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. But this is not always the case.

Sales 187

Sales Tax Washington Technology 187

RogerRossmeisl

SEPTEMBER 14, 2023

The post IRS Orders Immediate Stop to New Employee Retention Tax Credit Processing appeared first on Roger Rossmeisl, CPA.

Tax 253

Tax Washington CPA business tax 253

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 220

South Dakota Sales Tax Louisiana 220

Withum

FEBRUARY 23, 2022

I call it the Ed Mendlowitz George Washington Investment Strategy. George Washington basically fought the American Revolution not to win, but to not lose. However, this is not about George Washington but about a current investment strategy that I would like to suggest. This group should not tax unnecessary risks.

Washington 105

Washington Tax 105

Patriot Software

OCTOBER 19, 2022

If you’re an employer, you are responsible for handling payroll taxes for your employees. Washington state employers needing to get workers’ compensation must learn about Washington Labor and Industries regulations, exemptions, and rates. Read on to learn all about […] READ MORE.

Washington 93

Washington payroll tax payroll Tax 93

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. The study looks at how much tax the average person is estimated to pay in each state throughout their lifetime.

West Virginia 126

West Virginia Rhode Island South Dakota North Dakota 126

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

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. Use tax or sales tax is due on a sale, but not both. Your ‘choice’.

Tax 188

Tax Alabama Washington California 188

CPA Practice

APRIL 9, 2024

As accountants and CPAs, dealing with payroll taxes is essential to managing finances for your business clients. Understanding the details of payroll taxes helps you better assist your clients in fulfilling their obligations and maximizing tax efficiency. Social Security Tax : Employers and employees each contribute 6.2%

payroll tax 110

payroll tax West Virginia payroll cpas 110

Accounting Today

MARCH 11, 2024

President Joe Biden's budget proposal — which calls for sweeping tax increases on corporations and the wealthy — is the opening round of a looming tax fight set to consume Washington next year.

Tax 111

Tax Washington tax planning 111

TaxConnex

JULY 18, 2023

We hear a lot about nexus and various thresholds but not as much as about tax situs. The situs is the location in which a taxing event occurs. A company may, for instance, have a customer based in a state that levies sales tax on SaaS but many other users who access the software from all over the country. That’s the situs.

Sales 130

Sales Tax Washington Retail 130

Patriot Software

JANUARY 27, 2021

If you’re an employer in Washington state, it’s time to listen up. There’s a new tax in town: the Seattle JumpStart tax. So Seattle employers, read up on the new payroll expense tax and what it means for you and your business. What is the Seattle JumpStart tax?

Washington 95

Washington Tax payroll 95

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

Accounting Today

FEBRUARY 14, 2024

Leaving Washington state, which in 2022 introduced a 7% tax on capital gains, could have saved Bezos $288 million in taxes after he unloaded $4 billion of Amazon.com stock in the past week.

Florida 114

Florida Tax Washington Sales 114

CPA Practice

MAY 30, 2023

The AICPA has a long history of advocating for and supporting legislation to benefit taxpayers and their advisors and improve tax administration,” said AICPA President and CEO Barry Melancon, CPA, CGMA. This resolution would promote greater transparency on the information included in the federal government’s financial report.

cpas 115

cpas Washington Tax Account 115

Accounting Today

FEBRUARY 28, 2024

The IRS has pushed back filing and payment deadlines for those affected by the August fires.

Washington 64

Washington Tax 64

CPA Practice

MARCH 12, 2024

What AI cannot help your business with, it seems, is tax prep. An investigation by The Washington Post tested new built-in AI systems offered by TurboTax and H&R Block, and found that they were frequently unhelpful and often just plain wrong when it came to offering advice.

Tax 105

Tax Washington audit Legal 105

CPA Practice

MARCH 8, 2024

What AI cannot help your business with, it seems, is tax prep. An investigation by The Washington Post tested new built-in AI systems offered by TurboTax and H&R Block, and found that they were frequently unhelpful and often just plain wrong when it came to offering advice.

Tax 111

Tax Washington audit Legal 111

CPA Practice

FEBRUARY 12, 2024

By Katelyn Washington, Kiplinger Consumer News Service (TNS) A proposal to end federal tax on Social Security retirement benefits would provide relief for retirees as early as next year. It’s a tax cut for seniors and a way to ensure more Americans can depend on the Social Security benefits they’ve earned,” Rep.

Tax 131

Tax Minnesota income tax payroll tax 131

Accounting Today

MARCH 6, 2024

An analysis by the Washington Post found the generative AI chatbots from both companies can give tragically wrong tax answers.

Tax 111

Tax Washington Technology tax planning 111

CPA Practice

APRIL 15, 2024

Progress was cited in eliminating most of its tax return backlog, more on-time tax refunds, and improvements in customer service availability and responsiveness. Explosion in data sharing Tax agencies worldwide recognize the untapped potential of integrating new data sources into their processes. What has held them back so far?

Tax 115

Tax Kansas Real Estate Government 115

CPA Practice

APRIL 19, 2024

The new deduction is the result of Georgia’s 2019 abortion law, which allows expectant parents to claim an embryo or fetus as a dependent on their taxes. The exemption for 2022 was worth $3,000 per embryo or fetus, as it is for other minor dependents, which results in about a $170 tax benefit. Compared with Georgia’s $36.1

Georgia 85

Georgia Tax audit Washington 85

CPA Practice

FEBRUARY 2, 2024

By Katelyn Washington, Kiplinger Consumer News Service (TNS) The IRS has granted federal tax relief for taxpayers impacted by severe storms in parts of Rhode Island. The relief includes extensions for various tax payment and filing deadlines. 2023 quarterly estimated income tax payments normally due on Jan.

Rhode Island 113

Rhode Island Tax income tax tax return 113

CPA Practice

NOVEMBER 16, 2023

By Katelyn Washington, Kiplinger Consumer News Service (TNS) The federal estate tax exemption amount is going up again for 2024. A higher exemption means more estates may be exempt from the federal tax, which can save heirs from a hefty tax bill. million 2023 estate tax exemption amount). million (up from the $12.92

Tax 122

Tax Nebraska Kentucky Washington 122

TaxConnex

AUGUST 22, 2023

If you’re in this industry, the last thing you need added to your load is sales tax. Generally, a business in the construction industry is performing a service, and most services are excluded from sales and use tax. But sales tax has to be your concern if you engage in contracts in different states. Tax-exempt entities.

Construction 130

Construction Sales South Dakota Tax 130

TaxConnex

MAY 30, 2023

You know all about reaching sales tax nexus: selling enough or having a physical presence in a tax jurisdiction sufficient to create a connection with that jurisdiction and create an obligation for you to collect and remit sales tax. Sales tax isn’t getting any easier. But business and sales patterns change over time.

Sales 130

Sales Michigan Tax Wisconsin 130

Accounting Today

JANUARY 10, 2024

The Washington, D.C., Attorney General's office accused the tax prep chain of illegally overcharged thousands of residents and misleading consumers.

Tax 89

Tax Washington income tax 89

TaxConnex

AUGUST 15, 2023

There’s always something changing in the world of tax, especially sales tax. Midyear sales tax. The Tax Foundation released its “State and Local Sales Tax Rates, Midyear 2023” report of the 45 states (and the District of Columbia) that collect statewide sales taxes and the 38 states where local sales taxes are collected.

Sales 130

Sales Tax Alabama Texas 130

CPA Practice

MARCH 8, 2024

By Joy Taylor, Kiplinger Consumer News Service (TNS) Taxes will be center stage in 2025 and 2026. Much of the 2017 tax law expires after 2025. These include lower tax rates, a bigger child credit, higher standard deductions, and larger lifetime estate and gift tax exemptions. Lawmakers are loath to hike the federal debt.

Tax 111

Tax income tax Washington Start-ups 111

TaxConnex

AUGUST 30, 2022

Many tech companies consider themselves a service provider exempt from sales and use tax. But the 2018 Wayfair decision expanded the definition of nexus and and more of these businesses are now subject to sales and use tax collection, including on one of their product staples: apps. What about the sales tax?

Sales 188

Sales Tax Wisconsin Massachusetts 188

TaxConnex

MAY 23, 2023

Last time we looked at a sample of the strange sales tax laws regarding food, including a sliced bagel in New York. If only that was the only complex category concerning sales tax. Diapers and groceries are taxed in Hawaii, Idaho, Utah, Kansas, Missouri, Oklahoma, Arkansas, Tennessee and Alabama, Mississippi and South Dakota.

South Carolina 130

South Carolina South Dakota Sales Montana 130

TaxConnex

APRIL 4, 2024

Now, almost six years after the landmark Wayfair case ignited sales tax obligations for more remote sellers, one of those numbers might be falling out of favor. Since the Supreme Court’s decision in 2018, almost all states with economic nexus opted to have dollar volume of sales as one trigger for sales tax obligations.

South Dakota 206

South Dakota North Dakota Wisconsin Iowa 206

TaxConnex

JANUARY 26, 2023

There’s always something changing in the world of tax, especially sales tax. Gary Bingel, partner-in-charge for state and local taxes in accounting firm EisnerAmper’s State and Local Tax National Tax Group, made several predictions for 2023 in sales and other taxes. Crystal ball time. Oneida, N.Y.,

Sales 130

Sales Tax Arkansas Missouri 130

CPA Practice

AUGUST 4, 2023

Working with closely held companies, nonprofit organizations, and individuals in service areas of assurance, tax and consulting, Frost & Company has deep industry experience in construction, health care, professional services, nonprofits, and real estate.

cpa firm 52

cpa firm Washington CPA Real Estate 52

TaxConnex

NOVEMBER 8, 2022

How does sales tax fit into this? Sales tax when dollars and other “fiat money” are involved is clear: there is no sales tax due when acquiring the currency, and the currency can be used as legal tender to satisfy the purchase price of goods and services including any applicable sales tax due on the purchase price.

Sales 130

Sales Tax Wisconsin Kentucky 130

TaxConnex

AUGUST 17, 2023

When it comes to sales tax, “manufacturing” is often defined as a physical application of materials and labor to change the characteristics of tangible personal property (TPP). Seems clear, but what about your tax obligations and exemptions? Different states can treat consumables differently for sales tax purposes.

Manufacturing 130

Manufacturing Sales Tax Vermont 130

ThomsonReuters

JULY 10, 2023

Jump to: What is use tax? Sales tax vs. use tax Summary Sales tax and use tax are important sources of revenue for the government but properly calculating, collecting, and reporting these taxes can quickly get complicated. What is use tax? How does use tax work? What is nexus?

Tax 98

Tax Massachusetts Washington South Dakota 98