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Archive for Jordan Perri

Costly Sales Tax Mistakes Businesses Are Making

Costly Sales Tax Mistakes Businesses Are Making

The 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. By the end of March 2020, a stunning number of businesses had employees working from home, restaurants were full curbside and delivery, retailers and customers were shifting to e-commerce in ways they were not previously, and everyone had ZOOM on their electronic devices.

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Comptroller Of Maryland Extends Certain 2021 Tax Deadlines

Comptroller Of Maryland Extends Certain 2021 Tax Deadlines

Written by Allyn Tax Author Meghan O’Hehir

Tax Alert 01-06-21 issued by the Comptroller of Maryland has extended due dates for certain tax types to assist individuals and businesses impacted economically by the Covid-19 pandemic. This is a similar extension to what was granted by the state of emergency issued by Governor Lawrence J. Hogan, Jr on March 5, 2020.

The new extensions will only apply to tax types handled by the Comptroller of Maryland with original filing and payment deadlines from January 1, 2021 through April 14, 2021. Below is a summary of tax types where these extended deadlines have been granted. The full Tax Alert issued by Comptroller, along with the detailed guidelines and qualifications for relief, can be located online at:  https://www.marylandtaxes.gov/forms/Tax_Publications/Tax_Alerts/Tax-Relief-Tax-Alert-Jan2021.pdf

  • Sales and Use Taxes
  • Withholding Taxes
  • Admissions and Amusement Taxes
  • Alcohol Taxes
  • Tobacco Taxes
  • Motor Fuel Taxes
  • Tire Recycling and Bay Restoration Fees
  • Corporate and Pass-Through Entity Income Taxes
  • Individual and Fiduciary Declaration of Estimated Income Taxes

Tips for the Taxpayer

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Pennsylvania’s Tax And Penalty Relief Program For Inventory

Pennsylvania’s Tax And Penalty Relief Program For Inventory

How Pennsylvania’s 90-Day Voluntary Compliance Program Can Save Your Business Years’ Worth of Taxes and Penalties

Written by Allyn Tax Author Eleene Ismail

The Pennsylvania Department of Revenue is offering a limited time Voluntary Compliance Program for retailers who have inventory or store property in the state but are not registered to collect and remit Pennsylvania taxes. This program, which runs through May 8, 2021, offers a limited lookback period with tax and penalty relief when the business becomes and remains compliant.

Businesses may choose to participate in the program and become qualified for the relief provided by completing the Physical Presence Activity Questionnaire either online or by mailing a paper copy.  After this submission, the PA Department of Revenue will review the BAQ and contact the business to discuss steps to become compliant. Taxpayers that are then qualified and approved for this program will not be liable for any taxes owed prior to January 1, 2019. Additionally, taxpayers will also be relieved of penalties for any such taxes which were due January 1, 2019 or after.

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Can My Business Accept Cryptocurrency?

Can My Business Accept Cryptocurrency?

How Blockchain Payment Technology Is Infiltrating Core Business Practices And Ways We Can Maintain Tax Compliance With Its Use

Written by Allyn Tax Author Eleene Ismail

Cryptocurrency is a decentralized, digital form of currency that is designed to work as an alternative payment medium based on quickly emerging blockchain technology. Although there are over 5,000 different cryptocurrencies in circulation, Bitcoin is the most popular among these digital currencies and is the fastest growing one to date considering the volume of trading and price valuation increases. Based on such characteristics cryptocurrency is seen as an investment capital asset, more akin to corporate stocks, rather than as a form of legal tender. This perspective shifted in recent weeks as large corporations including Tesla, MasterCard, Home Depot, AT&T, and BNY Mellon are making strides to accept Bitcoin as a payment option for their goods and services.

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The Third Sales Tax Mistake Businesses Made In 2020: Exemption Certificates (Part 3 of 3)

The Third Sales Tax Mistake Businesses Made In 2020: Exemption Certificate (Part 3 of 3)

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 sales tax. In Part 3, we talk about one of the most common sales tax compliance missteps that occur once a business has begun collecting sales tax.

Mistake #3 – If you aren’t collecting and verifying exemption certificates, then you will pay tax on your exempt sales

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The Second Sales Tax Mistake Businesses Made In 2020: Economic Nexus (Part 2 of 3)

The Second Sales Tax Mistake Businesses Made In 2020: Economic Nexus (Part 2 of 3)

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 nexus due to growth in internet and remote sales.

Mistake #2 – If your remote employees didn’t create nexus, your remote sales boost / pivot did

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The First Sales Tax Mistake Businesses Made In 2020: Nexus Due To Remote Employees (Part 1 of 3)

The First Sales Tax Mistake Businesses are Making During COVID-19: Nexus from Remote Employees

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. By the end of March 2020, a stunning number of businesses had employees working from home, restaurants were full curbside and delivery, retailers and customers were shifting to e-commerce in ways they were not previously, and everyone had ZOOM on their electronic devices.

Read more