TaxConnex

MARCH 21, 2024

There’s always something changing in the world of tax, especially sales tax. The Court of Appeals of South Carolina has affirmed a state Administrative Law Court (ALC) finding that the online retail giant remains liable for eight figures in unpaid sales tax on third-party sales from 2016, interest and penalties. The ol’ one-two.

South Carolina 195

South Carolina Sales Tax Alabama 195

TaxConnex

JULY 1, 2021

Sales tax is a significant revenue source for many states. In fact, according to the Tax Policy Center, for many states, it can comprise 25%-35% of a state’s revenue. Is that person you? Many of the rules expressly allow the respective state to file a demand for payment under certain circumstances against any responsible person.

Sales 130

Sales Tax tax return audit 130

CTP

NOVEMBER 1, 2022

Tax planners can provide tremendous value in the sale of a business. Business owners and shareholders may not be aware of the tax consequences that will come with selling their shares or assets—and offsetting these costs requires a thoughtful tax strategy. This can dramatically reduce the profits of that sale.

Tax 98

Tax Massachusetts Sales Maine 98

MyIRSRelief

APRIL 22, 2024

Navigating tax issues can be daunting, especially when facing audits, unpaid taxes, or payroll problems. This FAQ guide provides insights into common tax problems and solutions available in Corona, CA. In Corona, CA, having an expert who understands local and federal tax laws can be crucial.

Tax 130

Tax payroll tax tax return payroll 130

MyIRSRelief

APRIL 1, 2022

Amending and or correcting a US individual 1040 income tax return (1040X), there are many reasons to do so: correcting filing status of the taxpayers, which if not corrected, would result in incorrect total income reported, tax deductions and tax credits. Tax liability. Tax Credits. Other taxes, local, state, etc.

tax return 100

tax return income tax Tax audit 100

TaxConnex

DECEMBER 12, 2023

Business truism has it that limited liability corporations and similar entities shield the personal property and assets of their owners and major shareholders from company bills and missteps. But not for sales tax liability, where most states still maintain strong responsible party laws. How do they know who’s responsible?

Sales 194

Sales Tax Ohio Georgia 194

TaxConnex

DECEMBER 5, 2023

Clubs and dues have been around for decades, but the rise of certain memberships – and the ability to sell them over the internet – have also raised the question of whether memberships incur sales tax. Health and fitness club In some states membership in one of these creates a sales tax obligation; in others it doesn’t.

South Carolina 206

South Carolina Sales Tax West Virginia 206

TaxConnex

FEBRUARY 15, 2024

There’s always something changing in the world of tax, especially sales tax. B&O responsibility: A Washington State appellate court has found two sellers responsible for sales tax and business and occupation (B&O) tax on sales made through Amazon’s Fulfillment by Amazon (FBA) program. No refund, stat!:

Sales 190

Sales Tax Illinois Washington 190

TaxConnex

JANUARY 11, 2024

And how do you manage sales tax when selling on it? Shopify , another cutting-edge eCommerce outlet, is not required to collect and remit sales tax for its sellers as it is not a marketplace facilitator like Amazon, eBay, or Etsy.) TikTok Shop collects and remits sales tax on behalf of its sellers.

Sales 200

Sales Tax Utah tax return 200

TaxConnex

FEBRUARY 1, 2024

It’s also safe to say that its storyline of repetition seems to echo what you must do, over and over and over, to comply with sales tax laws. It’s a doozy! – “Needlenose Ned” Ryerson There are multiple steps to make sure your sales tax compliance works well. The days you get over and over with sales tax are deadline days.

Sales 230

Sales Tax Minnesota Colorado 230

TaxConnex

DECEMBER 28, 2023

The new year will no doubt be another active one in sales tax. Weaker state revenue The kind of year it’s going to be for state coffers could greatly influence such future sales tax trends as new levies, tougher nexus thresholds and intensifying audits. Overall, state tax revenues dropped 5.3%. If so, watch out for 2024.

South Dakota 222

South Dakota Sales Tax Louisiana 222

TaxConnex

MARCH 26, 2024

We are at the end of Q1 of 2024 and continue to discuss how to ensure your business is set up to get sales tax right in 2024. If you’re like the over 49% of businesses who participated in our annual sales tax trends survey and are unsatisfied with the way you are managing sales tax, then you’re in the right place.

Sales 159

Sales Tax tax return Retail 159

TaxConnex

FEBRUARY 6, 2024

Sales tax is not something top of mind for most executives, but it is something that the majority of businesses will have to manage at some level. No matter the size of your business, if you are selling a taxable product or service and establish nexus in specific states or jurisdictions, then you have a sales tax obligation.

Sales 214

Sales Tax Technology auditor 214

TaxConnex

MARCH 5, 2024

That’s a lot of tax potential, and the feds have started to notice. Nevertheless, how long before states start trying to tap this market to collect sales tax? So far, Pennsylvania reportedly just lists NFTs as “taxable,” though Michigan does go so far as to classify NFTs as digital goods not subject to the state sales and use tax.

Sales 147

Sales Tax Wisconsin Minnesota 147

RogerRossmeisl

OCTOBER 29, 2023

But if you’re a business owner, tax issues can complicate matters even more. Your business ownership interest is one of your biggest personal assets and in many cases, your marital property will include all or part of it. If you’re getting a divorce, you know the process is generally filled with stress. For example, let’s say.

Tax 227

Tax CPA cpa firm business tax 227

TaxConnex

JANUARY 23, 2024

Sales and use tax generally applies to the sale or use of tangible personal property and certain services. Since software, and especially Software-as-a-Service, may not be delivered in a tangible form, many technology and software companies have considered themselves exempt from sales and use tax. Check out our SaaS map here!

Sales 188

Sales Tax Washington Technology 188

RogerRossmeisl

APRIL 17, 2024

In either case, you may wonder about the tax implications of renting it out for part of the year. Count the days The tax treatment depends on how many days it’s rented and your level of personal use. In the right circumstances, this can produce significant tax benefits. Any rent you.

Tax 113

Tax CPA 113

xendoo

JANUARY 17, 2022

As a business owner, how do you go about filing personal and business taxes with the IRS? The answer to this question actually depends on the way your business is structured, so there’s not a one-size-fits-all approach to filing small business taxes. But that doesn’t mean that tax season needs to cause you stress.

business tax 105

business tax Tax tax return tax preparation 105

RogerRossmeisl

APRIL 24, 2024

The IRS’ recent declaration of a rigorous enforcement against the utilization of corporate jets has attracted widespread attention, as the Biden administration persists in intensifying its examination of affluent individuals and major corporations with intricate tax arrangements.

audit 219

audit CPA Tax cpa firm 219

RogerRossmeisl

APRIL 24, 2024

As reported in IR-2024-46 Using Inflation Reduction Act funding and as part of ongoing efforts to improve tax compliance in high-income categories, the Internal Revenue Service announced on 2/21/24 plans to begin dozens of audits on business aircraft involving personal use.

audit 256

audit CPA Tax cpa firm 256

MyIRSRelief

FEBRUARY 23, 2024

Facing the IRS can be a daunting experience, especially when dealing with unpaid back taxes, unfiled returns, and the looming threat of bank levies. For many, the stress and confusion surrounding tax debt can feel overwhelming. Furthermore, failure to file tax returns can result in hefty fines and legal repercussions.

tax return 130

tax return Tax CPA accounting and finance 130

TaxConnex

SEPTEMBER 26, 2023

Usually all retail sales of tangible personal property (TPP) are taxable, but many states have started to tax services. Who the customer is and what they’ll use the TPP for can create a sales tax exclusion, too, such as when selling to a church or government agency. Managing the process Calculating sales tax. Taxability.

Sales 202

Sales Tax South Dakota Colorado 202

CTP

OCTOBER 31, 2022

Selling your business may not be as profitable as you expect, especially if you have not taken the tax consequences into consideration. Business owners need to be prepared with a tax strategy before selling some or all of their shares or business assets. The double tax effect dramatically reduces the profits from the sale.

Tax 52

Tax Non-Profits Massachusetts Sales 52

RogerRossmeisl

SEPTEMBER 4, 2023

If you have a parent entering one, you’re probably not thinking about taxes. But there may be tax consequences. Let’s take a look at five possible tax breaks. 5 Potential Tax Implications appeared first on Roger Rossmeisl, CPA. More than a million Americans live in nursing homes, according to various reports.

Tax 232

Tax Healthcare CPA 232

MyIRSRelief

MARCH 15, 2024

In the bustling city of Whittier, California, individuals and businesses alike face the daunting task of navigating the complex world of taxes. From unfiled tax returns to unpaid back taxes, and from employment 941 payroll issues to the intimidating process of IRS, FTB, EDD, and CDTFA audits, the challenges can seem insurmountable.

California 130

California Tax tax return payroll 130

TaxConnex

SEPTEMBER 28, 2023

Now it’s time to register with the states to collect and remit sales tax. You complete your sales tax registrations and file them with the departments of revenue or taxation in each state. These registrations are called sales tax permits, sometimes licenses. New York calls theirs a “sales tax certificate of authority.”

Sales 147

Sales Tax West Virginia North Dakota 147

CTP

OCTOBER 31, 2022

The unfortunate news you will have to break to them is that the tax consequences can significantly reduce their proceeds—which is why they will need a tax strategy in place before moving forward with a sale. One tactic to consider when advising on a business sale is applying the concept of personal goodwill.

Tax 52

Tax Non-Profits Massachusetts Sales 52

CPA Practice

APRIL 15, 2024

It’s Tax Day, so there’s no better time for the IRS to pat itself on the back for a job well done as filing season for most Americans comes to a close. Danny Werfel “Taxpayers continued to see major improvements from the IRS during the 2024 tax season,” he said. “A From the start of tax season on Jan. million calls in 2023.

Tax 119

Tax tax return Maine Massachusetts 119

TaxConnex

OCTOBER 24, 2023

Know what word in sales tax also has five letters? Few issues in the area of tax are more terrifying than this kind of exam from a tax authority. Sales tax audits can certainly become nightmares – but they can be handled, too, with the right steps, allowing you and your business to move forward. “Scary” has five letters.

audit 147

audit Sales Tax auditor 147

CPA Practice

APRIL 5, 2024

Earlier this week WalletHub released a study that shows which states’ residents have the highest and lowest tax burden , measured as the proportion of total personal income that residents pay toward state and local taxes. Only six states have an inheritance tax, and according to 2021 data from the IRS, just 0.2%

West Virginia 126

West Virginia Rhode Island South Dakota North Dakota 126

DMCL

MARCH 11, 2022

Our 2021 Personal Tax Return Checklist is designed to help you make this process as easy and efficient as possible. It also assists us in ensuring we have information that is as complete and accurate as possible to assure your taxes are minimized and correctly reported.

income tax 52

income tax tax return Tax 52

ThomsonReuters

APRIL 19, 2022

Tax and accounting firms need to invest in learning and development for their employees to retain talent and address succession issues. In person learning can accommodate different learning styles. However, listening is enhanced by non-verbal cues such as facial expressions and body language, which are best displayed in person.

Tax 97

Tax Account accountant accounted 97

RogerRossmeisl

MARCH 30, 2023

You generally must pay federal tax on all income you receive but there are some exceptions when you can exclude it. For example, compensatory awards and judgments for “personal physical injuries or physical sickness” are free from federal income tax under the tax code. Tax Court cases learned, not all awards are tax-free.

Tax 238

Tax income tax CPA 238

Accounting Today

APRIL 15, 2024

The Internal Revenue Service reported stronger performance on Monday, April 15, as it concluded this year's tax filing season, saying it had answered 1 million more phone calls from taxpayers and helped 170,000 people in person compared to last year.

Tax 115

Tax income tax 115

CTP

NOVEMBER 1, 2022

What does personal goodwill have to do with the sale of a business? Business owners looking to maximize their profits from selling their shares or assets will need a strategy to reduce the tax consequences. This is especially true for the sale of a C corporation since this business type is taxed separately from its owners.

Tax 52

Tax Massachusetts Sales Maine 52

MyIRSRelief

NOVEMBER 17, 2023

S Corporations are a popular choice for many business owners due to their unique tax benefits. This article will answer some of the most frequently asked questions about S Corporation tax savings. An S Corporation is a type of corporation that meets specific Internal Revenue Service (IRS) tax code requirements.

corporation tax 130

corporation tax Tax tax return Non-Profits 130