Tax Breaks for Charitable Giving: Maximize Your Impact and Your Savings
Category: Business
Whether you own or manage an existing business or are creating a new startup, it’s critical to understand the concept of nexus and how it applies to your organization. Nexus describes a company’s connection to a jurisdiction for the purpose of determining its tax and other legal obligations, such as unemployment, wage and hour, and workers’ compensation requirements. In this article, we’ll explore the concept of nexus and the range of impacts it has on businesses.
A nexus is created when a company conducts sufficient business activity within a state or other tax jurisdiction. This can include employing workers and/or selling goods or services within its boundaries. Before the rise of remote work and online commerce, determining where a company had nexuses was relatively simple and was typically limited to places where it maintained a physical presence.
The old mail-order companies didn’t have to collect sales taxes in states where they lacked a physical presence beyond package delivery. However, the increasing prevalence of remote sales sparked change. The 2018 Supreme Court decision in South Dakota v. Wayfair granted states new authority to collect sales taxes on remote transactions, regardless of whether sellers maintained a physical presence. States that have a sales tax typically have a threshold dollar amount that creates a nexus for sales tax purposes.
Businesses that employ remote workers must comply with payroll tax obligations within their employees’ home states. Additionally, some of these employees may be obligated to pay taxes in both their home states and those of their employers. While traditionally, remote workers have been responsible for income tax only in their home state, some states have been implementing the convenience of the employer rule, which obligates out-of-state employees to pay taxes in the employer’s state in certain circumstances.
Some states allow remote employees to avoid this double taxation by claiming a credit to offset income taxes paid in another state. However, this results in loss of revenue for remote workers’ home states. As a result, several states have mounted which may bring this rule to an end in the near future. In the meantime, however, employers should be aware of the significant impact this rule can have on their remote workers.
A nexus can also be created through affiliation with an out-of-state company that refers business in exchange for a commission or fee. Often, this type of nexus arises via affiliate links to the company’s site, also known as a “click-through nexus.” As with sales tax, states typically specify a minimum threshold amount of referral sales that create an affiliate nexus.
The nature and operations of a business can determine the complexity of its nexus network. As a result, developing a firm understanding of this concept is critical for ensuring compliance with all applicable tax laws, effectively managing risk, and making informed strategic decisions.
Because state laws vary and are subject to change, it can be extremely challenging for business owners and managers to fully understand the impacts of their company’s cross-jurisdictional activities. As a result, it’s critical for organizations with many varied interstate business relationships as well as those considering expansion, remote hiring, or relocation to work closely with an experienced tax advisor who can clarify their tax obligations and provide them with strategic advice.
Rosenberg Chesnov Advisors, LLC, a Stable Rock Company, works with startups and enterprises across a wide variety of industries. Our tax professionals are experienced at advising businesses with connections spanning multiple states. You can trust us to help ensure your compliance with all applicable tax laws as well as optimize your organization’s tax efficiency. Learn more about our firm or subscribe to our newsletter for regular updates on our latest tax articles.
Category: Business
Category: Business
Category: Business
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Jeff Coyle, CPA, Partner of Rosenberg Chesnov, has been with the firm since 2015. He joined the firm after 20 years of business and accounting experience where he learned the value of accurate reporting, using financial information as a basis for good business decisions and the importance of accounting for management.
He is a diligent financial professional, able to manage the details and turn them into relevant business leading information. He has a strong financial background in construction, technology, consulting services and risk management. He also knows what it takes to create organizations having built teams, grown companies and designed processes for financial analysis and reporting.
His business experience includes:
Creating and preparing financial reporting, budgeting and forecasting.
Planning and preparation of GAAP and other basis financial statements.
Providing insight on financial results and providing advice based on those results.
Jeff also has a long history of helping individuals manage their taxes and plan their finances including:
Income tax planning and strategy.
Filing quarterly and annual taxes.
Audit support.
General financial and planning advice.
Prior to joining the firm in 2015, Jeff was in the private sector where he held senior financial and management positions including Controller and Chief Financial Officer. He has experience across industries, including construction, technology and professional services which gives him a deep understanding of business.
Jeff graduated from Montclair State University, he is a CPA and member of the American Institute of Certified Public Accountants, New York State Society of Certified Public Accountants and New Jersey State Society of Public Accountants.
Jody H. Chesnov, CPA, Managing Partner of Rosenberg Chesnov, has been with the firm since 2004. After a career of public accounting and general management, Jody knows the value of good financials. Clarity, decision making, and strategy all start with the facts – Jody has been revealing the facts and turning them into good business results for more than three decades.
He takes a pragmatic approach to accounting, finance and business. His work has supported many companies on their path to growth, including helping them find investors, manage scaling and overcome hurdles. His experience and passion for business reach beyond accounting and he helps businesses focus on what the numbers mean organizationally, operationally and financially.
He has a particular expertise in early-stage growth companies. His strengths lie in cutting through the noise to come up with useful, out of the box, solutions that support clients in building their businesses and realizing their larger visions.
Prior to joining the firm in 2004, Jody was in the private sector where he held senior financial and management positions including General Manager, Chief Financial Officer and Controller. He has experience across industries, which gives him a deep understanding of business.
Jody graduated with a BBA in Accounting from Baruch College, he is a CPA and member of the American Institute of Certified Public Accountants and New York State Society of Certified Public Accountants.
In addition to delivering above and beyond accounting results, Jody is a member of the NYSCPA’s Emerging Tech Entrepreneurial Committee (ETEC), Private Equity and Venture Capital Committee and Family Office Committee.
He is an angel investor through the Westchester Angels, and has served as an advisor for many startup companies and as a mentor through the Founders Institute.