Allyn Tax

On the Road Again Effective December 15, 2024, the Alabama Department of Revenue has amended Rule 810-6-5-.03, "Contractors Gross Receipts Tax." The amended rule clarifies that the contractors gross receipts tax applies to all payments made to a contractor or contract assignee whether the payments are made pursuant to a contract, purchase order, supplemental agreement, change request, or other agreement to construct, reconstruct, or build any public highway, road, bridge, street, or tunnel. State specific taxes can be complex and difficult to interpret. Allyn Tax acts as an extension of your team to help your business minimize liabilities, mitigate costs, maintain compliance, and maximize tax savings. If you need additional guidance on how to approach analyzing, reporting, and remittance of tax, ask an expert here: https://lnkd.in/eMTnUw3y

Drop Shipping Explained: A Beginner’s Guide to E-Commerce Success As a company grows, managing every aspect of its operations can become increasingly challenging, especially when it comes to shipping. One way to ease this burden is by utilizing drop shipments. In a drop shipment transaction, a retailer or seller receives an order from a customer and forwards it to a third-party supplier, usually a manufacturer or wholesale distributor, who ships the goods directly to the end customer. The supplier bills the retailer at the wholesale price, and the retailer subsequently charges the customer the retail price. While drop shipments can be beneficial, it’s important to consider the tax implications before implementation. Allyn’s tax professionals routinely research taxability issues and the tax implications therein for businesses paying sales tax in the U.S. We are experienced with scenarios in which tax implications can vary by jurisdiction, a common finding with drop shipments. We reduce the administrative burden our clients have with exemption certificate management by utilizing our own system to manage exemption certificates. Allyn can help your company reign in more complex situations by harnessing the knowledge and experience of our seasoned tax professionals. We can save you time, ensure timely, accurate filings and payments, and identify cost savings with our value-added services. Click the link to read more about the benefits of drop shipments: https://lnkd.in/epQJd9Wb #AllyInAllyn #TaxIsFun #AllynTaxArticles #DropShipments

Weathering the Storm: Tax Authorities Step In to Provide Relief After Helene and Milton The federal government along with certain state taxing authorities are responding to this disaster by providing tax relief for those affected. These reliefs vary from jurisdiction to jurisdiction but mainly pertain to income tax responsibilities to alleviate pressure on those located in the affected areas. If you are an “affected taxpayer”, you will need to be aware of which states are offering relief and for what accounts, to ensure you maintain compliance in your federal and state tax responsibilities. The IRS definition of “affected taxpayer” is: Any individual whose principal residence or any business entity or sole proprietor whose principal place of business is located in a covered disaster area, or whose records necessary to meet a deadline are maintained in a covered disaster area; any individual visiting the covered disaster area who was killed or injured as a result of the disaster; any individual who is a relief worker affiliated with a recognized government or philanthropic organization and who is assisting in a covered disaster area; or any other person determined by the IRS to be affected by a federally declared disaster. Allyn International offers tax services for companies throughout the US and Canada and has business continuity plans in place to circumvent impediments from natural disasters. Allyn’s team of seasoned tax professionals completed every tax return and payment due within the scope of potential delays due to Hurricane Helene and Milton prior to the storm’s impact. Despite our US headquarters being in the storm’s affected path, Allyn was open and fully operational within hours of the storm’s passing. We can help your business maintain compliance with federal and state tax responsibilities and put procedures in place to ensure future disasters do not affect your tax operations. Click the link to read more about the taxing authorities offering relief: https://lnkd.in/ess4r_D8 #AllyInAllyn #TaxIsFun #AllynTaxArticles

Is There an Exemption in the House? Effective December 15, 2024, the Alabama Department of Revenue has amended Rule 810-6-5-.29, "Oxygen and Durable Medical Equipment." Pursuant to Act 2024-391, the amended rule provides that, effective September 1, 2024, any healthcare provider claiming an exemption from sales and use taxes must obtain and maintain a certificate of exemption from the Department prior to the purchase and must provide the certificate to the seller at the time of purchase. Any purchase made on or after September 1, 2024, will be subject to tax, unless the healthcare provider provides the certificate to the seller at the time of purchase. State specific taxes can be complex and difficult to interpret. Allyn Tax acts as an extension of your team to help your business minimize liabilities, mitigate costs, maintain compliance, and maximize tax savings. If you need additional guidance on how to approach analyzing, reporting, and remittance of tax, ask an expert here: https://lnkd.in/eMTnUw3y

Allyn Tax Fun Facts Happy National Candy Day! Are you ready for more Allyn Tax Fun Facts? To learn more, ask an expert here: https://lnkd.in/eMTnUw3y #AllyInAllyn #TaxIsFun #AllynTaxFunFacts

Get Your Discounts The Illinois Department of Revenue issued an informational bulletin to all Illinois retailers and servicepersons that, on or after January 1, 2025, the retailers' discount amount is limited to $1,000 per month for sales and use tax and other related returns. Taxpayers may claim a maximum discount of $1,000 per month for each of the following periodic returns: Form ST-1 (Sales and Use Tax and E911 Surcharge Return); Form ST-70 (Aviation Fuel Sales and Use Tax Return); Form CD-1 (Cannabis Dispensary Tax Return); Form LSE-1 (Tax Return for Vehicle Leasing Companies); ST-201 (Rental Purchase Agreement Occupation Tax Return); Form ART-1 (Automobile Renting Occupation and Use Tax Return); Form CMFT01 (County Motor Fuel Tax Return); and Form MMFT-1 (Municipal Motor Fuel Tax Return). For the following transaction returns, taxpayers may claim a maximum discount of $1,000 per month: Form ST-556 (Sales Tax Transaction Return); and Form ST-556-LSE (Transaction Return for Leases). For all amended periodic and transaction returns, if the amount of tax due is increased, the discount may still not exceed $1,000 per month, and is allowed only if the increased tax reported was paid by the due date of the original return. State specific taxes can be complex and difficult to interpret. Allyn Tax acts as an extension of your team to help your business minimize liabilities, mitigate costs, maintain compliance, and maximize tax savings. If you need additional guidance on how to approach analyzing, reporting, and remittance of tax, ask an expert here: https://lnkd.in/eMTnUw3y

Illinois Direct Pay Permit Update On August 9, 2024, Illinois Governor J.B. Pritzker signed legislation requiring all holders of a direct pay permit to review their purchase activities annually. By March 31, 2025, and by March 31 of each subsequent year, permit holders must ensure that purchases made during the 12-month period ending December 31 of the previous calendar year were accurately sourced and taxed at the correct rate. If a Direct Pay Permit holder discovers an error in sourcing or tax rates during the review process, they must file an amended return to correct the error by April 20 of that year. Failure to properly verify purchase activities or correct sourcing and tax rate errors as required by this legislation and the Department’s rules will result in a penalty of $6,000, payable to the Department and deposited into the Tax Compliance and Administration Fund. However, the penalty will not be imposed if the Department determines that at least 95% of the permit holder’s transactions for the review period were correctly sourced and taxed, or if the permit holder acted with ordinary business care and prudence, as defined under Section 3-8 of the Uniform Penalty and Interest Act. The Department may establish rules to administer these penalties. State specific taxes can be complex and difficult to interpret. Allyn Tax acts as an extension of your team to help your business minimize liabilities, mitigate costs, maintain compliance, and maximize tax savings. If you need additional guidance on how to approach analyzing, reporting, and remittance of tax, ask an expert here: https://lnkd.in/eMTnUw3y #AllyInAllyn #TaxIsFun

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Charged Up! The Michigan State Tax Commission is currently evaluating its recommended procedures for valuing battery energy storage systems. The effort will not be completed before the time assessors finalize their 2025 assessment rolls. However, the Commission has issued interim guidance regarding the treatment of personal property associated with battery energy storage systems. The guidance applies only to systems which are typical utility scale battery energy storage systems. Battery energy storage systems are reported, classified for equalization purposes, and assessed as industrial personal property for the 2025 assessment year and are valued using Table (Section) E of the Personal Property Statement, Treasury Form 632 (L4175) as this table most closely reflects current battery energy storage data analysis. State specific taxes can be complex and difficult to interpret. Allyn Tax acts as an extension of your team to help your business minimize liabilities, mitigate costs, maintain compliance, and maximize tax savings. If you need additional guidance on how to approach analyzing, reporting, and remittance of tax, ask an expert here: https://lnkd.in/eMTnUw3y

Allyn Tax Fun Facts Happy Monday! Are you ready for more Allyn Tax Fun Facts? To learn more, ask an expert here: https://lnkd.in/eMTnUw3y #AllyInAllyn #TaxIsFun #AllynTaxFunFacts