Tax Publications


One Reason Your Business is not Operating as Effectively as It Should

Posted on August 10, 2021. Category: Tax Publications

What are Workplace Procedures?An organizations’ procedures are the standardized methods of which to tackle regularly recurring tasks which require accuracy and attention to detail. Across all industries, employers and employees alike do not have systems in place to track and maintain the proper office procedural organization to the degree their company truly needs In recent years, a trend has emerged where streamlined procedures have become frowned upon, in efforts to create free-flowing work environments. However, industries that depend on efficiency and client-oriented results, should re-evaluate their processes to make sure nothing is slipping through the cracks. Doing so...

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Unclaimed Property:  Why Every Business Should Know Who They Owe and Who Owes Them

Posted on August 05, 2021. Category: 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’s been no activity or contact with you (by the holder) for one year or more.  There are a myriad of types, but the most common for individuals are uncashed payroll checks, forgotten bank accounts, and non-refunded utility security deposits.  For businesses, uncollected vendor payments and tax refunds top the list. Every U.S. state, the District of Columbia, Puerto Rico, the U.S. Virgin Islands,...

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Bundled Transactions: 5 Steps to Determining Taxability

Posted on August 03, 2021. Category: Tax Publications

What Is a Bundled Transaction?A bundled transaction is the retail sale of two or more products in which (1) the products are distinct and identifiable and (2) the products are sold for one non-itemized price. The reason this matters to businesses is that, if a bundled transaction includes a taxable product, then the entire transaction could become taxable. The 5-step process below will help you determine whether that is the situation for a particular bundled transaction although there are variances in each state’s individual application of these concepts.“Products” recognized for the purpose of a bundled transaction...

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Three Tax Aids Available to Montana Wildfire Victims

Posted on July 29, 2021. Category: Tax Publications

Our hearts go out to all those in Montana who have been impacted by the recent wildfires. The state of Montana offers tax relief for citizens that have been impacted in the form of extensions and reductions.The below links direct you to the Montana Department of Revenue website and offer information on eligibility and instruction on how to pursue the exemption. The options offered are -Natural Disaster Income Tax ExtensionYou may qualify for an extension for filing income tax if you or your business was impacted by a federal disaster.Natural Disaster Property Tax ReductionProperty and...

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Ruling Affirmed: Tax Exemption for Ohio Property Rented on Airbnb Properly Denied

Posted on July 27, 2021. Category: Tax Publications

The Ohio Board of Tax Appeals has ruled that the Tax Commissioner appropriately denied a real property tax exemption on a portion of a property that the owner rents out on Airbnb.The facts of this appeal are quite interesting when looked at collectively. The property in question is a nature center, and as described in the appeal:The subject property consists of a dwelling and approximately five acres of land. Appellant uses the property for educational programs, hiking, nature study, and other purposes open to the public. All such programs are provided to the public without regard to the...

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When Can Your Business Start Summer Cleaning?

Posted on June 24, 2021. Category: Tax Publications

OverviewMost professionals get to engage in “Spring Cleaning”, however, those going through tax season are not afforded that luxury, they must wait for Summer!Keeping adequate records is of the utmost importance for a business, but how long should a business retain different types of records related to sales tax? As is often the answer in sales tax, it depends. Some types of records should be kept indefinitely, while other types of records should be retained according to the potential liability exposure should the records be deemed inadequate. The type of sales a business is making, as...

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Taxable Values: Don’t Be Afraid to Appeal

Posted on June 15, 2021. Category: Tax Publications

Taxable Values OverviewEvery year companies must file business personal property returns to the various local taxing authorities where they hold assets. These returns determine the taxable values that those authorities use to calculate your annual business property tax. Most jurisdictions, upon receipt of the return, calculate an assessment or taxable value and generate a notice that they mail to the various businesses. This amount is then applied to the authority’s tax rate to give you your tax amount for the year. It is vital for a business to know and understand how that amount is determined so...

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Massachusetts Takes a New Approach to Sales Tax Deadlines

Posted on June 02, 2021. Category: Tax Publications

Beginning on May 1st, the due date for sales and use tax returns for the state of Massachusetts changed from the 20th to the 30th day of the month.  For example, a return for the period beginning on April 1, 2021, will now be due on May 30th, instead of May 20th.  This applies to monthly, quarterly, and annual filers. Since there are only 28 days in February, the 30-day deadline pushes the due date for January returns into March, contrary to the approach of most other states. In standard years, returns will be due on March 2nd. During leap...

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Louisiana Aims to End the Madness Surrounding their Sales Tax System with House Bill 199

Posted on May 31, 2021. Category: Tax Publications

Louisiana is one of the few states with what is known in the sales tax industry as home rule jurisdictions.  In addition to a state sales tax that is levied and administered by the state, cities, counties and other local jurisdictions can levy and administer their own sales tax rates and rules.  This can create complications and confusion for businesses.  Current legislation aims to simplify Louisiana’s sales tax system.  House Bill 199 is a constitutional amendment that would consolidate collections and administration of sales and use taxes at the state level under one entity called...

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Kansas Passes Economic and Marketplace Nexus Provisions Despite Veto Efforts

Posted on May 27, 2021. Category: Tax Publications

Governor Laura Kelly of Kansas vetoed a tax bill that contained regulations for remote sellers and marketplace facilitators, including setting a threshold for out-of-state sellers in order to establish economic nexus. The Kansas House and Senate overrode this veto in early May and passed the bill, becoming effective on July 1, 2021.Kansas was unique in their provisions for remote sellers, as they were one of the few states to require all sellers to register for a sales tax permit, regardless of the number or value of sales in the state. Senate Bill 50 provides that remote sellers and marketplace facilitators will only...

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