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.
The recent SCOTUS Wayfair decision has changed the sales tax game. Many states are updating or creating new laws in response. You may have been complying before, but chances are that has changed. Our recent video, Game Changer: Sales Tax Reform outlines key considerations for businesses as they work to comply with new sales and use tax rules.
State and local tax laws are constantly changing so it’s important to stay informed. In our State and Local Tax Basics video, learn more about the most common taxes encountered by businesses including income, franchise, gross receipts and sales and use tax. Additionally, knowing when your business has established nexus is important and can help keep you in compliance and minimize your tax burden. Watch the video here.
Sales tax reform is a reality – are you ready? Join Eide Bailly for a two-part event on Thursday, January 10 at 11:00 a.m. CST. This event will be held live in our Sioux Falls office and online via webinar. Part 1 will discuss South Dakota sales tax and outline some popular processes and solution. Part 2 will discuss sales tax reform regarding the recent SCOTUS Wayfair decision and how to stay in compliance.
Join us for just one or both sessions. Register online today!