The State of Connecticut recently passed a law enacting a new nonvoluntary tax on all passthrough entities doing business in the state. The law was passed to offset the federal tax deduction limit of $10,000 on individual state and local tax deductions from the Tax Cuts and Jobs Act. The new tax is effective for periods beginning on or after January 1, 2018. To learn more about this new tax, how it works and what it looks like moving forward, read our recent insight.
The Colorado Department of Revenue recently issued emergency temporary regulations that radically changed the sourcing rules for sales tax purposes. While many states have similar sourcing rules, Colorado has a far more complicated sales and use tax structure. To learn more about these new rules and how they work, read our insight here.
Do you understand the concept of nexus when it comes to your tax obligations? Knowing and understanding where you have nexus has never been more important. Watch our Understanding Nexus video to learn more about see how Eide Bailly can help.
After the U.S. Supreme Court Wayfair decision, all the rules have changed when it comes to sales tax. States are now permitted to collect sales tax from out-of-state sellers with no physical presence in their state and many states have updated their economic nexus standards to expand their reach to taxing out-of-state sellers. Join Eide Bailly for a Sales Tax Reform webinar on January 24 that will discuss why businesses need to review their current sales tax collection practices and what steps to take to stay in compliance.