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Retailers/ecommerce companies face special sales tax challenges

TaxConnex

Online retailers and eCommerce companies have been the focal point of taxing jurisdictions and their updated nexus laws for years. Retail/eCommerce respondents to our survey reported challenges such as audits, timely filing of sales tax returns and charging the correct sales tax.

Sales 130
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Choosing the Right Accounting System for Your Shopify Business

xendoo

Whether you’re brand new to online retail and trying to decide how to set up your eCommerce business, or you’ve been around a while and simply reached the point where your DIY accounting solution just isn’t cutting it anymore, Xendoo’s innovative suite of business offerings can help you. Outsourcing Your Bookkeeping and Accounting.

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What You Need to Know About the DEA’s Plan to Reschedule Cannabis – A Focus on Taxation

Withum

In a landmark move, the Drug Enforcement Administration (DEA) announced on April 30, 2024, that it will initiate the process of rescheduling cannabis from Schedule I to Schedule III under the Controlled Substances Act (CSA), effectively recognizing its medical value and opening the door for more research and legal access.

Legal 119
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What's new in May for state sales and use taxes

TaxConnex

The Massachusetts Supreme Judicial Court has accepted a direct appeal from an internet retailer contesting the Department of Revenue’s position that the in-state presence of cookies and apps were sufficient to satisfy the physical presence nexus standards in place prior to the 2018 Wayfair Supreme Court decision. An old story. Taking license.

Sales 192
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Avoiding holiday pay headaches this summer

Accounting Insight

Businesses are not legally obligated to give bank holidays off, and indeed many still operate on bank holidays, particularly in the hospitality, tourism, and retail sectors, when long weekends can be very busy. But if businesses don’t, employees will need to be given 5.6 But not all workers work 40 hours a week.

payroll 59
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Is your profit data misleading you? Part 1 – valuable insight

Menzies

The key issue remains that the accounting systems are there to record transactions, not how costs are allocated. For example: The following business is a foreign currency broker, who supplies both corporate and retail markets. Net Profit 20,000 ? ?

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Does Shopify Do Accounting?

Snyder

To execute more complex tasks such as filing compliant tax returns, you will need an integrated e-commerce accountancy app. What is the importance of accounting for e-commerce businesses? What Accounting Tools Does Shopify Offer? What Are the Benefits of Integrating Shopify With My Accounting Software?