Author: Colleen Netzell
For states where you are not filing sales tax, review your 2020 sales into those states to determine if you are close to the Wayfair thresholds. You may have to register and begin collecting sales tax by the beginning of 2021. Most states’ thresholds are based on calendar year sales. ...
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The TCJA limited the state and local tax (SALT) itemized deduction to $10,000, which essentially increased the federal income tax on many small business owners operating as passthrough entities (PTE) (i.e. partnerships and S corporations). For federal purposes, a PTE’s income is taxed on the individual income tax return and...
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In June 2018 the US Supreme Court transformed the landscape for businesses collecting sales tax[i]. Our October 8, 2018 blog, “Economic Nexus and How it Might Affect You”, explained the impact of this decision. A year and half later, apart from Florida and Missouri, all states with a sales tax[ii]...
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The 2019 Minnesota Omnibus Tax Bill was signed after a special session of the legislature on 5/30/2019. This law attempted to fix the problems caused by not adopting the Tax Cuts and Jobs Act of 2017 (TCJA) and other federal law changes. However, the late enactment has created new challenges...
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Remote Sellers shipping into Wisconsin resort areas may be subject to an unexpected tax in 2019. Background: Wisconsin began to collect a Premier Resort Area Tax in 1998 for the localities around the Wisconsin Dells (City of Wisconsin Dells and Village of Lake Delton). It expanded it to the Apostle...
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