Many taxpayers don’t realize that in their capacity as an officer, director or employee of a corporation, or employee or manager of a partnership or LLC, certain liability may arise related to the payment of New York sales taxes. This means that if a taxpayer possesses a duty to act on behalf of the business entity, and such duty includes compliance with the payment of sales taxes, they may be held personally liable for a failure to pay sales tax collected or required to be collected by the business enterprise.
Know the Tax Code: IRC § 501
The Internal Revenue Code contains the vast body of federal tax law. Certain code sections are ubiquitous and well-known based upon their frequency of use. Some of the more infamous tax provisions are Sections 61, 162, and 501. This blog will cover § 501 otherwise known as 26 U.S.C. § 501: Exemption from tax on corporations, certain trusts, etc. § 501 of the U.S. tax code outlines which types of nonprofit organizations are tax-exempt. § 501(a) states that certain organizations are exempt from some federal income taxes if they fall under §§ 501(c), 501(d), or § 401(a).
State Property & Sales Tax Climate: Connecticut
The Tax Foundation recently conducted a a study of the tax climates in each of the fifty states and then rated and ranked them based on five categories: corporate tax, individual income, sales tax, unemployment insurance tax, and property tax. The Tax Foundation’s rankings are designed to show how well state tax systems are structured, rather than simply rank the states by the amount of taxes assessed.
Connecticut finished 43rd in overall tax climate and it ranked in the individual tax categories as follows: 32 (corporate tax), 37 (individual income tax), 27 (sales tax), 21 (unemployment insurance tax), and 49 (property tax). Connecticut was also ranked 43rd in each of the three preceding years.
State Corporate Tax Climate: Connecticut
The Tax Foundation recently conducted a study of the tax climates in each of the fifty states and then rated and ranked them based on five categories: corporate tax, individual income, sales tax, unemployment insurance tax, and property tax. The Tax Foundation’s rankings are designed to show how well state tax systems are structured, rather than simply rank the states by the amount of taxes assessed.
Connecticut finished 43rd in overall tax climate and it ranked in the individual tax categories as follows: 32 (corporate tax), 37 (individual income tax), 27 (sales tax), 21 (unemployment insurance tax), and 49 (property tax). Connecticut was also ranked 43rd in each of the three preceding years.
State Individual Tax Climate: Connecticut
The Tax Foundation recently conducted a study of the tax climates in each of the fifty states and then rated and ranked them based on five categories: corporate tax, individual income, sales tax, unemployment insurance tax, and property tax. The Tax Foundation’s rankings are designed to show how well state tax systems are structured, rather than simply rank the states by the amount of taxes assessed.
Connecticut finished 43rd in overall tax climate and it ranked in the individual tax categories as follows: 32 (corporate tax), 37 (individual income tax), 27 (sales tax), 21 (unemployment insurance tax), and 49 (property tax).
State Property & Sales Tax Climate: New Jersey
The Tax Foundation recently conducted a study of the tax climates in each of the fifty states and then rated and ranked them based on five categories: corporate tax, individual income, sales tax, unemployment insurance tax, and property tax. The Tax Foundation’s rankings are designed to show how well state tax systems are structured, rather than simply rank the states by the amount of taxes assessed.
New Jersey finished dead last in overall tax climate and it ranked in the individual tax categories as follows: 42 (corporate tax), 48 (individual income tax), 45 (sales tax), 25 (unemployment insurance tax), and 50 (property tax).
State Corporate Tax Climate: New Jersey
The Tax Foundation recently conducted a study of the tax climates in each of the fifty states and then rated and ranked them based on five categories: corporate tax, individual income, sales tax, unemployment insurance tax, and property tax. The Tax Foundation’s rankings are designed to show how well state tax systems are structured, rather than simply rank the states by the amount of taxes assessed.
New Jersey finished dead last in overall tax climate and it ranked in the individual tax categories as follows: 42 (corporate tax), 48 (individual income tax), 45 (sales tax), 25 (unemployment insurance tax), and 50 (property tax). New Jersey was also ranked 43rd in each of the three preceding years.
State Individual Tax Climate: New Jersey
The Tax Foundation recently conducted a a study of the tax climates in each of the fifty states and then rated and ranked them based on five categories: corporate tax, individual income, sales tax, unemployment insurance tax, and property tax. The Tax Foundation’s rankings are designed to show how well state tax systems are structured, rather than simply rank the states by the amount of taxes assessed.
New Jersey finished dead last in overall tax climate and it ranked in the individual tax categories as follows: 42 (corporate tax), 48 (individual income tax), 45 (sales tax), 25 (unemployment insurance tax), and 50 (property tax).
State Property & Sales Tax Climate: New York
The Tax Foundation recently conducted a a study of the tax climates in each of the fifty states and then rated and ranked them based on five categories: corporate tax, individual income, sales tax, unemployment insurance tax, and property tax. The Tax Foundation’s rankings are designed to show how well state tax systems are structured, rather than simply rank the states by the amount of taxes assessed.
New York finished 2nd last (49) in overall tax climate and it ranked in the individual tax categories as follows: 7 (corporate tax), 49 (individual income tax), 43 (sales tax), 32 (unemployment insurance tax), and 47 (property tax).
State Corporate Tax Climate: New York
The Tax Foundation recently conducted a study of the tax climates in each of the fifty states and then rated and ranked them based on five categories: corporate tax, individual income, sales tax, unemployment insurance tax, and property tax. The Tax Foundation’s rankings are designed to show how well state tax systems are structured, rather than simply rank the states by the amount of taxes assessed.
New York finished 2nd last (49) in overall tax climate and it ranked in the individual tax categories as follows: 7 (corporate tax), 49 (individual income tax), 43 (sales tax), 32 (unemployment insurance tax), and 47 (property tax). Prior to 2017, New York was ranked dead last in 2014 and 2015 before modestly rising to 49th in 2016.