Taxes

July 5, 2022 

Seattle's tax requires businesses with at least $7 million in annual payroll to pay between 0.7% and 2.4% on salaries and wages paid to Seattle employees who make at least $150,000 per year.

Taxes July 5, 2022 

The 2022 report groups a total of five recommendations into two sections: recommendations to Congress and recommendations to the IRS.

Isaac M. O'Bannon

Taxes June 30, 2022 

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...

Accounting June 27, 2022 

The Financial Accounting Standards Board (FASB) recently decided to tackle a project that could result in new rules being created on how companies should account for environmental credits, such as renewable energy credits and carbon offset credits.

Jason Bramwell

Taxes June 21, 2022 

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…

Jason Bramwell

June 21, 2022 

More than half of consumers surveyed now prefer to find new products in-store rather than online, according to a new report by 5WPR. They enjoy speaking with sales people, getting their hands on products, and simply basking in the in-store ambiance ...

Gail Cole

Taxes June 21, 2022 

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…

Mary Girsch-Bock

Sales Tax June 21, 2022 

Colorado’s new retail delivery fee applies to any retail delivery in the state that’s made by motor vehicle (including common carriers like FedEx and UPS) and contains at least one item of tangible personal property subject to the state sales or use tax. Since sales tax applies to sales of wine, the retail delivery fee applies…

Gail Cole

Sales Tax June 21, 2022 

More than half of consumers surveyed now prefer to find new products in-store rather than online, according to a new report by 5WPR. They enjoy speaking with sales people, getting their hands on products, and simply basking in the in-store ambiance that was closed to them for a time due to COVID-19. Likewise, more than 75% of…

Gail Cole

Taxes June 21, 2022 

Ordinarily, having an employee working remotely in another state would likely give your company nexus with that state. But after the pandemic hit, several states temporarily waived the enforcement of certain nexus laws. Indiana, Massachusetts, Mississippi, New Jersey, Pennsylvania, and Washington, D.C., were among the first to announce they wouldn’t treat working from home as a…

Gail Cole

Firm Management June 21, 2022 

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.

Mary Girsch-Bock

June 20, 2022 

With its new offering, Infrrd is promising its customers they can achieve unprecedented levels of success in the extraction and processing of data from within their documents. This is due to the powerful Artificial Intelligence (AI)-led capabilities found in Infrrd’s proprietary and patented technology. Infrrd’s IDP software platform, coupled with its team of data experts…