Tax Publications
Learn with Allyn Newsletter
Posted on February 25, 2021. Category: Logistics Publications, Tax Publications, Trade Publications
Curious about how container ports work?The way in which ports operate will differ grandly in function of their size, available equipment, and operating strategy – nevertheless, there are some commonly used operating methods some of which we attempt to bring to life in our simplified animation of a container terminal, container port, and some of its loading, unloading, and container storage activities.Check out our port animationIncoterms 2020 - 50% off until March 5thFor a few days, we are offering an exceptional 50% discount on our Incoterms training! This is on top of our global #stayputandlearn discount. Use the...
Read MoreNew Guidance for Marketplace Facilitators Making Sales to Illinois
Posted on January 18, 2021. Category: Tax Publications
The Illinois Department of Revenue issued a new bulletin effective January 1, 2021 providing additional guidance for marketplace facilitators. The bulletin supplements Informational Bulletin FY 2021-02.It advises that as part of the tax remittance threshold determination, marketplace facilitators must exclude the following types of sales, 1) sales for resale (see 86 Ill. Adm. Code 130.210) and 2) sales of tangible personal property that is required to be registered with an agency of Illinois (motor vehicles, watercraft, aircraft, and trailers).All sales other than the above, including sales exempt from tax, must be included in calculating the tax remittance thresholds.As marketplace facilitator sales are considered...
Read MoreNevada Tax Amnesty Program Begins this February
Posted on January 14, 2021. Category: Tax Publications
Who Qualifies and How Can you Benefit?Legislation has been enacted which requires the Nevada Department of Taxation to implement a tax amnesty program. Businesses and individuals doing business in Nevada, which currently have a tax liability, may want to take advantage of this one-time tax amnesty program. Taxpayers can remit delinquent taxes and Nevada may waive both penalties and interest which would normally be assessed. If the amount of delinquent tax is significant or dates back over prior years, this can result in significant savings to a business or individual. There are, however, a few requirements which must be...
Read MoreRed Flags that Lead to IRS Audits
Posted on January 11, 2021. Category: Tax Publications
To paraphrase Franklin Roosevelt, the only thing we have to fear is an audit. The most important thing to know about audits is that there is no guaranteed way to prevent one. Therefore, it should be no surprise that the most trusted way to prevent an audit is to ensure that your tax returns are filed timely, accurately, with integrity, and in accordance with sound accounting principles. Everything you do that causes your business to stand out increases your risk. Below I have listed several reasons that can trigger an audit and ways to minimize that risk.Extravagant ExpensesAre...
Read MoreAlabama Tax Relief- Hurricane Zeta
Posted on January 07, 2021. Category: Tax Publications
Who is impacted and what are the Benefits?The Alabama Department of Revenue announced January 5, 2021 that tax relief is available for businesses and individuals residing in 7 different Alabama counties if they were impacted by Hurricane Zeta. These are areas identified by the Federal government as disaster areas and include the following counties: Clarke, Dallas, Marengo, Mobile, Perry, Washington, and Wilcox. Qualifying taxpayers will be granted a tax filing extension and must file their tax returns by March 1, 2021. The Alabama Department of Revenue is also offering penalty relief for tax returns filed by this deadline. This can mean significant savings in...
Read MoreConsumer’s Use Tax vs. Seller’s Use Tax: Nearly Every Business owes Use Tax - do you pay yours?
Posted on January 07, 2021. Category: Tax Publications
Use Tax OverviewUse tax is defined as a tax on the storage, use, or consumption of a taxable item or service on which no sales tax has been paid. It is known as a complementary tax to sales tax and can be applied if a different state sales tax was charged at a lesser rate or if an incorrect rate is charged entirely. However, use tax will most often apply when a business makes a purchase from an out-of-state-seller that is not required to collect sales tax in the purchaser’s state. Use tax exists as a way...
Read MoreCostly Sales Tax Mistakes Businesses are Making During COVID-19
Posted on November 02, 2020. Category: Tax Publications
The COVID-19 pandemic has been and will be remembered as one of the most impactful global events of our era. An unprecedented challenge was thrust upon the medical, government, and business community that will clearly change many of the behaviors of our society in the long run.When state enforced lockdowns and the advice of medical professionals globally forced the ceasing of business as usual for industries across the country, businesses both large and small were left with one choice: adapt or die.In an inspiring display of free market forces, most businesses chose to adapt and did so quickly....
Read MoreCostly Sales Tax Mistakes Businesses are Making During COVID-19: Part 3
Posted on October 26, 2020. Category: Tax Publications
The COVID-19 pandemic has been and will be remembered as one of the most impactful global events of our era. An unprecedented challenge was thrust upon the medical, government, and business community that will clearly change many of the behaviors of our society in the long run.As businesses worked quickly to adapt, one of the last issues many of them considered was compliance with state and local sales tax.In Part’s 1 and 2, we talked about how remote employees and increased remote sales contribute to a larger sales tax nexus footprint, obligating more business to collect and remit...
Read MoreCostly Sales Tax Mistakes Businesses are Making During COVID-19: Part 2
Posted on October 19, 2020. Category: Tax Publications
The COVID-19 pandemic has been and will be remembered as one of the most impactful global events of our era. An unprecedented challenge was thrust upon the medical, government, and business community that will clearly change many of the behaviors of our society in the long run.As businesses worked quickly to adapt, one of the last issues many of them considered was compliance with state and local sales tax.In Part 1 of this article, we talked about how remote workers can create sales tax collection obligations for businesses through traditional nexus. In Part 2, we discuss the impact of economic...
Read MoreCostly Sales Tax Mistakes Businesses are Making During COVID-19: Part 1
Posted on October 09, 2020. Category: Tax Publications
The COVID-19 pandemic has been and will be remembered as one of the most impactful global events of our era. An unprecedented challenge was thrust upon the medical, government, and business community that will clearly change many of the behaviors of our society in the long run.When state enforced lockdowns and the advice of medical professionals globally forced the ceasing of business as usual for industries across the country, businesses both large and small were left with one choice: adapt or die.In an inspiring display of free market forces, most businesses chose to adapt and did so quickly....
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