As The Holiday Season Approaches, Thompson Tax Is Proud to Support Those in Need

Oct 2, 2024 | General

Assortment of Donations for Local Food Bank

Thompson Tax is proud to support local charities that make a meaningful difference in our community, and as the holidays approach, we invite you to join us in these efforts. By working together, we can have a greater impact on the lives of those in need, strengthening the bonds within our community and fostering a spirit of giving. Whether through donations, volunteering, or spreading awareness, every contribution helps. We encourage you to get involved and be part of something bigger. Together, we can make a lasting difference!

Sacramento Food Bank & Family Services 

Food Depository in Chicago | Greater Chicago Food Depository (chicagosfoodbank.org)

 

Franchise Tax Refund Opportunity for Tennessee Business Owners!

May 2, 2024 | General

Franchise Tax Refund Opportunity for Tennessee Business Owners

Recently, Tennessee passed a new law repealing its franchise tax for in-state businesses. The franchise tax was levied against companies for the privilege of doing business in the state and was based on the higher amount of either a business’s net worth or the value of its property in Tennessee.

This repeal brings significant financial relief to Tennessee business owners. What’s even more exciting is that the repeal includes refunds for periods dating back to 2020. Tennessee has allocated a substantial amount (over $1 billion) to refund businesses that paid the franchise tax during the 2020 through 2023 tax periods.

Act now to seize the largest refund opportunity in Tennessee’s history! With one less tax to worry about, this is the perfect time for business owners to explore new avenues for business growth.

Curious if you’re eligible for the refund? Don’t delay! The refund window is only open from May 15, 2024, through November 30th, 2024. Reach out to Thompson Tax today to check your eligibility. It’s time to put your money back where it belongs – with your business!

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The Ins and Outs of San Francisco’s Gross Receipts Taxes

Oct 3, 2023 | General

Tax Professional Carrying Tax Binders with Gross Receipts

San Francisco’s gross receipts tax regime is a complex system comprising three unique taxes that are layered together. It is imposed on mostly any person engaging in business within San Francisco, aside from those qualifying for a small business exemption.

If you are a business owner in San Francisco, understanding the gross receipts tax regime and tax rate is crucial to ensuring you file your tax returns correctly. Accurately determining your NAICS code will help ensure you pay the correct gross receipts tax rate. Misclassification can result in underpaying or overpaying taxes, leading to penalties and interest charges. By working with a tax professional and keeping accurate records, business owners can ensure that they will prevent any potential financial consequences.

Contact Thompson Tax today to discuss your business needs; savings opportunities surrounding gross receipts taxes are available, and we are here to help!

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Taxpayer Wins in Massachusetts “Cookie Nexus” Case

Jan 9, 2023 | General, Sales and Use Tax

Concept of Cookie and Gavel with a Map of Massachusetts in the Background

The Supreme Judicial Court of Massachusetts has ruled in favor of the taxpayer in the Auto Parts Network Inc. v. Commissioner case. This ruling denies the Massachusetts Commissioner of Revenue to consider the use of cookies, apps, and content delivery networks (CDNs) while deciding whether a vendor has physical nexus with the State of Massachusetts.

The Commissioner of Revenue argued that cookies, downloadable apps, and CDNs created the physical presence in Massachusetts necessary to enforce taxation laws under the Quill v. North Dakota standard.  By using this standard, the audit division of the Department of Revenue sought to require US Auto Parts to register for, collect, and remit sales tax in Massachusetts.  As additional evidence of the commissioner’s claim, they argued that the standard established by Wayfair v. South Dakota could be applied retroactively to require enforcement of 830 Mass Regs § 64H.1.7 when applied to out-of-state vendors.

After deferring to the Appellate Tax Board and then the U.S. Supreme Court, the Massachusetts High Court ruled in favor of the taxpayer.

Please let us know if you have any questions about this case or how it may affect your business.