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!…
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 ins and outs of sales and use tax is crucial to business operations and consumer transactions in Texas. Texas imposes a state sale and use tax rate of 6.25 percent on a wide array of retail sales, leases, rentals of most goods, and taxable services. Local taxing jurisdictions, encompassing cities, counties, special purpose…
In the realm of sales tax, the definition of “manufacturing” holds significant weight, often revolving around the physical transformation of tangible personal property (TPP) through the application of materials and labor. However, understanding your tax obligations and exemptions amidst the intricacies of each state’s regulations is crucial for businesses operating in the manufacturing sector. Key…
TEXAS:The world of electric vehicles (EVs) offers eco-friendly options and potential federal tax incentives for those who switch. However, as of September 1, 2023, Texas residents will face a new tax regarding owning an electric vehicle. A new EV law signed by Governor Greg Abbott has introduced additional costs for EV owners in the state….
TX: Texas shoppers no longer have to pay sales tax on menstrual products, making the state one of the few states in the country to have eliminated the “tampon tax.” A new law that went into effect September 1, 2023, eliminates the sales tax on feminine hygiene items, including tampons, menstrual pads, and menstrual cups….
Austin Texas: Texas Comptroller Glenn Hegar announced today he will send cities, counties, transit systems and special purpose districts $1.2 billion in local sales tax allocations for August, 2.8 percent more than in August 2022. These allocations are based on sales made in June by businesses that report tax monthly and on sales made in…
