Unfortunately, many taxpayers often visit year-end tax planning strategies after the New Year or when April 15th approaches. Before you say goodbye to 2014, there are several tax savings strategies that you may be able to implement now. If you wait until after December 31st, it will be too late. Read More.
State regulators are now collecting nearly $400 billion in sales tax as compared to 2003 when states collected just over $250 billion. This growing trend is a consequence of complex regulations, new business models and technologies. Companies of all sizes need to have appropriate reporting processes in place to meet state sales tax regulations. To better understand these sales tax issues and the businesses that need expertise, we’ve analyzed our clients’ sales tax questions in this report. Read More.
Tax planning over the long-term should not just focus on your projected income in relation to expenses. Rather, the timing for the payment of those expenses in itself can easily yield thousands of dollars in tax savings. So, what is this lesser-known tax planning technique? Read More.
This past year we received over 850 state tax questions related to employees living in one state, but working in another. The big concern is that they will have to file and pay taxes in both states. Fortunately, some states have reciprocal agreements in place to alleviate this tax burden. Read More.
Most businesses are well aware that their company may have to collect state sales tax if they have tax nexus. This may mean that the business has a physical location in the state, employees work within that state, and there is significant business being conducted within those borders. If your business does have nexus within a particular state, there could be long-term tax implications for doing business there. For instance, some states have implemented trailing sales tax nexus rules which require business to collect sales tax even if they no longer have tax nexus. Is your business liable for trailing sales tax nexus? Read More.
States auditors continue to crackdown on “out-of-state” businesses that are not compliant with their local state sales tax laws. The motive is quite clear as it is estimated that over $23 billion of sales taxes remains uncollected each year. Given that backdrop, it would be prudent to ensure that your business is following all state and local sales tax laws. This is especially important for businesses that have independent sales representatives located in different states throughout the country as this is an area that is often misunderstood. Read More.
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