MULTI-STATE- Making extra money by renting out a spare bedroom or an entire home has gotten increasingly easier, thanks to online listing services such as Airbnb and Homeaway. The increase in popularity of such services has given rise to unforeseen tax liabilities and consequences. Homeowners are often unaware that they must collect and remit hotel…
Multi-State – Sales tax requires compliance throughout the year. This necessitates corporations, small business, and entrepreneurs to maintain massive amounts of documentation to ensure compliance with sales tax rules constantly. With that in mind, we came up with a quick list of a few facts that you may not already know. Click the slider to…
Tax returns for income tax are required to be filed only once a year, whereas sales tax requires compliance throughout the year. This necessitates corporations, small business, and entrepreneurs to maintain documentation to ensure compliance with sales tax rules constantly. After this discussion, you will be able to walk away equipped with knowledge of how…
Multi-state – Netflix is a new platform that has revolutionized the way we watch movies and consume media. In addition to Netflix, consumers utilize various platforms such as Dropbox, Hulu, Tidal, Spotify, Apple Music, and Pandora to receive and stream original content. “States are constantly faced with the challenge of administering taxes and keeping pace…
Texas – In the last two years, Texas voters have overwhelmingly approved constitutional amendments pushing more tax dollars toward road construction, without actually raising taxes. In November 2014, voters signed off on a measure approved in the 2013 Legislature to shift oil and natural gas tax collections over a specific amount from the rainy day fund…
Virginia – A bill has passed exempting all Virginia jails food sales to inmates from sales tax. This bill came about due to an online service which allows inmate families to purchase meals for their incarcerated family members. No sales tax was collected subsequently which led to a huge tax liability for the Virginia jails. The new bill exempting inmate meals…
Overview: Many companies are focused on new product offerings, growing the business, and expanding into new territories. Have you determined how your business growth impacts your sales/use tax outlook? · Starting a new division of your business? · Launching a new product or service line? · Expanding your business into a new territory? · Attending…
Overview: Many companies are focused on new product offerings, growing the business, and expanding into new territories. Have you determined how your business growth impacts your sales/use tax outlook? · Starting a new division of your business? · Launching a new product or service line? · Expanding your business into a new territory? · Attending…
Texas – State sales tax revenue had a total of 2.32 billion in April, up 3% compared to April in 2015. State Comptroller Hegar said, “Growth in sales tax revenue was led by remittances from the retail trade and construction sectors. As expected, receipts from oil and gas-related sectors continued to fall due to the…
Frost Bank Sales Tax Presentation Wednesday, May 18, 2016. Sales tax is often not on the top of a company’s list of priorities. Making earnings projections, payroll, and IRS deadlines loom heavy on the minds of many CFOs and controllers. Sales tax is many times an afterthought, an accrual account on their balance sheet, or…
