Expert insights. Personalized for you.
These fees raise the question – "are COVID surcharges subject to state sales taxes?”. Nevada , Texas , South Carolina and New Jersey are among the first states mandating surcharges on retail sales subject to sales tax. sales tax compliance sales tax MORE
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. MORE
When we talk with businesses about sales tax compliance, we eventually get to a discussion about preparing and filing returns. Consider using type of data (sales tax or use tax) and its source, version numbers and other descriptive detail in the file name. MORE
If you’re lucky enough to win, be aware that tax consequences go along with your good fortune. Review the tax rules Whether you win online, at a casino, a bingo hall, a fantasy sports event or elsewhere, you must report 100% of your winnings as taxable income. MORE
If you use an automobile in your trade or business, you may wonder how depreciation tax deductions are determined. The post Tax Depreciation Rules for Business Automobiles appeared first on Roger Rossmeisl, CPA. MORE
In recent months, there have been a number of tax changes that may affect your individual tax bill. Here are two changes that may result in tax savings for you on your 2020 or 2021 tax returns. Individual Tax Briefs Unemployment Compensation MORE
You may think that if you do not have physical or economic tax nexus in a state, you do not have any tax obligations. Use tax. Specifically, consumer’s use tax. Use tax is a complementary or compensating tax to the sales tax. MORE
Tax Help? IRS – FTB – CDTFA – EDD tax help. . We provide specialized tax & accounting service for individuals and or businesses facing IRS or State tax problems such as: – Back Taxes . – Tax Audits. – Tax Appeal. MORE
net investment income tax (NIIT) that’s imposed in addition to regular income tax. The amount subject to the tax is the lesser of your net investment income or the amount by which your MAGI exceeds the threshold ($250,000, $200,000, or $125,000) that applies to you. MORE
Collecting and remitting sales tax can be onerous – and expensive – for any business. That’s one reason some states give a collection discount to help with the costs of managing sales tax. Conditions can change frequently – as often happens in the world of sales tax. MORE
Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2021. Note: Certain tax-filing and tax-payment deadlines may be postponed for taxpayers who reside in or have a business in federally declared disaster areas. MORE
The IRS announced that the 2021 advance child tax credit (CTC) payments, which were created in the American Rescue Plan Act (ARPA), will begin being made on July 15, 2021. How have child tax credits changed? Individual Tax Briefs Advance Child Tax Credit Child Tax Credit CTC MORE
You want to take maximum advantage of tax benefits to minimize your expenses. To qualify for the tax exemption for college use, you must purchase the bonds in your name (not. The post Tax Favored Ways to Build up a College Fund appeared first on Roger Rossmeisl, CPA. MORE
You need to get EA, CPA help with Cannabis Accounting & Tax if you are going to have a thriving cannabis-based business in Los Angeles or Southern California. The last aspect is the taxes that have to be carefully monitors. Compliance, Taxes, and Bookkeeping. Tax Help MORE
Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2021. Monday, August 2 Employers report income tax withholding and FICA taxes for second quarter 2021 (Form 941) and pay any tax due. MORE
If you own a valuable piece of art, or other property, you may wonder how much of a tax deduction you could get by donating it to charity. The answer to that question can be complex because several different tax rules may come into play with such contributions. MORE
Sales and use tax generally applies to the sale or use of tangible personal property (TPP) and certain services. For most brick-and-mortar retail stores, sales tax is relatively simple, but what happens when you open an online store? How are you calculating sales tax? MORE
But don’t forget that success that comes from selling into more states can also expand your sales tax burdens. Businesses that sell into multiple states or jurisdictions have to pay attention to sales tax thresholds, and it’s not a one-time project. to collect sales tax because?they’ve?reached MORE
Many states use sales tax holidays to waive or reduce sales tax on various items. Location, location, location is the rule when it comes to sales tax holidays. But holidays cover both state and local taxes in Oklahoma, Virginia, Texas, and other states. MORE
And it might land right on your company’s bottom line after sales and use tax obligations. If your business sells popular Valentine’s Day items online, you should know a few rules related to sales tax and taxability. for all your sales tax compliance needs. MORE
You may think your business is in full compliance with your sales tax obligations nationwide – and you may well be – but America’s 10,000-plus sales tax jurisdictions love to send notices. Notices are a standard part of managing sales tax. sales tax compliance sales tax MORE
If you’re a business owner and you hire your children this summer, you can obtain tax breaks and other non-tax benefits. A legitimate job If you hire your child, you get a business tax deduction for employee wage expenses. Small Business Tax Briefs Hiring Your Children MORE
Here are some tax rules and considerations involved in operating with that entity. For tax years through 2025, the deduction can be up to 20% of a pass-through entity owner’s QBI. The post Tax Considerations When Launching a Sole Proprietorship appeared first on Roger Rossmeisl, CPA. MORE
If you or your child (or grandchild) attends (or plans to attend) an institution of higher learning, you may be eligible for tax breaks to help foot the bill. The Consolidated Appropriations Act, which was enacted recently, contains some revised tax benefits for higher education. MORE
There’s always something changing in the world of tax, especially sales tax. The Sunshine State previously bet a lot on tourism revenue making up for not taxing internet sales – but the pandemic has wrecked that industry. Texas sales tax collections totaled $3.07 MORE
Many states survived the pandemic by the skin of their teeth due in part to the sales tax provided from e-commerce sales and the sales tax filed from companies that have reached nexus thresholds in their state. sales tax compliance sales tax filing MORE
The majority of businesses still manage their sales tax obligations with internal staff, but do they have what it takes to manage sales tax effectively? Most businesses, especially smaller ones, don’t have or can’t afford a full sales tax department in these days of tight resources. MORE
If your business has an obligation to collect and remit sales tax, then you know how complex the process can be. Automating part or all of the sales tax process is sometimes necessary to maintain compliance. Let’s first look at the overall sales tax process. MORE
should know about a relatively new kind of ta x – and tax obligation. The state will impose a gross receipts tax ranging from 2.5% TaxConnex is an outsourced sales department that can take the burden of sales tax off your plate.? sales tax compliance taxability MORE
In the world of sales tax, they’re major marketplace facilitators. Marketplace facilitators are required to charge sales tax where they have nexus (the connection between a tax authority and a company). your sales tax obligations?and sales tax compliance sales tax filing MORE
Sales tax is complex for any business selling into multiple states. Chicago is a home rule city and taxes several items that are not taxable at the state level. This non-sales tax “tax” is just one of many tax types that the City of Chicago has implemented. MORE
The post PPP Forgiveness & Tax Update appeared first on Burkland. COVID-19 Resources Startup Accounting Startup Taxes UncategorizedMany have asked for the latest update on PPP forgiveness. MORE
If you’re fortunate to get a PPP loan to help during the COVID-19 crisis (or you received one last year), you may wonder about the PPP loan tax consequences. The post PPP Loan Tax Consequences appeared first on Roger Rossmeisl, CPA. MORE
Each year, many individual and business taxpayers end up owing the IRS hundreds of thousands of dollars due to not filing their taxes by the deadline or under paying them. Tax debt relief services offered by the IRS and state tax agencies such as FTB, EDD, CDTFA are: An installment agreement. MORE
For any business, the worst thing that can happen is that you can find yourself in a 911 urgent tax help situation. For this article, we are going to focus our attention on three specific types of tax issues for businesses. 3 most common tax-related issues for businesses. MORE
With booming sales across the country, businesses need to focus on if and how these subscription boxes are taxed. How is sales tax managed for this growing industry? How will you charge sales tax? Are you ready to track your sales tax obligations and remit the tax? MORE
There’s always something changing in the world of tax, especially sales tax. There are currently five states with no state-level sales tax. Alaska has long heard rumblings of a statewide sales tax. Tennessee has become yet another state to beat expected tax revenues. MORE
Sales tax is broadly defined to mean any tax that is charged to the end-user customer by the retailer of property or services. Though this definition is correct, it does not always provide a complete picture of a business’s transactions tax liabilities. Sales taxes are a transactions based tax, but they are not the only transactions based taxes. There are numerous specialty transactions taxes applied to specific products, services and industries. MORE
There’s always something changing in the world of tax, especially sales tax. States themselves don’t seem to know yet, according to a recent survey co-sponsored by the Tax Policy Center. In New Mexico , most businesses will now pay destination-sourced Gross Receipts Taxes. MORE
Every state can apply tax exclusions on goods and services within their state. However, there are further tax-exempt purchases. Tax exemptions can also be applied at the customer level as opposed to the product level. sales tax compliance sales tax MORE
Sales tax is complicated no matter the industry you are in. Some sales tax concepts for the leasing industry are quite simple while others are more complicated. This property that is owned by the lessor creates sales tax nexus wherever the equipment resides. Tax situs. MORE
NOMAD and sales tax – I’m sure you’ve heard it before. When it relates to sales tax, the NOMAD states refer to the five American states without a statewide sales tax: New Hampshire, Oregon, Montana, Alaska, and Delaware. Mike Dunleavy has said he’d support a statewide sales tax. MORE
SEPTEMBER 26, 2021
50 (AB-50) established the California Main Street Small Business Tax Credit II, which will provide COVID-19 financial relief to qualified small business employers. Small Business Tax Credit. California Assembly Bill No. MORE
tax Related Topics TaxConnex
OCTOBER 5, 2021
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.
TaxConnex
OCTOBER 19, 2021
You may think your business is in full compliance with your sales tax obligations nationwide – and you may well be – but America’s 10,000-plus sales tax jurisdictions love to send notices. Notices are a standard part of managing sales tax. sales tax compliance sales tax
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TaxConnex
JULY 29, 2021
Sales tax is complex for any business selling into multiple states. Chicago is a home rule city and taxes several items that are not taxable at the state level. This non-sales tax “tax” is just one of many tax types that the City of Chicago has implemented.
RogerRossmeisl
JULY 14, 2021
If you’re a business owner and you hire your children this summer, you can obtain tax breaks and other non-tax benefits. A legitimate job If you hire your child, you get a business tax deduction for employee wage expenses. Small Business Tax Briefs Hiring Your Children
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.
TaxConnex
OCTOBER 14, 2021
The majority of businesses still manage their sales tax obligations with internal staff, but do they have what it takes to manage sales tax effectively? Most businesses, especially smaller ones, don’t have or can’t afford a full sales tax department in these days of tight resources.
TaxConnex
OCTOBER 26, 2021
When we talk with businesses about sales tax compliance, we eventually get to a discussion about preparing and filing returns. Consider using type of data (sales tax or use tax) and its source, version numbers and other descriptive detail in the file name.
TaxConnex
OCTOBER 12, 2021
NOMAD and sales tax – I’m sure you’ve heard it before. When it relates to sales tax, the NOMAD states refer to the five American states without a statewide sales tax: New Hampshire, Oregon, Montana, Alaska, and Delaware. Mike Dunleavy has said he’d support a statewide sales tax.
TaxConnex
SEPTEMBER 23, 2021
With booming sales across the country, businesses need to focus on if and how these subscription boxes are taxed. How is sales tax managed for this growing industry? How will you charge sales tax? Are you ready to track your sales tax obligations and remit the tax?
TaxConnex
JUNE 1, 2021
Collecting and remitting sales tax can be onerous – and expensive – for any business. That’s one reason some states give a collection discount to help with the costs of managing sales tax. Conditions can change frequently – as often happens in the world of sales tax.
TaxConnex
OCTOBER 7, 2021
There’s always something changing in the world of tax, especially sales tax. There are currently five states with no state-level sales tax. Alaska has long heard rumblings of a statewide sales tax. Tennessee has become yet another state to beat expected tax revenues.
TaxConnex
NOVEMBER 5, 2020
If your business has an obligation to collect and remit sales tax, then you know how complex the process can be. Automating part or all of the sales tax process is sometimes necessary to maintain compliance. Let’s first look at the overall sales tax process.
TaxConnex
AUGUST 3, 2021
There’s always something changing in the world of tax, especially sales tax. States themselves don’t seem to know yet, according to a recent survey co-sponsored by the Tax Policy Center. In New Mexico , most businesses will now pay destination-sourced Gross Receipts Taxes.
|
RogerRossmeisl
OCTOBER 12, 2021
If you own a valuable piece of art, or other property, you may wonder how much of a tax deduction you could get by donating it to charity. The answer to that question can be complex because several different tax rules may come into play with such contributions.
BurklandAssociates
NOVEMBER 29, 2020
The post PPP Forgiveness & Tax Update appeared first on Burkland. COVID-19 Resources Startup Accounting Startup Taxes UncategorizedMany have asked for the latest update on PPP forgiveness.
TaxConnex
OCTOBER 21, 2021
Sales and use tax generally applies to the sale or use of tangible personal property (TPP) and certain services. For most brick-and-mortar retail stores, sales tax is relatively simple, but what happens when you open an online store? How are you calculating sales tax?
RogerRossmeisl
OCTOBER 6, 2021
Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2021. Note: Certain tax-filing and tax-payment deadlines may be postponed for taxpayers who reside in or have a business in federally declared disaster areas.
TaxConnex
JULY 8, 2021
Many states use sales tax holidays to waive or reduce sales tax on various items. Location, location, location is the rule when it comes to sales tax holidays. But holidays cover both state and local taxes in Oklahoma, Virginia, Texas, and other states.
TaxConnex
FEBRUARY 25, 2021
You may think that if you do not have physical or economic tax nexus in a state, you do not have any tax obligations. Use tax. Specifically, consumer’s use tax. Use tax is a complementary or compensating tax to the sales tax.
RogerRossmeisl
JANUARY 25, 2021
If you’re fortunate to get a PPP loan to help during the COVID-19 crisis (or you received one last year), you may wonder about the PPP loan tax consequences. The post PPP Loan Tax Consequences appeared first on Roger Rossmeisl, CPA.
MyIRSRelief
JULY 12, 2021
Each year, many individual and business taxpayers end up owing the IRS hundreds of thousands of dollars due to not filing their taxes by the deadline or under paying them. Tax debt relief services offered by the IRS and state tax agencies such as FTB, EDD, CDTFA are: An installment agreement.
MyIRSRelief
SEPTEMBER 20, 2021
Tax Help? IRS – FTB – CDTFA – EDD tax help. . We provide specialized tax & accounting service for individuals and or businesses facing IRS or State tax problems such as: – Back Taxes . – Tax Audits. – Tax Appeal.
RogerRossmeisl
JULY 13, 2021
The IRS announced that the 2021 advance child tax credit (CTC) payments, which were created in the American Rescue Plan Act (ARPA), will begin being made on July 15, 2021. How have child tax credits changed? Individual Tax Briefs Advance Child Tax Credit Child Tax Credit CTC
TaxConnex
MARCH 23, 2021
should know about a relatively new kind of ta x – and tax obligation. The state will impose a gross receipts tax ranging from 2.5% TaxConnex is an outsourced sales department that can take the burden of sales tax off your plate.? sales tax compliance taxability
TaxConnex
FEBRUARY 11, 2021
And it might land right on your company’s bottom line after sales and use tax obligations. If your business sells popular Valentine’s Day items online, you should know a few rules related to sales tax and taxability. for all your sales tax compliance needs.
RogerRossmeisl
JUNE 15, 2021
net investment income tax (NIIT) that’s imposed in addition to regular income tax. The amount subject to the tax is the lesser of your net investment income or the amount by which your MAGI exceeds the threshold ($250,000, $200,000, or $125,000) that applies to you.
TaxConnex
MAY 4, 2021
But don’t forget that success that comes from selling into more states can also expand your sales tax burdens. Businesses that sell into multiple states or jurisdictions have to pay attention to sales tax thresholds, and it’s not a one-time project. to collect sales tax because?they’ve?reached
RogerRossmeisl
SEPTEMBER 26, 2021
50 (AB-50) established the California Main Street Small Business Tax Credit II, which will provide COVID-19 financial relief to qualified small business employers. Small Business Tax Credit. California Assembly Bill No.
RogerRossmeisl
OCTOBER 1, 2021
If you’re lucky enough to win, be aware that tax consequences go along with your good fortune. Review the tax rules Whether you win online, at a casino, a bingo hall, a fantasy sports event or elsewhere, you must report 100% of your winnings as taxable income.
RogerRossmeisl
JUNE 3, 2021
In recent months, there have been a number of tax changes that may affect your individual tax bill. Here are two changes that may result in tax savings for you on your 2020 or 2021 tax returns. Individual Tax Briefs Unemployment Compensation
TaxConnex
MARCH 2, 2021
There’s always something changing in the world of tax, especially sales tax. The Sunshine State previously bet a lot on tourism revenue making up for not taxing internet sales – but the pandemic has wrecked that industry. Texas sales tax collections totaled $3.07
TaxConnex
AUGUST 24, 2021
In the world of sales tax, they’re major marketplace facilitators. Marketplace facilitators are required to charge sales tax where they have nexus (the connection between a tax authority and a company). your sales tax obligations?and sales tax compliance sales tax filing
MyIRSRelief
AUGUST 9, 2021
For any business, the worst thing that can happen is that you can find yourself in a 911 urgent tax help situation. For this article, we are going to focus our attention on three specific types of tax issues for businesses. 3 most common tax-related issues for businesses.
TaxConnex
APRIL 1, 2021
Every state can apply tax exclusions on goods and services within their state. However, there are further tax-exempt purchases. Tax exemptions can also be applied at the customer level as opposed to the product level. sales tax compliance sales tax
TaxConnex
AUGUST 26, 2021
Many states survived the pandemic by the skin of their teeth due in part to the sales tax provided from e-commerce sales and the sales tax filed from companies that have reached nexus thresholds in their state. sales tax compliance sales tax filing
TaxConnex
NOVEMBER 10, 2020
Sales tax is complicated no matter the industry you are in. Some sales tax concepts for the leasing industry are quite simple while others are more complicated. This property that is owned by the lessor creates sales tax nexus wherever the equipment resides. Tax situs.
RogerRossmeisl
MARCH 25, 2021
Here are some tax rules and considerations involved in operating with that entity. For tax years through 2025, the deduction can be up to 20% of a pass-through entity owner’s QBI. The post Tax Considerations When Launching a Sole Proprietorship appeared first on Roger Rossmeisl, CPA.
TaxConnex
FEBRUARY 2, 2021
Sales tax is broadly defined to mean any tax that is charged to the end-user customer by the retailer of property or services. Though this definition is correct, it does not always provide a complete picture of a business’s transactions tax liabilities. Sales taxes are a transactions based tax, but they are not the only transactions based taxes. There are numerous specialty transactions taxes applied to specific products, services and industries.
RogerRossmeisl
FEBRUARY 15, 2021
If you or your child (or grandchild) attends (or plans to attend) an institution of higher learning, you may be eligible for tax breaks to help foot the bill. The Consolidated Appropriations Act, which was enacted recently, contains some revised tax benefits for higher education.
TaxConnex
SEPTEMBER 10, 2020
These fees raise the question – "are COVID surcharges subject to state sales taxes?”. Nevada , Texas , South Carolina and New Jersey are among the first states mandating surcharges on retail sales subject to sales tax. sales tax compliance sales tax
RogerRossmeisl
SEPTEMBER 27, 2021
If you use an automobile in your trade or business, you may wonder how depreciation tax deductions are determined. The post Tax Depreciation Rules for Business Automobiles appeared first on Roger Rossmeisl, CPA.
RogerRossmeisl
JULY 30, 2021
You want to take maximum advantage of tax benefits to minimize your expenses. To qualify for the tax exemption for college use, you must purchase the bonds in your name (not. The post Tax Favored Ways to Build up a College Fund appeared first on Roger Rossmeisl, CPA.
MyIRSRelief
MAY 17, 2021
You need to get EA, CPA help with Cannabis Accounting & Tax if you are going to have a thriving cannabis-based business in Los Angeles or Southern California. The last aspect is the taxes that have to be carefully monitors. Compliance, Taxes, and Bookkeeping. Tax Help
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