In Case You Missed It: Last Week in Allyn Tax News (Nov 22)

Allyn Tax Fun Facts

Happy Monday! Are you ready for more Allyn Tax Fun Facts?

Pumpkins used for cooking may be tax-free, while pumpkins meant for decoration are often taxable. For example, in Iowa, you’ll be taxed on a pumpkin with no intention of becoming pie!

To learn more, ask an expert here: https://lnkd.in/eMTnUw3y

Take it Easy

The South Carolina Department of Revenue has issued a program guide for the Sales XML Program, which allows for the electronic payment and filing of sales and use tax, accommodations tax, and the maximum tax, in a large batch format. Electronic filing is required for taxpayers who have a liability of $15,000 or more during a filing period, or file accommodations tax or maximum tax returns. The Sales XML Program is currently designed for original returns only; amended returns cannot be filed via XML files. The guide discusses the ACH debit and credit payment options, filing requirements, and transmittal steps.

Drop Shipping Explained: A Beginner’s Guide to E-Commerce Success

As a company grows, managing every aspect of its operations can become increasingly challenging, especially when it comes to shipping. One way to ease this burden is by utilizing drop shipments. In a drop shipment transaction, a retailer or seller receives an order from a customer and forwards it to a third-party supplier, usually a manufacturer or wholesale distributor, who ships the goods directly to the end customer. The supplier bills the retailer at the wholesale price, and the retailer subsequently charges the customer the retail price. While drop shipments can be beneficial, it’s important to consider the tax implications before implementation.

Allyn’s tax professionals routinely research taxability issues and the tax implications therein for businesses paying sales tax in the U.S. We are experienced with scenarios in which tax implications can vary by jurisdiction, a common finding with drop shipments. We reduce the administrative burden our clients have with exemption certificate management by utilizing our own system to manage exemption certificates. Allyn can help your company reign in more complex situations by harnessing the knowledge and experience of our seasoned tax professionals. We can save you time, ensure timely, accurate filings and payments, and identify cost savings with our value-added services. Click the link to read more about the benefits of drop shipments: https://lnkd.in/epQJd9Wb

Tax Update in the Sunshine State

The Florida Department of Revenue has announced that, beginning January 1, 2025, there is a temporary suspension of two discretionary sales surtaxes levied in Hillsborough County. Dealers should temporarily stop collecting the Hillsborough County 0.5% indigent care surtax and the Hillsborough County 0.5% local government infrastructure surtax. However, dealers in Hillsborough County should continue to collect the 6% state sales tax and Hillsborough County 0.5% school capital outlay discretionary sales surtax for a combined tax rate of 6.5%. The end date for the suspension has yet to be determined and the Department will issue another publication to notify affected dealers when to resume collecting the suspended taxes.

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About Allyn International 

Allyn International is dedicated to providing high quality, customer centric services and solutions for the global marketplace. Allyn's core products include transportation management, logistics sourcing, freight forwarding, supply chain consulting, tax management and global trade compliance.  Allyn clients range from small local businesses to Fortune 500 firms. Allyn conducts business in more than 20 languages and has extensive experience in both developed and emerging markets. Highly trained experts are positioned throughout North America, Europe, and Asia. Allyn’s regional headquarters are strategically located in Fort Myers, Florida, U.S.A., Shanghai, P.R. China and Prague, Czech Republic. For more information, visit www.allynintl.com.