Navigating taxes can be challenging, especially with varying regulations across states. In Texas, two primary taxes businesses need to be aware of are the gross receipts and sales tax. Gross Receipts Tax Texas does not impose a traditional corporate income tax. Instead, it has a franchise tax, often referred to as a “margin tax,” which…
Six years ago, the U.S. Supreme Court’s ruling in South Dakota v. Wayfair, Inc. revolutionized the e-commerce landscape by allowing states to mandate sales tax collection from out-of-state sellers based on economic presence rather than physical presence. This decision overruled the 1992 Quill Corp. v. North Dakota precedent, ushering in a new era for state…
Lights, camera, action! DDH just wrapped up an unforgettable corporate retreat in New Orleans with our incredible team members and their spouses. We soaked in the lively atmosphere of the French Quarter Festival, explored the artistic charm of Jackson Square, and indulged in the delicious flavors of authentic Louisiana cuisine. Truly, an adventure to remember!…
If you don’t collect sales tax on a taxable sale, you need to validate the exemption by collecting an exemption certificate or resale certificate from your customer. Otherwise, you could be liable for the uncollected tax, associated penalties, and interest. What is an Exemption Certificate? An exemption or resale certificate is a document that identifies…
Mastering the intricate world of sales and use tax can be a formidable task for any business. However, as a CPA, accounting firm, or advisory firm, your specialized knowledge is a vital asset in guiding clients to effectively manage their finances and maintain compliance. Your role in staying abreast of the complexities of sales and…
National Donut Day is upon us, and it’s the perfect excuse to indulge in one of the most beloved treats across the country. Whether you spell it “donut” or “doughnut,” there’s no denying the universal appeal of these delicious, deep-fried confections. As you prepare to celebrate, it’s worth considering a less tasty but equally important…
CT: In Connecticut, professional athletes enjoy a unique tax benefit that sets them apart from their peers in other states. The state allows these athletes to write off clothing and personal safety equipment expenses. However, it’s important to note that this exemption is specific and limited to items that can be worn, such as life…
TX: In 2024, Texas introduced significant updates to its sales tax laws. These changes aim to modernize the tax system, address the rise of e-commerce, and ensure fair taxation across the board. Here’s a quick rundown of what you need to know. Key Changes 1. Economic Nexus for Remote Sellers: New Threshold: Remote sellers must…
TX: In the ever-evolving landscape of digital consumption, streaming services have become ubiquitous, offering a vast array of entertainment options at our fingertips. However, amidst binge-watching and playlist curating, it’s easy to overlook the tax implications associated with these services, particularly in a state like Texas. As of now, Texas imposes a sales tax on…
Navigating the intricate world of sales tax compliance is a challenge many businesses face. While some may opt for DIY solutions or software, others turn to service providers for assistance. Here’s why: Expertise: Service providers specialize in tax matters, offering deep knowledge and guidance tailored to your business’s needs. Their expertise ensures accurate compliance and…
