On June 21, 2018, the U.S. Supreme court ruled that physical presence is not required for sellers to be responsible for sales tax collection. Previously, businesses were only required to collect sales tax in states where they operate physically. Each state determines their own threshold and transaction amounts at which a collection requirement applies. Beginning October 1st (monthly and quarterly filers) or January 1, 2019 (annual filers) Minnesota will require all Minnesota sellers, regardless of their location, to collect local sales taxes based on the location of their customer. Local sales taxes must be collected on all sales made in a local taxing area that are subject to Minnesota state sales tax. Sellers should charge sales tax Read More...
Archives for September 2018
There’s a New Employer Tax Credit for Paid Family and Medical Leave
There's a New Employer Tax Credit for Paid Family and Medical Leave Available for 2018 and 2019. The IRS announced today that they have published detailed guidance regarding the new Employer Credit for Paid Family and Medical Leave for tax years 2018 and 2019 enacted by the 2017 Tax Cuts and Jobs Act. Eligible employers who provide paid family and medical leave to their employees may qualify for the credit. In addition, eligible employers who set up a qualifying paid family leave program or amend an existing program by December 31, 2018 will be eligible to claim the credit retroactive to the beginning of the employer’s 2018 tax year for qualifying leave already provided. Wages paid by third party payers such as insurance companies Read More...