May 2024 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 

    Small businesses, big tax questions. What do you need to know about sales and use tax returns? We walk you through the basics of small business sales tax filing, including how you can more easily manage sales tax returns.

    New taxes in the Old Dominion. Virginia Governor Glen Younkin wanted to tax digital goods, including software, reading materials, and digital audio and audiovisual products. While those changes did not pass, a new two-year budget was signed. Learn more.

    Keep it simple, state. Colorado is known for its beautiful mountain vistas, phenomenal hiking and skiing, and an incredibly complex sales and use tax system. But in April 2024, Governor Jared Polis signed four bills that aim to simplify sales tax for out-of-state sellers.

    Makers, crafters, and taxpayers. Does Etsy collect sales tax? If you sell handmade sweaters or ceramic mugs on the popular marketplace, Etsy is required to collect sales tax for you in certain states. Find out what you need to know.

    A warehouse full of tax obligations? Marketplace sellers often have inventory stored in warehouses or fulfillment centers across the country, and depending on where your business’s inventory is held, you may have new sales tax obligations. Find out which states enforce physical presence nexus for marketplace inventory and which don’t.

    New exemptions in the Palmetto State. As of May 13, 2024, tampons and other feminine hygiene products are exempt from sales tax in South Carolina. The approval process happened quickly, so retailers should act quickly to ensure they’re applying exemptions appropriately.

    And in the Sunflower State. Kansas also considered making permanent sales tax exemptions for family care products, including things like diapers and menstrual products. Had it passed, HB 2586 would also have created a new back-to-school sales tax holiday. Learn what else would have been exempt under this proposed bill.

    Florida!!! Disaster preparedness, back-to-school, tools, outdoor and recreation. If you can dream it, Florida likely has a sales tax holiday for it. Plus, on May 7, Florida Governor Ron DeSantis signed a bill establishing five more sales tax holidays.

    All the states are doing it. Well at least 24 of them. In 2023, there were about 45 sales tax holidays across the United States, and we’re seeing more and more of them this year. Catch up on the latest in sales tax holidays.

    What a bother. In March of this year, the Australian Government announced its intention to abolish “around 500 nuisance tariffs.” While many consider any sort of tariff to be an inconvenience, these particular tariffs complicate the import process. Find out which products would qualify for this new 0% tariff.

    Lodging tax, occupancy tax, hotel tax, tourist tax, and you. Whether you run a vacation rental on a lake, a boutique hotel in a bustling city, or a seaside resort, you’ll have to manage lodging taxes. The types of taxes you should charge and remit can vary by location, the type of business you run, and more. Get a late checkout and cozy up with this blog post to learn more.

    S’more tax on snacks. Whether you roast them at a campfire, drop them into hot cocoa, or bake them into treats, we can all agree that marshmallows are a delicious snacking staple. Who would have thought they’d also be the subject of a lengthy court case in the U.K.? Learn about more delicious VAT dilemmas in this Wacky Tax Wednesday post.

    Cha-ching! How do point of sales systems collect sales tax? And what happens when the cash register is online in the form of an ecommerce system? Learn more.

    From the property tax desk

    No property, no problem? If your company owns real estate, you’re likely familiar with the property tax process. But if you don’t own real estate, do you still owe property taxes? The answer isn’t as simple as you’d think.

    Your new automation solution. Looking for a simpler way to manage property tax for your business? Many businesses are turning to automation software as a property tax solution. Here’s what it takes to implement property tax compliance automation.

    From the accounting tax desk

    The numbers don’t add up. The numbers of new accountants entering the field, that is. Like many industries, the accounting field is facing a worker shortage. Find out what’s going on in the accounting industry and how practices are trying to overcome labor challenges.

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