Tax Publications

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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Missouri Poised to End Their Sales Tax’s Status as a Relic of a Bygone Era

Posted on May 26, 2021. Category: Tax Publications

Despite the hardships businesses have endured due to COVID-19, online retailers have performed evidently stronger than brick and mortar stores in recent years due to easier client accessibility and lower overhead costs. Missouri officials have taken note of this discrepancy and settled on a bipartisan vote to join the rest of the states in taxing online sales.After Florida passed their new economic nexus legislature, Missouri was the last of the states to have no regulation on out-of-state online sales. On May 14, 2021, the Missouri legislature voted to pass an online sales tax bill over to Gov. Mike Parson for signing....

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Maryland Updates Tax Rules on Digital Products

Posted on May 24, 2021. Category: Tax Publications

Effective March 14, 2021, Maryland’s Comptroller expanded the sales and use tax to digital products and digital code. Previously these items were not taxable because they were not in a tangible medium. Now regardless of whether they are downloaded or streamed, many products will be required to have tax applied to them. This has also caused them to revise the section on computer hardware and software. The sale of canned or commercial off-the-shelf software obtained electronically is considered a digital good and is now subject to tax. The applicable rate will be the state sales and use tax rate of 6%....

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The Four Aims of an Excellent Tax Consultant

Posted on May 20, 2021. Category: Tax Publications

An excellent business tax consultant is a business consultant first and a tax consultant second. This remains true whether they are an external consultant serving clients or an internal consultant serving a singular business in the day-to-day demands of a tax function.This does not mean that anyone with minimal knowledge of taxes but a great mind for business can be an excellent tax consultant – in fact, quite the opposite. A good tax consultant is someone who has the education and experience in tax issues to make critical decisions or recommendations for the business but is able to do...

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7 Excel Productivity Hacks You Need to Know

Posted on May 17, 2021. Category: Logistics Publications, Tax Publications, Trade Publications

Microsoft Excel is a key software that is especially relied upon by tax professionals who, despite seeing excellent innovations in tax technology in recent years, still rely upon Excel heavily to conduct their duties. This article from Allyn Tax’s business analyst team identifies some helpful tips and tricks you can use when working in Excel.Advanced SelectThis helps you make changes to a particular object in an entire sheet.Consider the below scenario where you would like to highlight the delayed status as red.Go to: Find & SelectClick Find. Type the item that you would...

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File Your Indiana Property Tax Returns Online this Year

Posted on May 13, 2021. Category: Tax Publications

The State of Indiana announced January 7, 2021 that they would be launching a new online portal (“PPOP-IN”) for completing and submitting business personal property tax filings for 2021. As of February 4, 2021, the Portal is live and accepting online filings.Who is impacted?Taxpayers: Any business or farmer that owns or holds personal property in Indiana.Authorized Agents: Individuals responsible for filing a business personal property filing on behalf of a business or farmer.County/Township Assessors: PPOP-IN routes the filing to appropriate assessor. Assessor(s) notified of submission via daily email.What are the benefits?The new, 24/7, self-service PPOP-IN portal...

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