TaxConnex

MARCH 23, 2021

Companies that sell digital products in the U.S. 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% Generally, digital products are “intangible” and sent to your customers electronically. Contact us ?to

West Virginia 230

West Virginia Tax Maryland Montana 230

TaxConnex

MARCH 10, 2022

But what exactly is economic nexus – and, more importantly, have you kept up with its constant changes in the sales tax realm? Sales tax nexus is the connection your business has with a state or local taxing jurisdiction. that had a state-wide sales tax had enacted economic nexus. The back story.

South Dakota 189

South Dakota Sales Tax Maryland 189

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. Your sales tax obligation and liability begin with where you have nexus , a connection between your company and a taxing authority or jurisdiction.

Sales 184

Sales Tax North Carolina Mississippi 184

TaxConnex

MAY 4, 2023

Many tech companies consider themselves service providers, exempt from sales and use tax. In these cases, IP addresses have been used for sales tax in certain situations because it can be mapped to a physical address. Are IPs the future? But the same holds true for customers’ IP addresses.

Sales 130

Sales Tax Maryland Oregon 130

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. Each state sets its own sales tax rules, often with widely varying approaches.

Sales 187

Sales Tax Colorado New Jersey 187

TaxConnex

OCTOBER 18, 2022

Our Halloween-month look at tricky items for sales tax continues here with a few items it’s hard to live without…. Some states (of course) have special sales tax rules for clothing. California, Idaho and Tennessee exempt only clothing sales for some nonprofits, for example. Thirteen states tax groceries.

Rhode Island 130

Rhode Island Sales Tax South Carolina 130

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. The trouble for subscription-based sales is that every payment or renewal is tracked as a transaction, meaning you reach that transaction count much faster.

Sales 186

Sales Tax Gaming Start-ups 186

TaxConnex

APRIL 6, 2023

The 2018 Supreme Court Wayfair decision gave us a bright line standard for determining sales tax nexus: Generate a set amount of revenue in a state in a set amount of time and your company has to collect and remit the applicable sales tax. Managing sales tax is burdensome. Seems clear.

Technology 130

Technology Sales Tax tax return 130

Cherry Bekaert

FEBRUARY 22, 2024

As businesses in India are accustomed to the goods and services tax (GST) on their goods and services, the U.S. sales tax regime often mystifies international sellers. Both GST and sales tax are consumption-based taxes, but they differ in several important key areas: U.S.

Tax 87

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TaxConnex

JANUARY 12, 2023

It’s a fair bet, then, that sooner or later you’re going to be selling online into Puerto Rico, which has a sales tax. state with a sales tax has economic nexus thresholds – does Puerto Rico? Such companies must register with the Puerto Rico Department of Treasury and collect and remit Puerto Rico sales tax.

Sales 130

Sales Tax Real Estate Manufacturing 130

TaxConnex

JUNE 21, 2022

The Supreme Court Wayfair decision four years ago gave tax jurisdictions the sudden power to require countless companies to collect and remit sales tax. In many respects, Wayfair also opened the path to levying additional kinds of tax obligations on businesses that sell online as eCommerce becomes more and popular.

South Dakota 186

South Dakota E-commerce Alaska Missouri 186

TaxConnex

SEPTEMBER 23, 2021

There are over 500 subscription box services in the U.S. (a Niche products lead the industry, a fifth of total sales. 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? Transaction Count Growth.

Sales 168

Sales Tax E-commerce Retail 168

TaxConnex

DECEMBER 8, 2022

spares you the complexities and headaches of sales tax thresholds. And you’d be right – except that in many countries you’d instead run into value-added tax (VAT) on transactions. VAT is an indirect tax on consumption, ultimately payable by the final consumer of the goods or services. When Does VAT Apply.

Tax 196

Tax Transportation Sales Maine 196

TaxConnex

JANUARY 27, 2022

The explosion of the e-commerce market alone would’ve made handling sales tax obligations in-house tough. Due to all of the above, it’s hard to fill any position at this point, but a job with specific skills, especially with experience managing sales and use tax, can be downright impossible. Long term, U.S.

Sales 164

Sales E-commerce Tax Florida 164

MyIRSRelief

MAY 19, 2023

With this bustling economy comes a complex tax system, which can be overwhelming and confusing for many taxpayers. Whether you are a small business owner, self-employed, or an individual taxpayer, you may face tax issues such as tax audits, back taxes, and 941 payroll tax problems. Contact us for tax help today.

payroll tax 147

payroll tax New York audit payroll 147

DuctTapeMarketing

JULY 14, 2018

 Services Online Audit. Professional Services Marketing. Professional Services. Contact Us Contact Our Team. In today’s digitally forward world, small business owners need to leverage available technology as much as they can. Prepare the books for tax season. Strategy First. Website Review.

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Cherry Bekaert

JUNE 9, 2023

Contributors : Chris Grimes, Senior Manager, State & Local Tax | Peter Baisch, Senior Manager, State & Local Tax Georgia IRC Conformity and Section 174 On May 2, 2023, Georgia Senate Bill 56 was signed into law, which updated Georgia’s Internal Revenue Code (IRC) conformity date from January 1, 2022, to January 1, 2023.

Georgia 97

Georgia Tax Wisconsin Kentucky 97

Ronika Khanna CPA,CA

SEPTEMBER 28, 2023

The simple answer is that if you anticipate that your annual gross revenues (total sales) are going to exceed $30,000 and your products or services do not qualify as Exempt or Zero rated (explained below) , then you are required to register for GST/HST and collect sales taxes from your Canadian customers and clients.

quickbooks 98

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TaxConnex

OCTOBER 8, 2020

What’s an IP address and how can it influence your company’s need to collect and remit sales tax to states? When your customers access your website and make purchases, the customer is often providing a billing and/or shipping address which can be used to determine where sales tax applies. Tech on the forefront.

Sales 130

Sales Tax Texas Nevada 130

TaxConnex

JUNE 22, 2021

The years since June 2018 have been unlike anything in the history of sales tax. Supreme Court Wayfair decision three years ago empowered tax jurisdictions with the sudden authority to require thousands of companies to collect and remit sales tax. How has the sales tax landscape changed in just 36 months?

South Dakota 130

South Dakota E-commerce South Carolina Missouri 130

Cherry Bekaert

AUGUST 31, 2023

As digital business advancements help technology companies grow and expand, state tax authorities continuously develop new rules and regulations to keep up with the market. Contact Us The post Reduce Your Technology Company’s Sales Tax Risk appeared first on Cherry Bekaert.

Technology 52

Technology Sales Tax tax return 52

CPA Practice

JULY 11, 2023

in 2018, it expanded the complexity of sales tax obligations for many businesses. The ruling gave each state the green light to adopt its own economic nexus law, a tax collection obligation imposed on companies based solely on a certain level of economic activity within a state. Each state defines and taxes SaaS differently.

Technology 98

Technology South Dakota Tax sage accounting 98

Cherry Bekaert

JULY 14, 2023

Many of these startups are set up as pass-through entities (PTEs), which provide an easy conduit for one layer of flow-through taxation and often retain favorable exit opportunities from a tax perspective. As these startups grow and take on investors, it’s important that financial managers understand the state tax ramifications of growth.

income tax 97

income tax Technology Tax South Dakota 97

Ronika Khanna CPA,CA

SEPTEMBER 22, 2023

In addition to creating your core product or service , you also need to have a working knowledge of numerous other facets of business including marketing, IT, accounting and operations. This is especially true with respect to the more technical aspects of business such as accounting and tax. Digital Download Available at Amazon 1.

Tax 98

Tax income tax tax return accounting and finance 98

Withum

DECEMBER 14, 2023

Key Takeaways Standardization: The FASB’s guidance offers a unified approach to crypto accounting, acknowledging the growing role of digital assets in finance. Dynamic Impairment Model: The new rules allow for adjustments in the value of digital assets with market changes, ensuring more realistic financial reporting.

accounting standards 116

accounting standards Account accountant accounted 116

Withum

MARCH 17, 2022

Most tax accountants would not be described as “hip” and many struggle to be considered “tech savvy”. Even so, some of their clients’ needs are forcing them into a new world surrounding the exchange of digital assets. . Countless persons are looking for help and are shocked when they learn of their potential tax bills.

Gaming 125

Gaming tax accountant tax services Tax 125

TaxConnex

MARCH 23, 2023

After AT&T, I joined PharMerica as VP of technology services and was able to participate in synergy and transition planning for a large company merger including a public offering. After the deal closed, I shifted my focus to gain sales and marketing experience and joined CA Technologies as VP of the global customer success team.

Sales 130

Sales Tax Florida Start-ups 130

CPA Practice

JANUARY 17, 2023

Eide Bailly sees risk awareness driving growth in sales tax automation. Sales taxes continue to be one of the most dynamic and risk prone areas of business operations, particularly since so many businesses are still not fully aware of their compliance requirements. Nearly five years following the U.S. Wayfair, Inc.,

Technology 98

Technology Sales Tax South Dakota 98

Withum

OCTOBER 5, 2023

Department of the Treasury, in conjunction with the Internal Revenue Service (IRS), has unveiled new proposed regulations targeted at providing clarity in the rapidly expanding domain of digital assets 1. This will help streamline the reporting process, ensuring digital transactions align with conventional tax standards.

Real Estate 59

Real Estate tax return Tax Maine 59

Withum

DECEMBER 5, 2023

The world of digital assets and cryptocurrency has seen tremendous growth and innovation over the past decade, leading to an array of financial opportunities and complexities. As the adoption of digital assets continues to surge, the IRS and other regulatory bodies have been measured to provide clarity on the taxation of these assets.

Tax 52

Tax Real Estate Legal Sales 52

CPA Practice

NOVEMBER 29, 2023

There Are 2, No 3, Responsible Taxpayers in Every Sales Transaction The adoption of marketplace facilitator collection responsibilities has complicated sales tax reporting. Tangible personal property has been a cornerstone concept for both income taxation and sales taxation. Participants qualify for CPE and CLE credits.

New York 52

New York Tax Connecticut New Jersey 52

CPA Practice

JANUARY 31, 2024

a provider of cloud-based tax compliance automation for businesses, has launched its updated Avalara Partner Program to drive partner growth and alleviate the burden of tax compliance on businesses. Avalara, Inc. ,

Technology 59

Technology Tax Sales Account 59

Withum

APRIL 25, 2024

Many clients tell me that a problem they have with tax season is getting everything together and they wish they were better organized. Here are some easy ways to become better organized and also become more aware of your tax and financial situation. Also, set up a folder on your computer for digital data.

Tax 59

Tax tax return tax preparation Account 59

Withum

FEBRUARY 28, 2022

While the cryptocurrency markets experience volatility, NFT sales have skyrocketed over the past year, which has led to an increased interest in contributions of NFT charitable tokens (or proceeds from the sale of NFTs) despite the last month’s substantial decline in market value. The NFT as a Tax-exempt Organization Investment.

Non-Profits 131

Non-Profits Tax Sales Technology 131

Menzies

APRIL 12, 2024

In the ever-evolving landscape of ecommerce, the sector continues its upward trajectory, with global online sales consistently on the rise. CUSTOMER EXPERIENCE MANAGEMENT Providing seamless and personalised shopping experiences across multiple channels is essential for retaining customers and driving sales.

chartered accountant 52

chartered accountant Legal accounting firms Sales 52

Ronika Khanna CPA,CA

OCTOBER 5, 2023

Ensuring that you keep on top of your finances and tax obligations is among the most important of these tasks for which it is essential to have a system in place so that you can maximize tax deductions, minimize taxes payable and reduce amounts that you have to pay to CRA and RQ.

Tax 98

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Withum

OCTOBER 25, 2023

Since their creation in 2009, cryptocurrencies have been polarizing, especially when it comes to taxes, bringing both opportunities and challenges. Section 165(g) provides that if a security becomes worthless within the taxable year, the loss is treated as a loss from sale or exchange of a capital asset. On the other hand, IRC Sec.

income tax 112

income tax Tax Government Sales 112