utah Kentucky Alabama Michigan 180

CPA Practice

APRIL 5, 2024

Earlier this week WalletHub released a study that shows which states’ residents have the highest and lowest tax burden , measured as the proportion of total personal income that residents pay toward state and local taxes. The study looks at how much tax the average person is estimated to pay in each state throughout their lifetime.

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West Virginia Rhode Island South Dakota North Dakota 127

CPA Practice

APRIL 3, 2024

A new study by WalletHub revealed that residents of New York state are burdened by taxes the most among the 50 states, while Alaska residents have the lowest tax burden. The following are some key findings from WalletHub’s study: As previously stated, New York has the highest overall tax burden, while Alaska has the lowest.

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Rhode Island Alaska Tax New Hampshire 111

CPA Practice

APRIL 9, 2024

A new study by WalletHub revealed that residents of New York state are burdened by taxes the most among the 50 states, while Alaska residents have the lowest tax burden. The following are some key findings from WalletHub’s study: As previously stated, New York has the highest overall tax burden, while Alaska has the lowest.

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Rhode Island Alaska Tax New Hampshire 106

CPA Practice

JANUARY 3, 2024

Taylor, Kiplinger Consumer News Service (TNS) As we venture into the new year, 2024 brings a wave of changes in state taxes across the country. From gas taxes to property tax amendments and income tax cuts, being aware of these changes is crucial since state and local taxes are among the highest taxes most people pay.

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Tax Kansas income tax Montana 128

CPA Practice

JULY 18, 2023

Worldwide retail ecommerce sales could reach $6.169 trillion in 2023 and comprise 22.3% of total retail sales. If you’re part of that rising tide, you need to know how to tax shipping and delivery charges. A combined charge for shipping and handling may be taxed differently from separate charges for shipping and handling.

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Sales Retail Tax West Virginia 98

ThomsonReuters

APRIL 25, 2024

Navigating state taxes on retirement income is a critical aspect of financial planning for retirees. While federal tax rules apply uniformly across the country, state tax rules can vary widely. Jump to: • State tax on retirement income • Which states do not tax retirement income?

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South Dakota Rhode Island New Hampshire Wyoming 52

CPA Practice

JANUARY 23, 2023

By Marsha Mercer, Stateline.org (TNS) As inflation soared in the past year, families in some states suffered a double whammy—paying food sales taxes on top of higher-priced groceries. At least five of the 13 states where groceries were taxed as of last Jan. Grocery taxes that remain are “there for a reason.

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Idaho South Dakota Tax Kansas 111

CPA Practice

APRIL 10, 2023

Still, whatever discomfort I experience when booking a room has nothing on what lodging platforms have to endure to comply with the multitude of lodging tax requirements in the United States. We talk a lot about how complicated sales tax compliance is at the Avalara Tax Desk, and it is. More on that below.

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Tax West Virginia Wisconsin Virginia 86

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.

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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.

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Sales Tax South Carolina Massachusetts 26

ThomsonReuters

OCTOBER 20, 2020

Many companies are discovering that this massive shift in work behavior may also have unforeseen tax implications. While businesses may focus on the potential for new income and activity tax liabilities, they should be aware that indirect tax responsibilities may be affected as well. Economic nexus vs. physical presence nexus.

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South Dakota Sales Tax Rhode Island 40

CPA Practice

NOVEMBER 1, 2023

Mountain states such as Utah saw high earners moving in from California, Oregon and Texas. Bureau of Economic Analysis figures compiled for Stateline by the Urban-Brookings Tax Policy Center in Washington, D.C. Inflation-adjusted per capita incomes in Utah have grown by about 8% since 2019.

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North Dakota South Dakota Utah Connecticut 52

LyfeAccounting

JUNE 25, 2021

US taxpayers pay over $1 trillion in state income taxes every year. But what if you could pay $0 in state taxes? You can pay absolutely nothing in state taxes, just by packing up your bags and moving to a tax-free state. What are State Taxes? But wait a minute… how are states funding things without state taxes?

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income tax South Dakota Tax Alaska 52

inDinero Tax Tips

APRIL 26, 2023

Navigating the world of taxes can be overwhelming for small businesses, especially when it comes to understanding which forms to file and the implications of making certain elections. One such tax form, IRS Form 2553, can significantly impact a company’s tax strategy, potentially saving them from double taxation.

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Tax Utah Kansas Missouri 52

Anders CPA

SEPTEMBER 28, 2022

Even if a state doesn’t require sales tax on SaaS, the company may still need to file if they pass a certain threshold of sales. State Tax Considerations for SaaS Companies. For tax purposes, the definition of SaaS may differ from state to state. Does My State Tax SaaS? Anders State and Local Tax services.

Rhode Island 52

Rhode Island West Virginia South Dakota South Carolina 52

Snyder

JUNE 9, 2022

For e-commerce business owners, income tax filing season marks the start of a highly stressful time. Among the taxes that e-commerce businesses need to file, income tax is the most common one. To help you meet the income tax filing season fully armed and prepared, we have compiled a step-by-step guide. What is income tax?

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income tax tax return Tax E-commerce 52

PYMNTS

AUGUST 9, 2019

Corporate foreign exchange brokerage GPS Capital Markets is reportedly up for sale, unnamed sources told PE Hub. As of last year, the company employed 63 people, reports said, citing Utah Business data. As of last year, the company employed 63 people, reports said, citing Utah Business data.

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Sales Utah B2B Tax 43

ThomsonReuters

JUNE 22, 2021

But before we give you a state-by-state rundown on the more mundane upcoming changes, here’s one federal reminder that beginning July 1, 2021, the Employee Retention Credit is claimed against only the employer share of Medicare tax. State by State Payroll Tax Changes. Beginning July 1, new forms will be used to report withholding tax.

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PYMNTS

JUNE 21, 2018

The report noted that Uber drivers are earning the most tips in Salt Lake City, Utah; San Antonio, Texas; Kansas City, MO; New Orleans, LA; and Nashville, TN. The lawsuit alleged a breach of contract for adding sales tax and a fee to the total fare amount, which then boosted the number of service fees owed to the company.

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Utah Kansas New York Texas 40

Going Concern

AUGUST 11, 2023

to Kansas City when a Fresno tax processing center closed in September 2021 have not been found, the report from the government watchdog said. The missing cartridges contain a mix of tax information about individuals and businesses. At least 8,500 microfilm cartridges that were supposed to be transferred from Fresno, Calif.,

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Account accountant accounted Tennessee 85

PYMNTS

APRIL 17, 2018

million just in taxes from ticket sales, comprising 5 percent of the city’s general fund, while its overall economy enjoys a $106 million boost thanks to the festivals. Thanks to bed taxes on short-term rentals, cities get to reap the benefits of this arrangement too. The nearby city of Indio takes in $3.18

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Utah Start-ups Transportation Gaming 40

PYMNTS

DECEMBER 5, 2016

The experts estimate that the United States government spent millions trying to enforce it and deprived the states of billions in tax revenue — all without managing to make any significant change in American alcohol consumption. The 13-year effort to curb alcohol consumption with a universal ban was pretty much a bust.

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Transportation Utah Education Government 53