When taxpayers are faced with an audit, they naturally feel some anxiety and concern. See below 10 general tips of what to do and what not to do when dealing with a sales tax audit.
Understanding all aspects of financial due diligence is essential for a potential buyer in any deal. Understanding all of the relevant issues will help you navigate through your transaction and avoid any unexpected pitfalls.
This past June 21st marked the second anniversary of the Supreme Court’s decision in South Dakota v. Wayfair. That decision eliminated the physical presence test for sales tax nexus and blessed the states using an “economic nexus” test.
Federal taxes are not the only tax liabilities impacted by COVID-19. Various state and local taxing jurisdictions are also grappling with how to balance the desire to help taxpayers navigate these difficult times with their need for tax revenue to continue offering the services and resources critical to citizens. While the federal government can spend more money than they take in, state governments do not have that luxury. Consequently, the tax relief being offered varies greatly by jurisdiction and by tax type. This blog post addresses how the State of Texas has responded to this crisis and what taxpayers can expect going forward. Many of the items discussed below are also discussed at the Comptroller’s website, where there is a dedicated COVID-19 resources page.
In response to the coronavirus pandemic and following the lead of the IRS, Glenn Hegar, Comptroller for the State of Texas, announced that state franchise tax filings that are ordinarily due on May 15th are extended until July 15th.
The 86th Texas Legislature did not pass many tax-related bills, but those that passed could have significant consequences.