CPA Practice

JANUARY 29, 2024

It’s back to regular IRS deadlines this year, but with a new tool for many low- and moderate-income households: a service that will prepare and file their tax returns online for free. That sort of virtual hand-holding is similar to what you’d get by using commercial tax preparation software.

tax preparation 105

tax preparation tax return South Dakota Arizona 105

TaxConnex

MARCH 24, 2022

As market conditions continued to evolve and more and more buyers moved their purchasing options online, states started to introduce the concept of economic nexus – especially after the Supreme Court’s 2018 ruling in the South Dakota vs. Wayfair case. returns for direct sales and indirect sales.

South Dakota 173

South Dakota Nevada Missouri Minnesota 173

CPA Practice

APRIL 9, 2024

Compliance and Reporting Ensuring compliance with payroll tax regulations involves timely and accurate reporting to various tax authorities. As an accountant or CPA, you play a vital role in: Calculating and withholding taxes correctly. Filing tax returns and remitting payments on time.

payroll tax 110

payroll tax West Virginia payroll cpas 110

TaxConnex

JUNE 6, 2023

States where you don’t have to worry about collecting sales tax are NOMAD : New Hampshire, Oregon, Montana, Alaska and Delaware (but Alaska has several local jurisdictions that are banding together to charge sales tax; the state itself may soon institute its own). Know your nexus status Many U.S.

Sales 130

Sales Tax South Dakota Alaska 130

ThomsonReuters

DECEMBER 20, 2020

The 2018 Supreme Court South Dakota v. Wayfair decision dramatically shifted the sales tax landscape in the United States. Companies of all sizes are facing sales tax compliance obligations that are more complex than ever. So how do you determine if you have a sales tax obligation in multiple states?

South Dakota 72

South Dakota Sales Tax E-commerce 72

Cherry Bekaert

JULY 14, 2023

As these startups grow and take on investors, it’s important that financial managers understand the state tax ramifications of growth. Sales tax has been a hotbed issue in the technology world, especially since the South Dakota v. Wayfair, Inc. Supreme Court decision back in 2018.

income tax 97

income tax Technology Tax South Dakota 97

CPA Practice

APRIL 14, 2023

have unclaimed refunds for tax year 2019 but face a July 17 deadline to submit their tax return, the IRS said on Wednesday. billion in refunds remain unclaimed because people have not filed their 2019 tax returns yet. People face a July 17 deadline to file their returns. million people across the U.S.

Rhode Island 52

Rhode Island West Virginia South Dakota North Dakota 52

CPA Practice

APRIL 13, 2023

have unclaimed refunds for tax year 2019 but face a July 17 deadline to submit their tax return, the IRS said on Wednesday. billion in refunds remain unclaimed because people have not filed their 2019 tax returns yet. People face a July 17 deadline to file their returns. million people across the U.S.

Rhode Island 52

Rhode Island West Virginia South Dakota North Dakota 52

CPA Practice

OCTOBER 18, 2023

However, on June 21, 2018, the Supreme Court of the United States overruled the physical presence requirement in its decision in South Dakota v. The court determined a business’s “economic and virtual contacts” with a state, or economic nexus, could be sufficient to trigger a sales tax collection obligation. Wayfair, Inc.

Sales 59

Sales South Dakota Tax Missouri 59

ThomsonReuters

DECEMBER 20, 2020

Businesses must track and document the VAT they pay on purchases to receive a credit for the VAT paid on their tax return. Under a VAT regime , tax jurisdictions receive tax revenue throughout the entire supply chain, not just at the point of sale to the final consumer. What triggers the tax administration requirement?

Sales 119

Sales South Dakota Tax corporation tax 119

inDinero Tax Tips

MARCH 2, 2023

That means you must disclose any cryptocurrency trading activity conducted over the past year on your tax return. Taxpayers are required to report all cryptocurrency transactions, including buying, selling, and trading, on their tax returns. How Do Businesses Report Capital Gains Tax on Cryptocurrency?

Tax 98

Tax income tax South Dakota tax return 98

Anders CPA

SEPTEMBER 28, 2022

Many states don’t require a company to collect tax if all they provide is nontaxable services. How a state may define SaaS could determine if a company is required to file a sales tax return in a particular state, regardless of if SaaS is actually taxable by law within that given state.

Rhode Island 52

Rhode Island West Virginia South Dakota South Carolina 52

Anders CPA

MAY 23, 2023

As an employer, you are already required to withhold state income tax from employee wages, even for nonresident workers. Take note that nine states do not have a state income tax, so it is unnecessary to withhold funds in Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming.

payroll tax 98

payroll tax payroll Rhode Island Tax 98

SkagitCountyTaxServices

NOVEMBER 17, 2021

Well, that’s when our high court agreed with the state of South Dakota, which had long claimed that Wayfair owed sales tax from tons of transactions in that state. You have to calculate the right tax to collect and send back; there’s software that can help with this.

South Dakota 52

South Dakota Sales Tax E-commerce 52

KROST

JANUARY 13, 2021

In such cases, the buyer still has to pay the tax, called use tax instead of sales tax. In the case of “South Dakota v. the Supreme Court decided that each state could decide for itself if economic nexus was sufficient to require a seller to collect and pay sales tax and what that threshold was.

Sales 66

Sales Tax South Dakota tax return 66

CPA Practice

MAY 17, 2023

Most states tax personal property owned by businesses and require businesses to complete and file a personal property rendition every year. The exceptions to that rule are Delaware, Hawaii, Illinois, Iowa, Minnesota, New Hampshire, New Jersey, New York, North Dakota, Ohio, Pennsylvania, and South Dakota.

South Dakota 105

South Dakota North Dakota Real Estate Washington 105

inDinero Tax Tips

MARCH 2, 2023

That means you must disclose any cryptocurrency trading activity conducted over the past year on your tax return. Taxpayers are required to report all cryptocurrency transactions, including buying, selling, and trading, on their tax returns. How Do Businesses Report Capital Gains Tax on Cryptocurrency?

Tax 52

Tax income tax South Dakota tax return 52

ThomsonReuters

JULY 10, 2023

For other items, however, Washington state requires that use tax be reported on a designated tax return. For instance: If it is a registered business, they must report use tax on their regular excise tax return. The   South Dakota v.

Tax 98

Tax Massachusetts Washington South Dakota 98

ThomsonReuters

APRIL 9, 2021

Employers were reimbursed with a payroll tax credit or a refund if the cost exceeded their tax liability. Credits were claimed through Form 941, the quarterly employment tax return. in South Dakota to a high of 9.2% in February. Reported state unemployment rates ranged from 2.9%

payroll tax 98

payroll tax Hawaii South Dakota payroll 98

ThomsonReuters

DECEMBER 7, 2022

To help accounting professionals, especially those entering the profession, this article will explore how fiduciary income tax is different from estate tax, who files a fiduciary tax return, what defines estates and trusts, and more. What is fiduciary tax? Who files a fiduciary tax return?

Tax 59

Tax North Carolina income tax tax return 59

Snyder

FEBRUARY 12, 2023

From their side, the employer is responsible for: Paying their share of payroll taxes; Depositing tax dollars withheld from the employees’ paychecks; Preparing reconciliation reports; Accounting for the payroll expense; Filing payroll tax returns. To learn more about income taxes check our blog → Click here.

payroll tax 52

payroll tax payroll Tax income tax 52

xendoo

APRIL 20, 2021

Just like a traditional brick-and-mortar business, your eCommerce business needs a good bookkeeping system for essential functions like tracking revenues and expenditures and filing tax returns. Every transaction that gets recorded has to also be categorized for financial reports and tax returns. Previous tax returns.

bookkeeping 52

bookkeeping tax return South Dakota accounting software 52

ThomsonReuters

JUNE 22, 2021

Beginning July 1, new forms will be used to report withholding tax. Form TRD-41414, Wage Withholding Tax Return, will be used to report withholding from payments to employees. Form TRD-41409, Non-Wage Withholding Tax Return, will be used to report withholding from non-wage payments. South Dakota.

payroll 72

payroll Virginia Utah West Virginia 72

PYMNTS

NOVEMBER 7, 2019

Depending on how far afield they expand, those issues can span currencies, locally preferred payment methods and, increasingly, taxes. Last year, in the case of South Dakota v. However, as has been the case in so much of eCommerce, venturing into new geographies means companies must grapple with a host of new issues.

Tax 40

Tax South Dakota auditor tax return 40

ThomsonReuters

JULY 10, 2023

States usually have economic nexus thresholds in place and businesses may be required to register in that state and collect sales tax if they exceed the economic nexus threshold. The   South Dakota v. Wayfair  Supreme Court ruling marked a significant shift in tax law precedent and established a new definition for nexus.

Sales 98

Sales Tax Michigan Washington 98

ThomsonReuters

JULY 10, 2023

Use tax only applies to out-of-state purchases where no sales tax was collected and, as noted earlier, the consumer is typically responsible for remitting use tax per calendar year. People can use tax return due dates to pay use taxes. However, many consumers do not pay the tax.

Tax 97

Tax Sales Arizona Georgia 97

CPA Practice

JANUARY 23, 2024

Avalara is a provider of cloud-based tax compliance automation for businesses of all sizes, today released its annual t for 2024. Notable highlights from the Avalara Tax Changes 2024 report include: Sales tax policy continues to change After years of new economic nexus rules following the 2018 South Dakota v.

audit 64

audit E-commerce South Dakota Sales 64

ThomsonReuters

DECEMBER 13, 2021

Implementing best practices for sales tax reporting can help ensure your business has real-time access to accurate content and the latest information , updated as soon as regulations change, so you can feel confident you’re calculating, collecting, and reporting taxes correctly with every transaction.

Tax 52

Tax Sales Technology South Dakota 52

xendoo

JANUARY 16, 2023

The IRS taxes corporations as separate legal entities, which opens them up to double taxation. The IRS then taxes them at the corporate income tax rate. Shareholders still must file their personal income tax returns and report the corporate dividends and capital gains they get as part of their taxable income.

business tax 52

business tax Tax income tax payroll tax 52

inDinero Tax Tips

APRIL 20, 2021

Delaware incorporated entities that owe $5,000 or more in franchise taxes must make estimated quarterly payments in progressively smaller amounts. Delaware Requirement: Due Date: State of Delaware Corporate Income Tax Return: Form 1100 or Form 1100EZ. Final payment on the remaining balance of franchise tax over $5,000 owed.

Delaware 64

Delaware Wyoming Nevada Oregon 64

CPA Practice

DECEMBER 21, 2023

By Lauren Stinson Since the South Dakota v. Wayfair ruling more than five years ago, economic nexus has remained as a huge factor for sales tax implications. In-state companies were at a disadvantage of having to charge sales tax when most online sellers did not. Prior to the South Dakota v.

South Dakota 49

South Dakota Sales Tax tax return 49

CPA Practice

MARCH 12, 2024

After several weeks of testing , the IRS said on Tuesday that eligible taxpayers in 12 states can now use its new Direct File service to submit their tax returns online for free directly with the agency. This includes 5.2 million in California, 3.8 million in Texas, 2.8 million in New York, 2.4 million in Florida, and 1.1

South Dakota 108

South Dakota income tax tax return Arizona 108