July 2022 Monthly Roundup: Tax laws you need to know
While you focus on your business, we stay on top of legislative and policy changes that can affect your tax compliance.
Nuts and bolts
?!!?!. The minimum reporting threshold for 1099-K used to be $20,000 and more than 200 transactions. Starting with tax year 2022, taxpayers will be issued a Form 1099-K if their business or service processed more than just $600 worth of credit or debit card payments. Learn more.
A good reason to go back to school. About 20 states have a sales tax holiday for clothing, and most of those also temporarily exempt a variety of school supplies. It may not make the return to school more palatable for students, but it can cut the bill for their caregivers. Learn more.
A holiday here, a holiday there. What do sales tax holidays and the holiday season have in common? Find out here.
Five things you don’t want to do. One of the first tasks you need to take care of when you develop an obligation to collect and remit sales tax is registering for sales tax with the appropriate taxing authority. Learn what not to do here.
How do you tax a what ? Few people know what a non-fungible token (NFT) is; even fewer know how to tax NFT transactions. That’s starting to change, thanks in part to the Washington State Department of Revenue. Learn more.
It doesn’t have to be this hard. There are only a handful of home-rule states, but what they lack in number they can make up for in aggravation. Learn more.
Keeping it real. Real-time tax compliance is probably an inevitability, but some parts of the world will get there long before others. Learn more here and here.
Perfect pitch. Maryland has been fine-tuning how sales and use tax applies to digital products since before tax rules for digital products took effect. Learn more.
Punctuality pays. Many states reward vendors for filing and remitting sales tax on time. Learn more.
Regional differences. The terms remote retailer and remote seller appear to be synonymous, but in Louisiana, they’re not. Learn more.
The art of sales tax. Craft fairs can help artists build their brand and email lists to foster year-round online selling. How do they affect tax compliance? Learn more.
Think fast. Because sales tax changes can happen anywhere, at any time, businesses need to stay on their toes. Learn more.
Beyond the border
It’s tough, eh? Canadian businesses selling into the U.S. need to learn to navigate a host of state and local sales tax laws that are very different from those found in Canada. Learn more.
From the pump
A holiday from gas tax. When gas prices started creeping upward, a number of states created gas tax holidays. Learn more.
It’s a matter of fairness. If drivers of carbon-powered vehicles pay gas taxes, what do electric vehicle drivers pay? Increasingly, electric vehicle fees. Learn more.
From the tap
Lassoing the unlicensed. In 2013, Texas was one of the first states to address unlicensed third parties offering advertising and payment processing services to direct wine shippers. Today, it’s one of the first states to take a stance on unlicensed marketplaces operating in the beverage alcohol space. Learn more.
Seven and counting. Though wine makes up the lion’s share of the direct-to-consumer (DTC) market, a handful of states allow DTC shipments of spirits. Learn more.
From the wire
Turn the dial. With more streaming services providers turning to ad-supported models, communications taxes tied to subscription revenue could take a hit. Learn more.
Check out the Avalara resource center for more helpful information.
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