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TaxConnex
MARCH 31, 2022
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.
Accounting Today
MAY 18, 2022
Tax preparers IRS Tax Tax season
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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.
Accounting Today
MAY 13, 2022
Tax crimes International taxes IRS Tax Cryptocurrencies
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.
Accounting Today
MAY 16, 2022
Accounting education Tax planning Tax Tax regulations
Accounting Today
MAY 11, 2022
Corporate taxes Tax strategies Tax Tax research
Accounting Today
MAY 12, 2022
Corporate taxes International taxes Tax Ron Wyden Tax breaks
Accounting Today
MAY 10, 2022
Tax crimes International taxes Tax Money laundering Cryptocurrencies
Accounting Today
MAY 12, 2022
Tax crimes Tax preparation Tax fraud Tax scams Money laundering Tax-related court cases
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Accounting Today
MAY 13, 2022
Natural disasters IRS Tax Tax relief
RogerRossmeisl
JANUARY 11, 2022
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.
TaxConnex
APRIL 14, 2022
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.
TaxConnex
MAY 12, 2022
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
TaxConnex
APRIL 12, 2022
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%.
TaxConnex
MAY 3, 2022
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.
Accounting Today
MAY 9, 2022
Property taxes Technology Automation Tax tools
TaxConnex
FEBRUARY 22, 2022
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.
TaxConnex
APRIL 7, 2022
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).
Accounting Today
MAY 18, 2022
Janet Yellen Corporate taxes International taxes Biden Administration Tax
TaxConnex
MARCH 29, 2022
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.
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
MARCH 28, 2022
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.
Accounting Today
MAY 12, 2022
Income taxes Deficits Treasury Department Tax Tax season
TaxConnex
OCTOBER 28, 2021
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.
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
TaxConnex
APRIL 19, 2022
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?
TaxConnex
DECEMBER 30, 2021
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.
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
MAY 10, 2022
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
Accounting Today
MAY 17, 2022
Janet Yellen Corporate taxes International taxes Biden Administration Tax
BurklandAssociates
JANUARY 17, 2022
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
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.
RogerRossmeisl
APRIL 21, 2022
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).
RogerRossmeisl
APRIL 21, 2022
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.
RogerRossmeisl
MAY 5, 2022
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.
TaxConnex
MARCH 15, 2022
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%
RogerRossmeisl
JULY 27, 2021
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.
Accounting Today
MAY 12, 2022
Income taxes IRS Tax Charles Rettig Cryptocurrencies
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