Personal property tax compliance is simple enough in principle: businesses report and pay taxes on the tangible assets they own or lease. But in execution, compliance can get tricky, especially for new and growing businesses. What is Business Personal Property Tax? For tax purposes, most jurisdictions consider personal property to be all tangible assets of
Category Archives: SALT
Beginning January 1, 2020, Oregon introduced its new modified gross receipts tax called the “Corporate Activity Tax.” The tax is imposed in addition to current state corporate income tax on each person doing business in the state of Oregon. Commercial activity sourced to Oregon over $1 million is taxed at 0.57% plus $250 annual fee.
Although managing sales tax exemption certificates may seem like a simple process, anything associated with sales tax proves otherwise. Often times, companies do not spend the proper amount of time documenting and storing certificates. The importance of these tasks is only realized when a company is audited and missing or invalid certificates come to light.
For the past year, PMBA has been following an important bill in Maryland regarding the taxation of digital advertising services. On March 18, 2020, the General Assembly passed HB 732 and is now waiting for signature by Governor Hogan. Although states have passed laws to apply sales tax to certain digital products in the past,
What I love about entrepreneurs is that they always find opportunity in adversity, and this statement is most evident in the Covid-19 crisis. Over the first two months of the global epidemic, thousands of businesses have shuttered while many have evolved. One of the most attractive business opportunities is online personal protection equipment (“PPE”) companies.
“We’ve got it all covered, thanks,” is what companies usually tell us regarding the “Reverse Audit of Canadian Sales Tax (GST/HST).” Unfortunately, that’s a common misconception. Another common misconception is that companies can complete and file Canadian sales tax returns on time with 100% compliance and credit maximization. When things are going great, it’s easy
Across the United States, the COVID-19 pandemic has created an unusual situation in the sales tax world. State offices are closed indefinitely, causing confusion for many taxpayers. Luckily, many states have issued extensions for sales tax filings and payment. Penalties for late filing and interest are waived. Refer to the state by state analysis to
Getting a grasp on Software as a Service (SaaS) and sales tax is, at times, complicated. This is true, not only for taxpayers’ but for some states and localities as well. What is SaaS? SaaS has become a general term for a model where software is hosted or “sits on” a server of a
Starting March 1st, 2020, the New York State Bag Waste Reduction Act authorizes counties and cities to impose a 5 cent paper carryout bag reduction fee on paper carryout bags that certain sales tax vendors provide to customers. This act also imposes a ban on providing plastic bags for carryout. Who is responsible for collecting
Cannabidiol (CBD) is a naturally occurring substance produced in hemp plants. While it carries a connotation to the term marijuana, the truth is these products vary in their composition. CBD contains minute or no amounts of Tetrahydrocannabinol (THC), the psychoactive compound in marijuana. When ingested, CBD product does not give the user the same feeling