Posts tagged nexus
When to Register for Sales Tax
When to Register for Sales Tax

By: Briana Wagner

One of the most frequently asked questions we receive here at STM is “When should I register for sales tax?” The answer is one we use quite often - it depends! This is a very specific question that requires a lot of information to fully answer. You not only need to understand sales tax concepts but also your business and/or personal risk tolerance. It is essential to understand and evaluate these things so that you can answer this question for yourself and ensure you are appropriately compliant with the states.

Read More
Briana Wagnerregistrations, register, marketplace, materiality, taxability, nexus
How to Prepare for a Sales Tax Audit
How to Prepare for a Sales Tax Audit

By: Briana Wagner

Sales tax is extremely complicated and can cause a whirlwind of trouble for sellers and businesses. One mistake can cost hundreds of thousands of dollars in penalties and interest. Because of this, sales tax audits can be very stressful. However, understanding audits and taking proactive steps toward sales tax compliance can help eliminate many issues that may arise.

Read More
Briana Wagneraudit, sales tax audit, nexus, taxability, registrations, unregistered sellers, sales tax nexus, rates, sales tax strategy
Illinois Suspends Sales Tax on Groceries
Illinois Suspends Sales Tax on Groceries

By: Briana Wagner

All retailers registered for sales tax in the state of Illinois should be aware of Public Act 102-0700, which was passed last month. According to P.A. 102-0700, Illinois is suspending sales and use tax on specific grocery items from July 1, 2022, to June 30, 2023. What does this mean for you and your business? Let’s find out.

Read More
Briana Wagnertaxability, illinois, grocery tax, nexus, P.A. 102-0700, suspension, grocery tax suspension, rates, sales tax rate
Income Tax for Remote Sellers
Income Tax for Remote Sellers

By: Ellie Moffat

We are all well aware that due to temporary closings of offices and businesses and stay-at-home orders issued across the United States during the Coronavirus pandemic, many businesses implemented temporary work-at-home options for employees. Many states announced temporary relief regarding a business's establishment of nexus solely because an employee is temporarily working in a different work location due to COVID-19. So, now that in some ways, the pandemic is over and there has been an adjustment period for businesses, remote employees are starting to create tax issues!

Read More
Ellie Moffatincome tax, remote sellers, nexus, economic nexus, eCommerce, remote employees, COST, MTC
Gift Bags and Sales Tax
Gift Bags and Sales Tax

By: Briana Wagner

Did Will Smith really slap Chris Rock, or was it all a publicity stunt? That was the major question following the Oscars last month. However, we had another question on our minds. When events like the Oscars, the Grammys, or the Emmys take place, many celebrities leave with gift bags worth thousands of dollars. These bags can include treats such as plastic surgery, luxurious getaways, and expensive skincare products. In fact, this year some celebrities left the Oscars with a plot of land in Scotland! All of this had us thinking, what are the tax requirements associated with gift bags?

Read More
Briana Wagnergift bags, taxability, sales tax, nexus, income tax
How a Great Season of Sales Can Result in a Great Amount of Sales Tax Responsibility
How a Great Season of Sales Can Result in a Great Amount of Sales Tax Responsibility

By: Jayci Trujillo

Products and companies are seeing an increase in sales and monetization via their eCommerce platforms! Small to midsize companies are blowing up, and this is due to a number of factors! Whether your business had a great season and you saw tremendous sales or your product/business went viral on a social media platform, and you have thousands of new sales. Either way, it is important to understand how sales tax can impact you and your business, what happens when you pass a threshold unexpectedly, when you should worry, and how to move forward.

Read More
Jayci Trujillophysical presence, nexus, economic nexus, thresholds, registrations, VDA, Amnesty, Managed audit
Tax Madness
Tax Madness

By: Jayci Trujillo

Both sales and income tax are not necessarily at the forefront of people's minds when they hear March Madness. However, the annual tournament brings in more than 600 million dollars a year which can result in a lot of taxes. There are many different instances and situations in which people can create unexpected nexus, today we will be elaborating on a few sales and income tax implications.

Read More
Jayci Trujilloincome tax, nexus, taxable income, federal tax, taxability, tangible personal property
Determining Nexus
Determining Nexus

By: Ellie Moffat

A serious case for Sirius XM Radio Inc. Jennifer Mcloughlin in TaxNotes wrote, “They have asked the Texas Supreme Court to review and reverse an appellate court’s conclusion that the company’s subscription receipts should be sourced based on customer location for franchise tax purposes.” Nexus is not always easily determined and usually depends on many factors from many different angles. There is a lot to know.

Read More
Ellie Moffatdetermining nexus, subscription, service, nexus