In Episode 28, I discuss the:
Sales Tax Initiative aka Market Fairness Tax passes the first huddle in Congress
Under the sales tax initiative, the States have been working together diligently to come up with common States Sales Tax Definitions for what is taxable. I also discuss destination based sales tax and origin based sales tax. The difference between is that the destination based sales tax is remitted and reported based on the final destination of a product or service. Origin based sales tax is the sales tax is remitted and based on where the sale took place.
For Federal tax news, I also breiflyIRS Tax Amnesty
For the State Tax News Update:
Maryland Rain Tax which is going to be based on square footage in ten counties and the City of Baltimore. Individuals, business, and non-profits will be subject to the rain tax effective July 1, 2013. The tax based on reports will be $72 per 1,050 square foot
For the in-depth discussion, I discuss a payroll tax article that appeared in the Wall Street Journal. The article discussed who is responsible for payroll taxes when the payroll company implodes, goes bankrupt, or doesn’t remit the payroll taxes to the IRS or the States.
In regards to the payroll tax Form 941, I discuss the form and when it is due, how tax deposits are made to the IRS based on the amount of the payroll tax liability. Things to consider when remitting the Form 941 is:
- Get a current year form
- Check the Form’s mailing address
- Verify deposits that have been made
- Sign and date the form
- Don’t ignore tax notices from the IRS regarding taxes(from the Wall Street Journal discussion)
If you have a notice from the IRS and you have a third-party preparer, you will need to prepare and sign a Power of Attorney Form before the IRS will discuss your tax notice with your tax preparer.
As a reminder, I am speaking at Podcamp Nashville 2013.
If you have a tax question, please send me an email to email@example.com.
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