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Understanding use tax

TaxConnex

One such phrase is “sales and use tax.”. We sure know what “sales” tax is. What about Use Tax? Use tax is defined ?as as a tax on the storage, use or consumption of a taxable item or service on which no sales tax has been paid. Two types of use tax.

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Excise Tax versus Sales Tax

TaxConnex

Soon after you start dealing with states’ sales tax, you’re going to also run into another term: excise tax. What is excise tax? And is it different from sales tax? A different kind of tax pie. Federal, state, and local governments can all impose excise taxes.

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Colorado: Fee or tax?

TaxConnex

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. Payment is due at the same time the seller’s sales tax return is due. While termed a fee, it functions as a tax,” adds the Tax Foundation.

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Tax season set to start Jan. 23

Accounting Today

Income taxes Tax preparation IRS Tax Tax season

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The CPA Firm Growth Strategy: From Compliance to Consulting

Speaker: Rita Keller - President of Keller Advisors, LLC

Join Rita Keller, seasoned CPA firm management strategist and consultant, for an insightful discussion on the importance of diversifying your accounting skills.

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International tax authorities target sales tax scammers

Accounting Today

Sales tax International taxes IRS Tax Tax evasion

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What is a sales tax exemption?

TaxConnex

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.

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California Storm Victims Qualify for Extended Tax Filing Deadlines

RogerRossmeisl

On January 10, 2023, IRS news release IR-2023-03 announced that California storm victims now have until May 15, 2023, to file various federal individual and business tax returns and make tax payments.

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3rd Annual Sales Tax Market Research Survey Results Released!

TaxConnex

We have completed our third annual survey of top financial professionals on how they are managing sales tax. Survey highlights include: Financial leaders remain relatively unhappy with their approach to managing sales tax, with 52% reporting to be less than satisfied.

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Tax Fraud Blotter: Unfriendly skies

Accounting Today

Tax crimes Tax preparation Tax fraud Tax scams Tax evasion Tax-related court cases

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Tax Fraud Blotter: Standing corrected

Accounting Today

Tax crimes Tax preparation Tax fraud Tax scams Tax evasion Tax-related court cases

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Be an Odd Duck: Work on, Not in Your Public Accounting Practice

Speaker: Tom Bowman, CPA of Bowman & Company

It is possible to run an Accounting Firm and never do tax returns or financial statements! Tom Bowman, Owner of Bowman & Company, CPA, PC shares his journey and 10 step process for going from Technician to Business Owner.

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Tax Fraud Blotter: Lights and sirens

Accounting Today

Tax-related ID theft Tax crimes Tax preparation Tax fraud Tax scams Tax-related court cases

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Economic nexus overview - all states with sales tax now active

TaxConnex

Next summer will mark five years since the Supreme Court ignited economic sales tax nexus with the South Dakota v. Many businesses are still trying to figure out how to manage the resulting obligations, but one thing’s clear: Now every state with a sales tax has economic nexus.

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Tax pros look to tech to boost tax season communication

Accounting Today

Tax preparation Tax Client communications Tax season

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Tax Fraud Blotter: Contemptible

Accounting Today

Tax crimes Tax preparation Tax fraud Tax scams Money laundering Tax-related court cases

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Tax season begins Jan. 23 with the IRS promising improvements

Accounting Today

Income taxes Tax preparation IRS Tax Tax season

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Predicting What’s Next for Firms & Collaboration Tech

Employees leaving. Client demands increasing. That’s the reality for many firms. Put your firm in a position to win by looking at how collaboration and the tools we use have evolved and what the future holds. Avoid pitfalls and implement best practices to give your firm a competitive edge. Download the whitepaper today!

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M&A negotiations and sales tax liability

TaxConnex

It’s a common scenario: A company has decided to sell, then due diligence turns up a $2 million risk in past sales tax obligations and compliance. Do you have solid positions and reasons for your sales tax decisions? Can you defend your sale tax position to minimize the escrow’s impact?

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Tax pros blast IRS's 'nearly nonexistent' priority phone service

Accounting Today

IRS Tax Tax practice

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Tax season preview: Hoping to get back to normal

Accounting Today

Tax credits Tax Tax regulations Tax season

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Calculating Corporate Estimated Tax

RogerRossmeisl

The next quarterly estimated tax payment deadline is June 15 for individuals and businesses so it’s a good time to review the rules for computing corporate federal estimated payments. The post Calculating Corporate Estimated Tax appeared first on Roger Rossmeisl, CPA.

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Sales tax and accounting services

TaxConnex

It’s that time of year again when everyone suddenly thinks about preparing their income taxes. But does tax preparation incur sales taxes – and if it does, where and how? For some 90 years, states have levied sales tax on goods (West Virginia was the first to do so , in 1921).

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Tax Fraud Blotter: Lavish expenditures

Accounting Today

Tax crimes Tax preparation Tax fraud Tax scams Tax evasion Tax-related court cases

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House Republicans aim to abolish IRS, replace income tax

Accounting Today

Income taxes Sales tax Biden Administration IRS Tax

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Melancon looks ahead to tax season challenges

Accounting Today

IRS Tax AICPA CPAs Tax season

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Is Your Income Tax Withholding Adequate?

RogerRossmeisl

When you filed your federal tax return this year, were you surprised to find you owed money? Receiving a tax refund essentially means you’re giving the government an interest-free loan. The post Is Your Income Tax Withholding Adequate?

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Crowdfunding complexities may produce tax surprises

Accounting Today

Tax planning Tax Tax regulations

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Digital advertising tax blocked

TaxConnex

A new tax law in Maryland seemed ready to rattle every company that sold digital products in the U.S. But a court has now invalidated the Maryland Digital Advertising Tax. The judge ruled that the tax violates the Internet Tax Freedom Act and the U.S. The tax is 2.5%

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Managing Transactional Taxes as Your Business Grows Globally

TaxConnex

spares you the complexities and headaches of sales tax thresholds. And you’d be right – except that in many countries you’d instead run into value-added tax (VAT) on transactions. VAT is an indirect tax on consumption, ultimately payable by the final consumer of the goods or services.

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Tax Fraud Blotter: Fallen stars

Accounting Today

Tax crimes Tax preparation Tax fraud Tax scams Money laundering Tax-related court cases

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Sales tax for Shopify users

TaxConnex

What about sales tax? Shopify is not required to collect and remit sales tax for its sellers, as it is not a marketplace facilitator like Amazon, eBay, or Etsy. Shopify uses many default sales tax rates, updated regularly. Rely on sales tax experts to maintain your compliance.

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Getting Sales Tax Registrations Right

TaxConnex

Sales tax is more complicated than ever, especially in a post-Wayfair world. And what’s worse is that everyone who says they’re simplifying sales tax is still leaving the hardest parts – and the liability – up to you. Be sure you are registering for the correct tax type.

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Taxpayer Advocate sees IRS better positioned for tax season

Accounting Today

Tax preparation Tax returns IRS Tax Tax season

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Los Angeles tax, accounting service

MyIRSRelief

For example, you may want to catch up on your tax filings, prepare for an audit, or simply get a better understanding of your financial situation. This might include accounting software, a financial calculator, and reference materials such as tax guides or accounting textbooks.

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Tax Strategy: New clean energy prevailing wage and apprenticeship requirements

Accounting Today

Tax credits Tax Tax regulations

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State of specialty tax gets more complicated this filing season

Accounting Today

Tax preparation Tax credits IRS Tax Tax season

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Building a practice: Marketing ahead of tax season

Accounting Today

Tax preparation Marketing Tax Referrals Tax season

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Tax Fraud Blotter: Treasure this

Accounting Today

Tax-related ID theft Tax crimes Tax preparation Tax fraud Tax scams Tax-related court cases

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2023 Q1 Tax Deadlines for Businesses and Other Employees

RogerRossmeisl

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2023. January 17 (The usual deadline of January 15 is on a Sunday and January 16 is a federal holiday) Pay the final installment of 2022 estimated tax.

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Can remote employees create sales tax nexus?

TaxConnex

A lot of times regarding sales tax, the answer to any question is, “It depends.” Covid created unique conditions for companies that must collect and remit sales tax, including many temporary breaks regarding worker locations. sales tax nexus sales tax compliance

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What happened in sales tax in 2022

TaxConnex

New sources of tax revenue, old ones robust but sputtering in spots, tax holidays as political tools amid inflation: It’s been a year of new trends in sales tax. Heading into the new year, state sales tax revenues were up coast to coast, often by double-digit percentages.

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Tax Fraud Blotter: Smiley face

Accounting Today

Tax crimes Tax preparation Tax fraud Tax scams Tax evasion Tax-related court cases

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