Insights

Tax Publications

Personal Property Tax Audits: Common Triggers and How to Avoid Them

April 02, 2025.
Tax Publications

Most businesses operate in states where personal property is taxed, requiring them to file a return to report assets and pay their tax bill. Occasionally, they may receive a notice of a personal property tax audit. Like any other tax audit, these can be time-consuming and frustrating. While audits are...

Sales Tax vs. Use Tax: Do You Know the Difference?

March 05, 2025.
Tax Publications

Sales tax and use tax are both taxes imposed on the purchase of goods and services, but they apply in different circumstances. Sales Tax Sales Tax is defined as a tax on the sale, transfer, or exchange of a taxable item or service. It is generally added to...

Introduction to Nexus and State Tax Obligations

February 05, 2025.
Tax Publications

Nexus, within the realm of taxation, refers to the sufficient connection or presence that a business must establish with a state to be subject to its tax laws and regulations. This connection forms the basis for a state to impose tax obligations on a company’s activities. Understanding nexus...

Prepare Like a Pro: Organizing and Retaining Documents for 1099 Filing

January 02, 2025.
Tax Publications

Proper organization and retention of essential documents are critical for maintaining compliance, ensuring accuracy, and streamlining administrative processes. Establishing a systematic approach to document management not only saves time but also reduces the risk of errors or penalties due to missing or misplaced records. In this guide, we outline best...

In Case You Missed It: Last Week in Allyn Tax News (Dec 20)

December 20, 2024.
Tax Publications

Allyn Tax Fun Facts Happy Monday! Are you ready for more Allyn Tax Fun Facts? Live wreaths and garlands may be considered tax-exempt agricultural products in some states, but artificial versions are almost always taxable. To learn more, ask an expert here: https://lnkd.in/eMTnUw3y 12 Days of...

1099 Essentials: Key Concepts and Common Challenges

December 12, 2024.
Tax Publications

In the United States tax system, the 1099 form plays a vital role in ensuring accurate reporting of various types of payments made to non-employees, such as independent contractors, freelancers, and vendors. This form is named after Section 1099 of the U.S. tax code, which governs how these payments are reported...

Expanding to a New Location: Leveraging the Benefits of Freeport Exemptions

December 11, 2024.
Tax Publications

In light of the recent presidential election, president-elect Donald Trump has made a statement regarding the future of tariffs. He has expressed interest in increasing tariff rates up to 60% on items from China, and 10-20% on goods from other countries. For more information on these changes, please refer to Post...

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

November 22, 2024.
Tax Publications

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...

In Case You Missed It: Last Week in Allyn Tax News (Nov 11, 2024)

November 15, 2024.
Tax Publications

Allyn Tax Fun Facts Happy National Veteran’s Day! Are you ready for more Allyn Tax Fun Facts? Some states offer tax-free shopping days around Veterans Day for veterans and active-duty military personnel. For example, Louisiana has a “Veterans Day Sales Tax Holiday” where eligible veterans enjoy...

In Case You Missed It: Last Week in Allyn Tax News (Nov 8)

November 07, 2024.
Tax Publications

Allyn Tax Fun Facts Happy Monday! Are you ready for more Allyn Tax Fun Facts? In some states, candy is taxable, while in others, it’s exempt as a grocery item. The real twist? States like Illinois tax candy at a higher rate than other food items, unless it...

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

November 06, 2024.
Tax Publications

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...

In Case You Missed It: Last Week in Allyn Tax News (Nov 1)

November 01, 2024.
Tax Publications

Allyn Tax Fun Facts Happy Monday! Are you ready for more Allyn Tax Fun Facts? Some states tax costumes while others don’t. Massachusetts exempts children’s costumes but taxes adult ones. In New York, costumes priced over $110 are taxed as luxury items! To learn more, ask an...