Preparing for Multi-State Income Tax Returns in 2021
Summary: If you remit sales tax in a state, you might owe income tax in that state as well. Check with your CPA to determine if you owe income tax in a state to avoid substantial penalties later on.It's that time of year when it is important to contact your CPA...
How to Comply with Puerto Rico’s Notice and Reporting Requirements
Summary: This blog post will provide you with the information and access to the tools you need to comply with Puerto Rico’s Notice and Reporting requirements. Does Puerto Rico Have Economic Nexus Requirements? As of the publication of this blog, Puerto Rico does not...
State-by-State Guide: How to Get a Sales Tax Resale Certificate in Each State
What Is a Resale Certificate? A resale certificate is a tax form that you can provide to your supplier in order to purchase inventory tax-free (assuming you are reselling the inventory to customers, of course!). This means that if you have the proper documentation,...
How Sales Tax Remittance Impacts the Business Sale Process
Summary: If you’re ever planning on selling your business, you can protect your business’s future valuation by collecting and remitting sales tax now. A messy sales tax picture can slow or even stall the sales process, or even result in a reduced...
State-by-State Guide: Which States Require Sales Tax on Vitamins and Dietary Supplements?
Which States Require Sales Tax on Vitamins and Dietary Supplements? Determining which states require sales tax on vitamins and dietary supplements is not always a straightforward process. Although states differ in the definition of dietary supplements and vitamins,...
CBD Sales Tax State-by-State Guide: Which States Require Sales Tax on Cannabidiol (CBD)?
Which States Require Sales Tax on Cannabidiol (CBD)? Thankfully, sales tax on Cannabidiol (CBD) is pretty straightforward. Most states allow you to sell CBD products as long as they are properly labeled and meet other requirements (like being extracted from hemp...
Should Your E-Commerce Business Get a Sales Tax Permit in Puerto Rico?
Summary: A mix of considerations, getting a sales tax permit in Puerto Rico is not as straightforward as it sounds. Read on for more information about the business decisions involved and whether it makes sense for your company to get a sales tax permit in Puerto...
Louisiana’s Economic Nexus Law Explained
Summary: Louisiana's economic nexus bill, effective July 1st, 2020 requires out-of-state businesses without a physical presence to register to collect and remit sales tax if they have over $100,000 in sales of tangible personal property, products transferred...
States Where Sales Tax Notice and Reporting Requirements Still Matter (Regardless of Economic Nexus Thresholds)
Summary: Even if your business has not crossed economic nexus thresholds, some states have sales tax Notice and Reporting Requirements with significant penalties. You can protect your business by registering for a sales tax permit if you’ve crossed the Notice and...
Sales Tax on Rentals and Leases of Tangible Personal Property
Summary: This blog discusses the state-by-state intricacies of sales tax in regards to rentals and leases of tangible personal property. Please Note: If you are renting or leasing vehicles, machinery, heavy-duty equipment, or lodging, then this blog post is not for...
How to File and Pay California’s Annual LLC Fee
Summary: Any LLC doing business in California that has over $250,000 in gross income attributable to California must pay an annual LLC fee. Although this tax is not technically a gross receipts tax, the amount due is based on gross income attributable to California....
States with No Sales Tax
Summary: This blog identifies 5 states with no sales tax and what that really means. What is sales tax and why is it imposed? That is a good question. Sales tax is basically a tax that is imposed by the government to help raise revenue. Currently, there are...
