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News & Updates

AICPA Warns CPAs About Risk RE:Wayfair and Sales Tax

In a recent and rather blunt article appearing in February, 2019’s issue of the Journal of Accountancy, authors Matt Mitzen, CPA and Deborah K. Rood, CPA, issued warnings to CPAs that are worth highlighting. Here are some of the quotes that grabbed my attention. “I anticipate Wayfair having far-reaching effects.” “The Wayfair decision is not

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What Companies Get Audited and Why?

It should come as no surprise that state auditors aren’t looking for companies that are managing their taxes correctly. After all, audit penalties and assessments provide enormous revenue and help shore up budget deficits. According to a recent California State Board of Equalization (BOE) in 2013-2014 report, the state generated over $21 Million in revenue

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The Seven Worst States For Sales Tax on Services

Sales tax is a transaction tax on the retail sale of tangible personal property and certain selected services. 45 states plus the District of Columbia impose a sales tax. Traditionally, the sales tax has been assessed upon all sales of tangible personal property (TPP) unless some specific exemption applies. On the other hand, services have

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If You (or Your Clients) Have Customers in New York, Listen Up

Sales Tax in the Empire State Just Got Worse New York just (January 15, 2019) posted a notice on their website that they’ve had an economic nexus law all along. And, guess what? It’s been effective ever since the Wayfair decision was announced. Here’s what they said on their website: On June 21, 2018, the

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Voluntarily Disclosing Your Sales Tax: Is that a good idea?

Voluntary disclosure agreements (VDAs) are a useful way to mitigate past liabilities while becoming compliant for sales tax purposes. Nearly every state offers a VDA program for sales tax, and if you qualify and take advantage, it could save quite the headache. One of the challenges is that VDA programs vary widely by state, and

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How do States Tax Construction Contractors?

In most states, if a contractor is performing work on real property, the contractor is deemed to be the final consumer, or the end user of the tangible personal property used to build the real property and, accordingly, must pay sales tax upon those purchases. Accordingly, in most states, as a purchaser of construction services,

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Sales Tax Audits

What (NOT) To Expect From a Sales Tax Audit

First, don’t be shocked that you’re being audited! You should expect a sales tax audit if you sell to customers in other states. You may even be audited by another state before you get audited by your own. In fact, the odds of getting audited by more than one state are pretty good. This is

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Statute of Limitations for Sales & Use Tax

Statutes of limitations are laws that restrict the maximum time after an event that legal proceedings may be initiated. Once the period of time specified in a statute of limitation passes, a claim can no longer be validly filed. State tax laws have statutes of limitations also. As time passes, earlier tax periods “expire” and companies

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