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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Tax season wasn’t as bad as some expected: Survey

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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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Tax investigators identify potential $1B crypto Ponzi scheme

Accounting Today

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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.

College athletes confront tax consequences from NIL revenue

Accounting Today

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CEOs who take risks with sports may do the same with taxes

Accounting Today

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Senate bill would deny tax breaks to cos. operating in Russia

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International tax enforcement chiefs target NFTs and DeFi for tax fraud

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Tax Fraud Blotter: Lions and tigers and jail, oh my!

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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!

New Mexico fire victims get tax relief

Accounting Today

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How Will Revised Tax Limits Affect Your 2022 Taxes?

RogerRossmeisl

While Congress didn’t pass the Build Back Better Act in 2021, there are still tax changes that may affect your tax situation for this year. That’s because some tax figures are adjusted annually for inflation. Below are some Q&As about tax amounts for this year.

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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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5 Crucial Pieces of Your Sales Tax Compliance Filing Process

TaxConnex

Once you’ve determined your requirement to collect and remit sales tax, you’ve set-up a process to charge sales tax, and you have registered with each required state, you need to consider how you will manage the return filing process. sales tax compliance sales tax filing

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What’s new for state sales and use taxes

TaxConnex

There’s always something changing in the world of tax, especially sales tax. Inflation and other spiraling prices have driven states’ lawmakers to consider relief via sales and other taxes. and nearly halve the state sales tax on groceries, to 3.5%.

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Top Reasons to Change an Outsourced Sales Tax Provider

TaxConnex

F r om time to time, sales tax outsourcing relationships fail to work properly, and a change is necessary. As the sales tax outsourcing relationship progresses over time, sales and marketing messages give way to the realities of the operational relationship.

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Avalara releases tax tool for property managers

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Software, SaaS and Sales Tax

TaxConnex

If your business sells software or software-as-a-service (SaaS), you deal with one of the most complex sales tax situations, potentially without even realizing it. Regardless of whether you have sales tax nexus or not, many businesses assume that sales tax doesn’t apply to software or SaaS.

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Deadlines galore: One of the biggest challenges of sales tax

TaxConnex

Federal Income Tax Day, April 18 th , looms large in everybody’s mind right now. Too bad sales tax doesn’t come with a deadline that simple. State sales tax filing obligations come in a dizzying number of deadlines for you to follow (potentially with bad consequences if you don’t).

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Yellen’s grand global corporate tax plan risks Congress flop

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Subscription Billing and Your Sales Tax Obligation

TaxConnex

The model does come with steady sales tax obligations and risks though, and if not properly understood, it could lead to significant sales tax risk in the business. Sales tax on groceries and prepared food also vary widely state to state.

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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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The Election to Apply the Research Tax Credit Against Payroll Taxes

RogerRossmeisl

The credit for increasing research activities, often referred to as the research and development (R&D) credit, is a valuable tax break available to eligible businesses. Subject to limits, you can elect to apply all or some of any research tax credit.

U.S. budget deficit shrinks $1.6T on record tax surge

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Sales Tax Can Be Scary

TaxConnex

It may be the season of ghosts and goblins, but sales tax obligations last all year, and as many would admit, keeping track of all your sales tax obligations can be quite scary. What’s your shield when the sales tax monster comes after you? of tax you should have collected.

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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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Crypto, NFTs and sales tax: What we know so far

TaxConnex

Sales tax has a universe of changing conditions. What are the sales tax ramifications? has possibly the most complex sales tax regime. Each state sets its own sales tax rules, often with widely varying approaches. But again, what does that mean for sales tax?

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2021: The Year in Review – Sales Tax

TaxConnex

Sales tax in 2021, though, seemed to move in only one direction: It intensified as even more states hopped on the economic nexus bandwagon and the sales tax burden for online businesses grew. Here’s a look back at some of 2021’s biggest developments in sales tax.

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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: state sales and use taxes

TaxConnex

There’s always something changing in the world of tax, especially sales tax. Florida sales tax exemptions on hurricane-preparedness items may soon encompass purchases of pet food, thanks to the lobbying of a local Girl Scout troop. sales tax compliance sales tax news

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Yellen fails to win Poland pledge to remove hold on tax deal

Accounting Today

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ERC and R&D Tax Credits for the 2021 Tax Year

BurklandAssociates

Summary: R&D tax credits incentivize innovation with up to $250,000 in annual tax savings. The post ERC and R&D Tax Credits for the 2021 Tax Year appeared first on Burkland. Taxes

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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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Establish a Tax-Favored Retirement Plan

RogerRossmeisl

Current retirement plan rules allow for significant tax-deductible contributions. If you’re in the 32% federal income tax bracket, making a maximum contribution could cut what you owe Uncle Sam for 2022 by a whopping $19,520 (32% times $61,000).

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2022 Q2 Tax Calendar: Key Deadlines for Businesses

RogerRossmeisl

Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2022. April 18 If you’re a calendar-year corporation, file a 2021 income tax return (Form 1120) or file for an automatic six-month extension (Form 7004) and pay any tax due.

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Tax Rules of Renting out a Vacation Property

RogerRossmeisl

If you’re fortunate enough to own a vacation home, you may wonder about the tax consequences of renting it out for part of the year. The tax treatment depends on how many days it’s rented and your level of personal use. Individual Tax BriefsSummer is just around the corner.

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What’s new in state sales and use taxes

TaxConnex

There’s always something changing in the world of tax, especially sales tax. Here’s a review of some of the recent changes and updates, with a special focus this month on how more states and jurisdictions look to roll back sales tax. In fact, state tax revenues have increased 26.3%

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Q3 2021 Tax Deadlines for Businesses

RogerRossmeisl

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.

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Crypto investors are likely paying less than half the taxes they owe

Accounting Today

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