Tax Publications


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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Costly Sales Tax Mistakes Businesses are Making During COVID-19: Part 3

Posted on October 26, 2020. Category: Tax Publications

The COVID-19 pandemic has been and will be remembered as one of the most impactful global events of our era. An unprecedented challenge was thrust upon the medical, government, and business community that will clearly change many of the behaviors of our society in the long run.As businesses worked quickly to adapt, one of the last issues many of them considered was compliance with state and local sales tax.In Part’s 1 and 2, we talked about how remote employees and increased remote sales contribute to a larger sales tax nexus footprint, obligating more business to collect and remit...

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Costly Sales Tax Mistakes Businesses are Making During COVID-19: Part 2

Posted on October 19, 2020. Category: Tax Publications

The COVID-19 pandemic has been and will be remembered as one of the most impactful global events of our era. An unprecedented challenge was thrust upon the medical, government, and business community that will clearly change many of the behaviors of our society in the long run.As businesses worked quickly to adapt, one of the last issues many of them considered was compliance with state and local sales tax.In Part 1 of this article, we talked about how remote workers can create sales tax collection obligations for businesses through traditional nexus. In Part 2, we discuss the impact of economic...

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Costly Sales Tax Mistakes Businesses are Making During COVID-19: Part 1

Posted on October 09, 2020. Category: Tax Publications

The COVID-19 pandemic has been and will be remembered as one of the most impactful global events of our era. An unprecedented challenge was thrust upon the medical, government, and business community that will clearly change many of the behaviors of our society in the long run.When state enforced lockdowns and the advice of medical professionals globally forced the ceasing of business as usual for industries across the country, businesses both large and small were left with one choice: adapt or die.In an inspiring display of free market forces, most businesses chose to adapt and did so quickly....

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Is Waste Sorted Today?

Posted on August 24, 2020. Category: Logistics Publications, Tax Publications, Trade Publications

Did you know that since July 1, 2019, garbage classification went live in Shanghai? Shanghai city is the 1st city in China to start garbage classification. Based on Shanghai’s classification standards, all waste is classified to these categories: hazardous waste, recyclable waste, household food waste, and residual waste. All citizens can be informed of this process with a leaflet and handbook from their neighborhood committee.This information is also broadcast on television.My daughter, who is 5 years old, learned about garbage classification from her teacher in kindergarten. I am surprised that she knows quite well how to sort our...

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Upcoming Sales Tax Holidays 2020

Posted on July 28, 2020. Category: Tax Publications

Sales tax holidays or tax-free weekends is a time that many consumers look forward to each year. Typically, these holidays will correspond with the start of the new school year. During this time, some states will remove the sales tax requirement from the purchase of items usually used in the upcoming school year. These purchases can include clothing, footwear, personal computers, and school supplies. Some states may also provide exemptions on additional items such as bedding or emergency preparedness items.Each state will publish specific rules and regulations for qualifying items. It is important for taxpayers and consumers to be...

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