Tax Publications

The Great Nexodus: States Begin Abandoning Click-Through Nexus, Affiliate Nexus & Notice and Reporting Requirements

Posted on March 19, 2021. Category: Tax Publications

While economic nexus stole the nexus crown from physical presence, other nexus types are still in play even as the great nexodus unravels in state legislative houses. Businesses, in seeking to get their hands around economic nexus and strategizing to minimize tax liabilities and responsibilities, should take a step back to look at the forest of sales and use tax changes that continues to grow by the day. A survey of the full sales tax landscape reveals that while economic nexus is king, a groundswell of change is occurring with nexus types of click-through nexus and affiliate nexus as well...

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Comptroller of Maryland Extends Certain 2021 Tax Deadlines

Posted on March 15, 2021. Category: Tax Publications

Tax Alert 01-06-21 issued by the Comptroller of Maryland has extended due dates for certain tax types to assist individuals and businesses impacted economically by the Covid-19 pandemic. This is a similar extension to what was granted by the state of emergency issued by Governor Lawrence J. Hogan, Jr on March 5, 2020.The new extensions will only apply to tax types handled by the Comptroller of Maryland with original filing and payment deadlines from January 1, 2021 through April 14, 2021. Below is a summary of tax types where these extended deadlines have been granted. The full Tax Alert issued by Comptroller, along with...

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Can My Business Accept Cryptocurrency?

Posted on March 10, 2021. Category: Tax Publications

How blockchain payment technology is infiltrating core business practices and ways we can maintain tax compliance with its useCryptocurrency is a decentralized, digital form of currency that is designed to work as an alternative payment medium based on quickly emerging blockchain technology. Although there are over 5,000 different cryptocurrencies in circulation, Bitcoin is the most popular among these digital currencies and is the fastest-growing one to date considering the volume of trading and price valuation increases. Based on such characteristic’s cryptocurrency is seen as an investment capital asset, more akin to corporate stocks, rather than as a form...

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Voluntary Compliance Program For Retailers With Inventory in Pennsylvania

Posted on March 05, 2021. Category: Tax Publications

How Pennsylvania’s 90-Day Voluntary Compliance Program Can Save Your Business Years’ Worth of Taxes and PenaltiesThe Pennsylvania Department of Revenue is offering a limited time Voluntary Compliance Program for retailers who have inventory or store property in the state but are not registered to collect and remit Pennsylvania taxes. This program, which runs through May 8, 2021, offers a limited lookback period with tax and penalty relief when the business becomes and remains compliant.Businesses may choose to participate in the program and become qualified for the relief provided by completing the Physical Presence Activity Questionnaire either online...

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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...

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New 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...

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Nevada 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...

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Red 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...

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Alabama 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...

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Consumer’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...

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