FLORIDA – The Sunshine State has just announced sweeping sales tax exemptions for a slew of products your company may need that are related to disaster preparedness and certain skilled trades. The exemptions are part of a significant tax package signed into law by the governor on May 6, 2022. Here’s what you need to […]
Prepare your finance staffers now: Year-end may soon look different than it has in the past, thanks to the just-signed Taxpayer First Act.
What one word best describes the 2013 tax season? Chaotic? Uncertain? Worrying? All of the above?
Reminder: The location of your independent contractors or remote employees can create nexus for you in various states. One taxpayer learned this the hard way after being assessed for sales tax in Arkansas, according to Allyn Tax News. Although an employer claimed it didn’t have nexus in the state since it had no physical presence […]
Your employment tax returns may have been among the millions of unprocessed forms identified in a recent audit of IRS (yes, even IRS gets audited). Topping the list of unprocessed business tax returns? Form 941 and other forms in the 94x series – with 5,497,383 paper employment tax returns on hold as of Dec. 31, […]
Your company may benefit from the temporary 100% business deduction for food or beverages from restaurants, and A/P and Payroll hold key information that can help. By way of reminder, the Taxpayer Certainty and Disaster Relief Act of 2020 bumped up the business deduction from 50% to 100%. The law allowed only a temporary increase, […]
Improper claims of business tax credits has made IRS’s list of “Dirty Dozen” scams for several years now, including last year. So, don’t forget to dot your i’s and cross your t’s on this one. A research and development (R&D) tax credit is allowed under Internal Revenue Code Sec. 41 with proper documentation. That’s according […]
Keep an eye on any online purchases you’ve made in the past several years in Massachusetts. They may end up being subject to retroactive sales and use tax pending a state Supreme Judicial Court decision. The state’s high court has accepted an appeal request from an online retailer in a case to define what establishes […]
HB 791 updates the definition of a taxable “digital product” in Maryland. And good news: Computer software and other services your company may purchase won’t be taxable once the bill’s in effect. Effective July 1, 2022, the following applications are specifically not subject to sales and use tax, per the bill: A product with electrical, […]
Several natural disasters have translated into federal disaster tax relief for employers in seven states. IRS has pushed back both filing and payment deadlines. First, for businesses hit hard by Hurricane Ida last summer, the Taxman recently handed out an additional six weeks to meet federal tax deadlines. IRS announced that businesses in six states […]
IRS needs to make some significant improvements if it wants to boost businesses’ rates of e-filing. That’s according to the latest annual report from the Electronic Tax Administration Advisory Committee (ETAAC). Each year, ETACC makes recommendations to the Service for changes it needs to make to modernize operations and make tax filing smoother for both […]
Give Payroll the heads up: There’s a chance the unemployment tax rate could change. Here’s why. States that had outstanding federal unemployment trust fund account loan balances as of Jan. 1, 2021, and Jan. 1, 2022, are at risk of a Federal Unemployment Tax Act (FUTA) increase for tax year 2022 of 0.3% (or approximately […]
Now that IRS has released Form 940 for 2021, employers can begin preparing their federal unemployment tax returns. Employers have until Jan. 31, 2022 to file the form and deposit or pay any FUTA tax due. For 2021, there’s only one “credit reduction state,” according to the Form 940 instructions, which IRS posted on its […]
MISSOURI – When claiming tax exemptions for purchasing supplies or equipment, it’s important to meet all the requirements for the exemption – including location-based ones. Engineering and architectural firms can purchase computers, software or computer security systems without paying sales and use tax. One such firm had multiple locations, including an international office, and they […]
Be careful with the features included in online training for workers in Texas. Purchasing certain features may make the software subject to sales and use tax. That’s according to a recent private letter ruling issued by the Texas Comptroller of Public Accounts. The letter ruling discusses a company that provided clients with various online learning […]
Beginning with the 2022 benefit plan year, there are some changes your Benefits people need to be aware of for filing Form 5500, Annual Return/Report of Employee Benefit Plan, and Form 5500–SF, Short Form Annual Return/Report of Small Employee Benefit Plan. On May 20, IRS, the Dept. of Labor (DOL), the Treasury Department and the […]
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