Insights

Tax Publications

What’s in a Name? That Which We Call Sales Tax

December 18, 2019.
Tax Publications

Sales Tax is defined as a tax on the sale, transfer, or exchange of a taxable item or service. It is generally added to the sales price and charged to the purchaser or ultimate consumer. This form of taxation can be traced back to the 1930’s as a way...

FREE MONEY! UNCLAIMED PROPERTY

December 09, 2019.
Tax Publications

Unclaimed Property (also known as abandoned or escheat property) is exactly that – money or tangible assets that belong to you, but are viewed as “abandoned” because there has been no activity or contact with you by the holder for one year or longer. There are...

Wayfair Impact on Exemption Certificate Management

September 10, 2019.
Tax Publications

If preparing, issuing, collecting, verifying, and storing exemption or resale certificates for exempt sales made in the US was not a daunting task previously, it most certainly is now. Just over a year after the Wayfair decision that rocked the sales tax world, businesses are now faced with a myriad...

Manufacturing Exemptions & Incentives

August 12, 2019.
Tax Publications

Across the United States, sales tax regulations and exemptions are determined by each individual state. Exemptions can range from a single item being considered non-taxable to an entire transaction exemption because of how the purchase is used by a business. States look to manufacturers as a means of boosting their...

Take Back What's Yours

June 20, 2019.
Tax Publications

Performing a reverse tax audit can be a rewarding way for companies to identify and recover overpaid sales and use taxes. The word “audit” may be received with negative feelings within some companies and perhaps reflected upon with frustration and avoidance. Nobody likes the idea of having to...

Snack Time or Tax Time?

June 19, 2019.
Tax Publications

Most states do not impose sales tax on the purchase of grocery items. However, items that are considered sold for on-premises or for immediate consumption are generally taxable items. The following chart depicts a list of states that charge tax on grocery purchases: Alabama, Arkansas, Hawaii, Idaho, Illinois, Kansas, Maryland,...

Tax the Taxpayers

June 12, 2019.
Tax Publications

Creating and submitting tax returns could be provided as an externally sourced service to your company by local firms, accountants and CPA’s, or other US tax service providers or professionals. Early this year, Utah’s Legislature proposed a levy on sales tax on multiple services, including accounting...

Tax Collector's Error and Taxpayer's Responsibility

June 11, 2019.
Tax Publications

The Texas Court of Appeals recently dismissed the case of a taxpayer in Harris County Texas who sued several tax authorities. The taxpayer was seeking a refund for $17,861 of penalties and interest paid on overdue property taxes. The court stated that the individual failed to “plead facts within the...

"Systems are Currently Down"

June 10, 2019.
Logistics Publications, Tax Publications, Trade Publications

“Systems are currently down” is a common phrase. You might have seen or heard it before, maybe when ordering online or trying to get an ice cream at the drive-through. For many years, companies only had physical threats to worry about. However, new threats are always emerging. If...

Don't Let This Tax Break Blow By

May 15, 2019.
Tax Publications

On May 3, the 2019 Florida House Bill 7123 passed, bringing several tax savings to families and businesses across the Sunshine State. The bill is expected to save taxpayers over $120 million in taxes paid for these qualifying items in 2019. While the renewed “Back to School” Sales Tax Holiday has been long...

Reduce Your Inventory Taxes with Freeport Exemptions

March 07, 2019.
Tax Publications

In many localities across the US, moveable assets owned by a business are designated as tangible business personal property and taxed annually by the jurisdiction they are located in. This tax is known as the Business Personal Property Tax, and the type of assets considered as business personal property include,...

New York Takes a Bold Approach to Economic Nexus

March 07, 2019.
Tax Publications

The Department of Taxation and Finance for the state of New York amended its Sales Tax registration requirements as of January 1 for remote sellers within the state in response to the US Supreme Court case South Dakota vs. Wayfair. The new registration requirements take effect immediately, making NY the first...