The Evolution of Nexus and its Implication for Income Tax
Although Wayfair was strictly a sales tax case, states have also begun to assert economic nexus for income tax purposes. Unlike sales tax, currently only a handful of states...
Tax
Taxpayers with Balances Due Have Been Put on Notice By the IRS
The CP14, which is required by law to be issued within 60 days after the IRS assesses a tax liability, is the most common IRS notice sent to taxpayers, according to the Taxpayer Advocate Service, and requests payment within 21 days. The reason why taxpayers have a balance due can be related to a number of issues, such as failing to report some income or failing to pay a balance in full, Tiffany Gonzalez, CPA, CEO of Miami-based accounting firm Accounting to Scale, stated last week on LinkedIn.
Are You Ready for New 1099-K Rules?
It used to be that receiving a Form 1099-K was relatively rare. The form, technically known as Form 1099-K Payment Card and Third-Party Network Transactions was used to report payments received from various third-party resources. Prior to 2022, the monetary threshold to receive a 1099-K was $20,000, with 200 sales-related transactions required. Both requirements had to be fulfilled in order to receive a 1099-K.
Report Shows Trends Affecting Firms
Practice management is the heart and sole of an accounting firm, handling everything from initial client contact to managing workflow, to properly tracking hours and billing clients. When asked, here’s what respondents said were their biggest practice management challenges in 2021.
RUN Powered by ADP Payroll for Partners
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Sabrix — Sabrix MTS
5527 characters 866-472-2749 www.Sabrix.com Sabrix MTS (Managed Tax Service), which was acquired by Thomson Reuters in late 2009, is an advanced managed outsourced sales and use tax solution for companies with medium- to high-volume sales tax compliance needs and is best suited for companies that prefer to completely outsource the sales and use tax process. […]
Avalara — AvaTax OnDemand
5638 characters 877-780-4848 www.Avalara.com Avalara is a developer of a wide range of sales and use tax systems, exemption certificate management utilities and related services. The company’s flagship automated sales and use tax system, AvaTax OnDemand, provides a web-based database of sales tax rates, rules and special taxation issues that integrates with a business’ accounting, […]