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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How to Respond to Sales Tax Notices

TaxConnex

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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Sales Tax Complexity Snapshot: Chicago

TaxConnex

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 taxtax” is just one of many tax types that the City of Chicago has implemented.

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Hire Your Minor Children for Tax and Non-Tax Benefits

RogerRossmeisl

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

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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.

Top Skills Needed to Manage Sales Tax

TaxConnex

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.

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Name Your Sales Tax Data Files for the Long Haul

TaxConnex

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.

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NOMAD States: The Latest on Sales Tax

TaxConnex

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.

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Sales Tax for Subscription Boxes

TaxConnex

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?

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State Discounts for Sales Tax

TaxConnex

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.

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Monthly State Sales and Use Tax Update

TaxConnex

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.

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Sales Tax Automation Mistakes

TaxConnex

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.

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What's New in Sales and Use Tax?

TaxConnex

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.

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Tax Implications of Donating Artwork to Charity

RogerRossmeisl

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.

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PPP Forgiveness & Tax Update

BurklandAssociates

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.

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Understanding Your Sales Tax Obligations As an E-Commerce Business – a Checklist

TaxConnex

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?

Key Q4 2021 Tax Deadlines for Businesses

RogerRossmeisl

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.

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Preparing Your Business for Sales Tax Holidays

TaxConnex

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.

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Understanding Use Tax

TaxConnex

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.

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PPP Loan Tax Consequences

RogerRossmeisl

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.

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Tax Debt Relief Services

MyIRSRelief

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.

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Tax & Accounting Service – Preparation, Planning, Representation

MyIRSRelief

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.

Advance Child Tax Credit Payments Begin July 15th

RogerRossmeisl

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

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Are Digital Ad Taxes Spreading?

TaxConnex

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

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Sales Tax and Valentine's Day

TaxConnex

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.

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Plan Ahead for the 3.8% Net Investment Income Tax

RogerRossmeisl

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.

Unexpected Growth Can Mean Sales Tax Obligations

TaxConnex

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

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California Main Street Small Business Tax Credit II Begins 11/1/21

RogerRossmeisl

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.

The Tax Score of Winning

RogerRossmeisl

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.

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Some 2020 Unemployment Compensation is Tax-Free

RogerRossmeisl

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

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Sales and Use Tax Updates from February

TaxConnex

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

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Marketplace Facilitators Create Their Own Sales Tax Obligations

TaxConnex

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

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Whittier 911 Urgent tax help

MyIRSRelief

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.

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Understanding Sales Tax Exemptions and Exclusions

TaxConnex

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

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The Growth of E-Commerce and Your Sales Tax Obligation

TaxConnex

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

Complexities of Sales Tax: Leasing

TaxConnex

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.

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Tax Considerations When Launching a Sole Proprietorship

RogerRossmeisl

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.

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Telecom Tax and Other Specialty Transactions Taxes

TaxConnex

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.

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Revised Tax Benefits for Higher Education

RogerRossmeisl

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.

COVID Surcharges and Sales Tax

TaxConnex

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

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Tax Depreciation Rules for Business Automobiles

RogerRossmeisl

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.

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Tax Favored Ways to Build up a College Fund

RogerRossmeisl

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.

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Cannabis Tax & Accounting

MyIRSRelief

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