TaxConnex

FEBRUARY 13, 2025

should know that sales tax obligations for these sovereign nations and territories resemble those obligations in other areas of the U.S. Areas such as the Navajo Nation have tribal sovereignty; for tax purposes, this means their sales tax laws are separate from the states within which they reside.

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Sales Tax Wisconsin Oklahoma 213

TaxConnex

NOVEMBER 5, 2024

sales tax risks and exposure should be an important topic. Our recent webinar “What to Ask Your Clients to Identify & Manage Their Sales & Use Tax Risk” addressed many of these questions – along with what to do once you find out the answers. Are you comfortable with your sales tax nexus footprint?

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Sales Tax E-commerce audit 203

RogerRossmeisl

FEBRUARY 23, 2025

With todays hiring challenges, business owners should be aware that the Work Opportunity Tax Credit (WOTC) is available to employers that hire workers from targeted groups who face significant barriers to employment. The post Understanding the Work Opportunity Tax Credit appeared first on Roger Rossmeisl, CPA.

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Tax CPA cpa firm business tax 213

RogerRossmeisl

FEBRUARY 16, 2025

The tax treatment of these assets can be complex, but businesses need to understand the issues involved. Intangible assets, such as patents, trademarks, copyrights and goodwill, play a crucial role in todays businesses. Here are some answers to frequently asked questions. What are intangible assets? The term intangibles covers many items.

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Tax CPA business tax 232

TaxConnex

OCTOBER 15, 2024

Income tax often seems to grab most of the headlines, but sales tax can make for a hefty crime – and punishment – too. A famous case recently examined in the TaxConnex podcast It Depends episode, “Sales Tax Crimes - Pt. States are watching For Kozlowski, the sales tax matter was a $3.2

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Sales New Hampshire Tax income tax 203

TaxConnex

JANUARY 7, 2025

Its a safe bet that few of them hit the target, which leads to returns, which leads to refunds from sellers, to which leads to the nagging question: Does sales tax get refunded along with the purchase price? The more accurate answer, particularly when something as complex as sales tax gets involved, is: Probably, but watch the details.

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Sales Rhode Island Tax tax return 147

RogerRossmeisl

FEBRUARY 16, 2025

However, like all interest-bearing investments, savings bonds come with tax implications that are important to understand. The post Savings Bonds and Taxes: What You Need to Know appeared first on Roger Rossmeisl, CPA. When considering the advantages of U.S. The bond isnt worth its face value until it matures.

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Tax CPA Government 245

RogerRossmeisl

APRIL 26, 2025

Here are five options to consider, along with some of the tax implications. The post 5 Business Succession Options and Their Tax Implications appeared first on Roger Rossmeisl, CPA. This can be done by gifting interests, selling interests or a combination. This can be done by gifting interests, selling interests or a combination.

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Tax CPA Sales business tax 217

MyIRSRelief

NOVEMBER 1, 2024

S Corporations: Tax Preparation, Tax Planning, and the Benefits of Professional Tax Help S Corporations , often referred to as S Corps, are a popular business structure in the United States, particularly among small to medium-sized businesses. However, navigating the tax landscape for S Corps can be complex.

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tax preparation tax planning corporation tax Tax 130

TaxConnex

DECEMBER 3, 2024

There’s always something changing in the world of tax, especially sales tax. The five-letter acronym stands for the states without a statewide sales tax – New Hampshire, Oregon, Montana, Alaska and Delaware – and two of those states might be leaving the group sooner than later. billion-plus from a 4% sales tax in FY25.

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Sales Tax Montana Alaska 162

RogerRossmeisl

DECEMBER 15, 2024

However, as a household employer, its critical to understand your tax obligations, commonly called the nanny tax. If you hire a household employee who isnt an independent contractor, you may be liable for federal income tax and other taxes (including state tax obligations).

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Tax income tax CPA 200

RogerRossmeisl

MARCH 23, 2025

Yet the transition may bring a tangle of tax considerations. Planning carefully can help you minimize tax bills. Below are four steps to take if youre approaching retirement, along with the tax implications. Tax implications: Moving to a state with lower income or property taxes may stretch your retirement savings.

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Tax CPA tax planning 173

TaxConnex

JANUARY 30, 2025

AI and automation are all the rage, but does it have a place in your sales tax compliance process? Businesses need a way to calculate the correct sales tax to charge in states where they have a sales tax obligation, and for this, automation can be a great solution. If so, where?

Sales 147

Sales Tax E-commerce Ohio 147

RogerRossmeisl

APRIL 27, 2025

For federal income tax purposes, the general rule is that rental real estate losses are passive activity losses (PALs). The post Are You a Tax-Favored Real Estate Professional? An individual taxpayer can generally deduct PALs only to the extent of passive income from other sources, if any. You can deduct suspended PALs when.

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Real Estate Tax income tax CPA 195

TaxConnex

MAY 1, 2025

Q-commerce is also likely to start sparking long-term questions about sales tax. Tax treatment Q-commerce may seem futuristically fast, but its sales tax calculation remains the same so far as its older cousin e-commerce. There are 10,000-plus tax jurisdictions in the U.S.,

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E-commerce Sales Tax Kansas 147

RogerRossmeisl

APRIL 25, 2025

If you made significant gifts to your children, grandchildren or other heirs last year, its important to determine whether youre required to file a 2024 gift tax return. Requirements to file The annual gift tax exclusion was $18,000 in 2024 (increased to $19,000 in 2025).

tax return 165

tax return Tax CPA 165

RogerRossmeisl

APRIL 25, 2025

You may wonder if you can claim itemized deductions on your tax return. The post Can I Itemize Deductions on my Tax Return? Perhaps you made charitable contributions and were told in the past they couldnt be claimed because you didnt have enough deductions to itemize. How much do you need? appeared first on Roger Rossmeisl, CPA.

tax return 165

tax return Tax CPA 165

inDinero Tax Tips

OCTOBER 22, 2024

You may have heard that Nevada LLC taxes are favorable to business owners. This is true if you plan to do business there, but keep in mind it’s rarely advantageous for out-of-state businesses to incorporate somewhere other than their home state; taxes accrue where you do business, not where you incorporate.

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Nevada Tax income tax payroll tax 105

TaxConnex

APRIL 29, 2025

What is the relationship between tariffs and sales tax? What does this mean for sales tax? Surcharge(s), including tariffs, are included in the selling price and are taxed. Surcharge(s), including tariffs, are taxable under the same tax classification used to report the payment of the good or service purchased.

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Sales Wisconsin Tax E-commerce 130

TaxConnex

APRIL 17, 2025

Last time we looked at the damage that one companys past sales tax exposure and liability can do to an M&A deal. Companies must register for sales tax companies in states where they have nexus and adhere to that states filing frequency requirements. In that part, well examine what can be done about this exposure. Registering.

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Sales Tax Illinois audit 147

MyIRSRelief

APRIL 11, 2025

However, amidst the hustle and bustle, tax issues can arise, creating stress and financial strain for taxpayers. Whether its unfiled tax returns, back tax debt, 941 payroll tax issues, IRS levies, garnishments, or audits, these challenges can feel overwhelming. This can also damage credit scores. Who Is Mike Habib, EA?

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payroll tax Tax tax return payroll 130

TaxConnex

MARCH 4, 2025

It also seems to have an excellent take on sales tax in its functions, including where Squares responsibilities end and yours begin. Feeling your pain Sales tax isnt fun or exciting to think about, Square says up front in its guide, 9 Crucial Things to Know About Sales Tax. Tax compliance is your responsibility.

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Sales Tax online accounting Account 147

Xero

NOVEMBER 18, 2024

We’re excited to announce that partnership tax has arrived in Xero Tax. You can now manage most of your clients’ tax needs – corporate, personal, and ordinary partnerships – in one simple, secure platform. Your practice can now gain all the benefits of Xero Tax across your ordinary partnership clients.

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TaxConnex

NOVEMBER 7, 2024

Assessing a company’s sales tax risk and exposure starts (and maybe ends) with the right questions. As we saw in a previous blog, these questions cover a range of topics and hinge on knowing many sales tax terms. Are you comfortable with your sales tax nexus footprint? Are you comfortable with your sales tax nexus footprint?

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Sales South Dakota E-commerce Tax 113

Withum

MAY 21, 2025

On Monday, May 12, 2025, the House Ways and Means Committee released additional details about its proposed tax legislation, The One, Big, Beautiful Bill. While the bill may undergo further changes in the Senate, it lays the foundation for 2025 tax reform.

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Real Estate Tax CPA Washington 119

TaxConnex

AUGUST 8, 2024

Many industries come with confusing sales tax complexities. So does agriculture, and several aspects make this industry trickier than others for sales tax. Here are points to keep in mind regarding sales tax and agriculture. Recently, for instance, Alabama degreed that some agriculture products exempt from sales and use tax.

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Agriculture Sales Tax South Dakota 264

TaxConnex

JANUARY 23, 2025

A new construction project, a renovation or expansion of a property, ongoing management of a property: All these and more can come with a ton of sales tax nuances. Particularly for those construction companies with projects beyond the borders of their home state, where they may have done well with sales tax compliance for many years.

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Sales North Carolina Tax Construction 147

TaxConnex

MARCH 13, 2025

The sales tax landscape is constantly evolving, and businesses must adapt to keep pace. But tax laws aren't the only things changingbusinesses themselves are growing, diversifying, and seeking new ways to streamline their operations. The top three reasons that respondents are looking to change their sales tax processes in 2025 are: 1.

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Sales Tax Education Finance 147

Accounting Today

MAY 5, 2025

The IRS continued layoffs, changed its acting commissioner, and ended its Direct File program as Tax Day arrived.

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Tax 124

CPA Practice

OCTOBER 14, 2024

A new survey from Big Four firm EY reveals that CFOs’ and corporate tax leaders’ stances on generative artificial intelligence have shifted over the past year—from mostly negative to mostly positive. Tax departments are expected to be the leaders for most organizations as they move quickly along the GenAI maturity curve.

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corporation tax Tax Finance Technology 117

RogerRossmeisl

MARCH 23, 2025

The Child Tax Credit (CTC) has long been a valuable tax break for families with qualifying children. As we approach the expiration of certain provisions within the Tax Cuts and Jobs Act (TCJA) at the end of 2025, heres what you need to know about the CTC for 2024, 2025 and beyond.

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