Freyman CPA on Pitfalls of Sales Tax and Use Tax

Have you had any of these thoughts about your business’ sales tax or use tax obligations: “I’m a service provider; I don’t need to collect and remit sales tax.” “We were only in the state at a trade show for one week – we don’t have physical presence in the state, so we don’t have to […]

Is Your Business Subject To Trailing Nexus?

Businesses that establish nexus within a particular state may be required to meet certain tax compliance requirements even after they stop conducting business within that state. For instance, some states have implemented trailing sales tax nexus rules which require companies to collect sales tax even if they no longer have tax nexus. What is sales […]

How State Taxes Impact Federal Tax Returns

Let us review the concept of how state taxes impact federal tax returns. On New York State tax forms IT-201-I, or IT-150, or NYC-202(4), the taxpayer is subject to either individual or business income tax. However, on Schedule A or Schedule C of federal form 1040, the taxpayer may deduct state and local income taxes. […]