NEW! Winter 2020 Small Business Newsletter
Click here to read more about the new Federal SECURE Act (Setting Every Community Up for Retirement Enhancement), which was part of the Further Consolidated Appropriations Act, which also fixed certain provisions of the 2017 Tax Cuts and Jobs Act, renewed certain tax extenders and tax breaks, and changed certain items of the Affordable Care […]
November Small Business Newsletter
Updates on what to consider when changing state residency, the impact of the SCOTUS Wayfair decision impacting remote seller sales tax obligations, how your rental property might qualify for the new Qualified Business Income deduction under the safe-harbor provision, and much more.Tronconi Segarra & Associates November 2019 Small Business Newsletter
Wayfair Decision Nexus Economic Impact
The chart below contains economic nexus thresholds imposed by states pursuant to the Wayfair decision as of November 1, 2019. For more information about how these thresholds may apply to your business, contact one of our State and Local Tax team leaders to schedule a review of your sales and business activities. Wayfair Economic Nexus […]
Kansas AG Declares Remote Seller Sales Tax Invalid
The day before Kansas’ new sales tax policy for taxing remote sellers was set to go into effect (October 1), the State’s Attorney General issued an opinion declaring the policy to be invalid. According to Attorney General Opinion No. 2019- 8: “Kansas has no legally adopted standard by which the Department of Revenue may comply […]
Special Edition – Small Business Newsletter: A Deep Dive into QuickBooks Online
Special Edition of the Tronconi Segarra & Associates LLP Newsletter Tronconi Segarra & Associates has partnered with Intuit, parent company of QuickBooks, to assist clients with maximizing their use of QuickBooks Online (QBO). Whether you are a current QBO user, a QuickBooks desktop user or a user of another bookkeeping software package wanting to transition […]
Tronconi Segarra & Associates Merges with Lockport CPA Practice
James S. Segarra, CPA, Managing Partner of Tronconi Segarra & Associates LLP certified public accounting/business consulting firm, announced today that his Firm of 113 associates has merged with Scott A. Cain, CPA, and six associates from his previous firm, Wittlin, Cain, & Dry, LLP. With this merger, Tronconi Segarra & Associates continues to grow as […]
More States to Enforce Remote Seller Filing Requirements Starting This Fall
A number of states will begin enforcing their new sales tax filing requirements for remote sellers in the coming weeks. Since the U.S. Supreme Court’s decision in South Dakota v. Wayfair Inc. in June of last year, that eliminated Quill’s physical presence standard for sales tax nexus, just about every state has introduced economic nexus […]
Illinois Amnesty Available
The Illinois Department of Revenue is offering an amnesty program between October 1, 2019 and November 15, 2019. If eligible tax liabilities are paid in full during this period, applicable interest and penalties will be waived. Eligible liabilities are taxes due from periods ending after June 30, 2011 and prior to July 1, 2018. Some […]
Supreme Court Overturns Quill
On June 21, 2018, the U.S. Supreme Court issued a pivotal decision in South Dakota v. Wayfair, Inc., overturning the physical presence standard previously established in Quill Corp. v. North Dakota (1992). This requirement prevented state and local taxing authorities from imposing sales tax collection requirements on out-of-state sellers who did not have physical presence […]
Fight Over Colorado Notice & Reporting Law Finally Ends
The Data and Marketing Association (DMA, formerly Direct Marketing Association) and the Colorado Department of Revenue reached a settlement agreement over the State’s Notice and Reporting Requirements imposed on out-of-state retailers who are not required to collect tax on sales to customers in Colorado. The legislation, which was originally enacted in 2010, requires out-of-state retailers […]