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Answers to Retail Business Questions About Sales Taxes

CPA Practice

Understanding how sales tax works is fundamental for every retailer. This is most likely to arise with sales of digital products or services — because retailers generally need a shipping address to deliver physical goods like a rolling pin. By Gail Cole Is sales tax based on shipping address or billing address?

Sales 98
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FDIC Approves Square For Banking License

PYMNTS

The Federal Deposit Insurance Corporation ( FDIC ) gave the green light to an application from the FinTech firm Square to create a de novo industrial bank in Utah, the agency said on Wednesday (March 18). Square Financial Services will originate commercial loans to the retailers that use Square for payments.

Utah 110
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Sales tax and nonprofits

TaxConnex

Location, location, location 501(c)(3) organizations are exempt from sales tax on their purchases in Colorado and in Utah. In Arizona , for instance, sales to nonprofits are generally not exempt but retail sales usually are. Most states, like Michigan , require special registration for exemption.

Sales 147
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How Small Retailers Can Handle Sales Tax on Shipping: State-by-State Guide

CPA Practice

Worldwide retail ecommerce sales could reach $6.169 trillion in 2023 and comprise 22.3% of total retail sales. Code § 15-5-133 , freight costs incurred prior to retail sale are considered part of gross sales and therefore subject to tax. Is shipping taxable? They’re generally exempt when the sale is exempt.

Sales 98
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What's new in state sales and use taxes

TaxConnex

Colorado will begin imposing a 27-cent fee on every retail delivery made by motor vehicle to a destination in the state, beginning July 1. The seller is responsible for collecting and remitting the retail delivery fee even when delivery is made by a third party and the retail delivery fee must be separately stated on the customer’s invoice.

Sales 177
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Japanese FinTech Rakuten Applying For US Banking Charter 

PYMNTS

FDIC) and the state of Utah for an industrial loan company (ILC) charter. The bank would be headquartered in Utah and could handle users’ deposits, according to Lee Carter, Rakuten head of banking and potential ILC CEO. Rakuten has about 13 million active users who earn rewards for purchasing products from participating merchants. .

Utah 77
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Kohl’s To Reopen Stores In 10 Additional States

PYMNTS

After opening retail locations in four states, Kohl’s said it intends to open stores in 10 more states on Monday (May 11) as it follows a phased approach to retail reopening. The company said in an announcement that it will also open further retail locations in the weeks to come with “the same deliberate, measured approach.”.