Nexus

For a family owned shop on Main Street, their sales tax situation is relatively straightforward.  They are required to  collect and remit to the appropriate authorities the applicable sales tax for their state, their city, and the other municipalities they may fall within.  (This is tax we’re talking about, so the emphasis really needs to be on…

Attorney Audits

New guidelines for audits of attorneys have just been released by the IRS.  It focuses on several potential problem areas unique to attorneys and specifies how audits should be conducted in the context of those. Many of the particulars of attorney audits revolve around how attorneys are paid (noncash payments like stock or legal services…

Sales Tax Update

It wasn’t all that long ago when income tax was the main topic of conversation in the world of tax.  Especially in Illinois, once the national debate over the Bush tax cuts ended, we got the new debate about Illinois raising its income taxes.  But now, sales tax is definitely the main issue, specifically the…

Nexus

For a family owned shop on Main Street, their sales tax situation is relatively straightforward.  They are required to  collect and remit to the appropriate authorities the applicable sales tax for their state, their city, and the other municipalities they may fall within.  (This is tax we’re talking about, so the emphasis really needs to be on…

Sales Tax and Use Tax

Most of us understand sales tax fairly well.  Buy something in Illinois and Illinois sales tax will show up on your receipt, as well as other municipality taxes.  Use tax is not generally as well understood, probably because, although we’ve all technically owed it for years, until its recent budget problems, the state of Illinois…