TaxConnex
DECEMBER 29, 2020
An exemption is an exception that eliminates the need to pay sales tax. The presumption is that all sales of tangible personal property are taxable unless specifically enumerated. The purchaser has the responsibility for determining whether a sale is exempt from tax. If the purchaser does not submit a valid exemption certificate to the business, the business must assess and collect the sales tax from the purchaser.
PYMNTS
DECEMBER 29, 2020
Amazon is reporting a record-breaking holiday shopping season that saw more than 1.5 billion toys, electronics and household goods delivered amid the global COVID-19 pandemic. “Amazonians around the world have truly shown what it means to be customer-centric and support our communities this year,” Jeff Wilke , CEO of worldwide consumer at Amazon, said in a press release on Tuesday (Dec. 29). .
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PYMNTS
DECEMBER 29, 2020
The benefits of instant payment services are gaining attention from companies that want to be able to transact with better visibility and cash flow information. Enabling rapid-fire transactions to become the norm requires a critical mass of banks and credit unions (CUs) adopting these rails, however. Corporate buyers that bank with financial institutions (FIs) that do offer real-time payments will otherwise be left guessing as to which vendors have FIs that permit them to accept the funds.
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RitaKeller
DECEMBER 29, 2020
“From a certain point of view our real enemy, the true troublemaker, is inside.” – Dalai Lama. In progressive, future-focused CPA firms, the partners have committed to core values and they live them. They have documented policies and procedures so that everything is clearly communicated to their valuable team members. If a question comes up, team members can almost always find the answer on the firm intranet.
PYMNTS
DECEMBER 29, 2020
Traditional financial institutions (FIs) continue to anticipate future demands and make progress in their modernization efforts, but they're not doing it alone. In this week's roundup of bank-FinTech collaboration and open banking initiatives, Citi embraces the unlocking of account data to third-party FinTechs, while WEX weighs in on opportunity for banks to take advantage of partnerships.
Accountant Advocate brings together the best content for small business accounting professionals from the widest variety of industry thought leaders.
PYMNTS
DECEMBER 29, 2020
Consumers have more heavily leaned on debit during the pandemic, with the economic downturn making shoppers more cautious than ever about the prospect of taking on credit card debt. A recent study even estimates that shoppers could ultimately shift $100 billion worth of annual spending from credit cards to debit cards. Debit solutions draw on funds consumers already have in their bank accounts, and while this makes them reassuring to debt-wary consumers, it can have implications if these details
PYMNTS
DECEMBER 29, 2020
Apple has lost its copyright claim against a Florida company, Corellium , that makes "virtual iPhones" used by security researchers to test for vulnerabilities in its systems, Bloomberg reported. Apple said the other company copied its operating system and graphical user interface, along with other aspects of the iPhone, Bloomberg reported. According to Apple, Corellium had acted as if it would help discovering iPhone bugs in the operating system, but instead sold the information to the highest
PYMNTS
DECEMBER 29, 2020
With digital transactions and eCommerce soaring during the pandemic, the rate of increasingly sophisticated fraud has also risen. With it, financial institutions need to strengthen their compliance to mitigate the risk of running afoul of the law. Whether it’s simple online purchases or banking, or more complex areas like cryptocurrency or money laundering, Trevor Wingert , a senior know your customer (KYC) and anti-fraud solutions consultant for GeoGuard , told PYMNTS that rapidly changing use
PYMNTS
DECEMBER 29, 2020
In a “normal” year, CES is an event built on spectacle, in what is arguably the world’s best venue for Las Vegas excess. Robots, butlers, cars that do everything but levitate, paper-thin televisions that one can roll up and carry with them, mechanical suits and just about any other type of “you have to see it to believe it” technical wonders are standard fare for the massive trade show that kicks off every calendar year.
Speaker: James Kahler, COO of Full Course
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PYMNTS
DECEMBER 29, 2020
The biggest brands in the U.S. — think Amazon , Starbucks , McDonald's and Walmart — are expected to get even bigger post-pandemic, while small- to medium-sized businesses (SMBs) fight for survival, the Financial Times (FT) reported Tuesday (Dec. 29). This disparate “K-shaped” recovery is expected to define the country’s economic rebound from the pandemic gripping the world, according to FT.
PYMNTS
DECEMBER 29, 2020
Cloud software vendor Qualtrics is readying to go public, according to CNBC. Qualtrics was acquired by SAP two years ago, but it filed paperwork with the SEC Monday (Dec. 28) to strike out on its own as a separate company. Qualtrics, which works in software to aid businesses in gauging how customers are using their products to boost offerings, is looking to capitalize on the new wave of interest in cloud software.
PYMNTS
DECEMBER 29, 2020
A small Spanish city has debuted an “Elio” digital currency to help with transactions, Finance Magnates reported. The digital currency, which is pegged to the euro, will let the City Council of Lebrija provide economic assistance to just under 600 chosen beneficiaries. The council has made a digital wallet for the digital currency, according to an official cited in the report.
PYMNTS
DECEMBER 29, 2020
Logistics software-as-a-service (SaaS) platform NebulARC has rolled out a new computer vision and 3D tracking service to help shippers monitor and track shipments in real time, a column by the company in The Times reads. The new solutions would help to do away with human error and improve efficiency by 25 percent, according to the company. “We have designed a one-stop solution that is tailored to meet the needs of our customers," CEO and Co-founder Alok Sharma said in the column.
Speaker: Jamie Eagan
As organizations strive for agility and efficiency, it's imperative for finance leaders to embrace innovative technologies and redefine traditional processes. Join us as we explore the pivotal role of digitalization and automation in reshaping what is commonly referred to as the “last mile of reporting”. We’ll deep-dive into why digitalization is no longer a choice, but a necessity for finance departments to stay competitive in a fast-paced environment touching on: 2024 trends for the Office of
PYMNTS
DECEMBER 29, 2020
Avalara , a tax compliance software firm with a focus on the business sector, said on Tuesday (Dec. 29) that it has struck a deal to buy INPOSIA Solutions GmbH. The Seattle-based firm, which did not disclose the purchase price, said in a press release that the transaction is expected to close in the first half of 2021. Avalara’s acquisition of INPOSIA Solutions is expected to enhance its offerings, with the German software company focused on “e-invoicing, digital tax reporting, and business and
PYMNTS
DECEMBER 29, 2020
The B2B payments landscape has always been evolving, but change in the industry has never been more acute than right now. With the pandemic forcing accounts payable (AP) and accounts receivable (AR) departments to hit the gas on their digitization roadmaps, finance leaders are grappling with an accelerated pace of change that can, at times, be overwhelming.
PYMNTS
DECEMBER 29, 2020
VF Corporation has closed on its purchase of Supreme for a $2.1 billion aggregate base purchase price, which is “subject to customary adjustments for cash, indebtedness, working capital and transaction expenses.” The international streetwear brand has become a VF Corporation wholly-owned subsidiary with the deal, according to an announcement. Supreme is anticipated to be “modestly accretive” to the VF Corporation’s sales and adjusted earnings per share in fiscal 2021.
PYMNTS
DECEMBER 29, 2020
Everyday operations ground to a halt for most consumers, businesses and financial institutions (FIs) when the pandemic began, and credit unions (CUs) were no exception. Social distancing and stay-at-home mandates threw normal business operations into disarray and forced CUs to adapt on the fly to meet consumers’ newfound digital preferences and give staff the tools needed for remote operations.
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PYMNTS
DECEMBER 29, 2020
Consumers, as PYMNTS data has repeatedly shown are hesitant to set foot in stores out of concern of exposing themselves and their loved ones to COVID-19. But people still have to eat, purchase shoes, replenish their wardrobes and purchase other physical goods – and sometimes need those goods a bit more quickly than can be guaranteed by delivery services.
PYMNTS
DECEMBER 29, 2020
The verdict on the holiday shopping season has been delivered. According to Mastercard ’s SpendingPulse transactional analysis, total retail spending for 2020’s 75 days of Christmas was up 3 percent, and eCommerce sales were up 49 percent — good for the stay-at-home economy and tough sledding for department stores. The story behind the numbers shows the retail industry in a state of reinvention as it looks to make sense of 2020 and plan for 2021.
PYMNTS
DECEMBER 29, 2020
RentPath won't be acquired by CoStar Group , choosing to terminate the agreement, a press release stated, after the Federal Trade Commission (FTC) decided to sue to block the deal. The FTC filed the suit because it said RentPath presented a competitive alternative to CoStar, which the proposed merger would have eliminated, the release stated, "to the detriment of customers.".
PYMNTS
DECEMBER 29, 2020
A lawsuit filed against blockchain money transfer platform Ripple by the U.S. Securities and Exchange Commission ( SEC ) has prompted Coinbase to suspend all XRP trading. Paul Grewal , chief legal officer of the cryptocurrency trading platform Coinbase, said in a press release that trade limits went into effect on Monday (Dec. 28), and trading will be fully halted Jan. 19. .
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PYMNTS
DECEMBER 29, 2020
Turkish prosecutors have issued a detention warrant for Turkish businessman Sezgin Baran Korkmaz, who has ties to Utah business executives who recently pleaded guilty to a $511 million tax credit scheme in the U.S., the Associated Press (AP) reported. According to Anadolu Agency , Turkey's state-run news agency, prosecutors issued the warrant after a joint probe by Turkish financial crime investigators and tax authorities into a reported $132 million money laundering scheme in Turkey, the AP rep
PYMNTS
DECEMBER 29, 2020
Jack Ma’s Ant Group is considering moving all of its financial services units to a separate holding company that would be regulated like a bank, Reuters reported on Tuesday (Dec. 29), citing sources. The People’s Bank of China (PBOC) told Reuters that Ant is in the process of outlining a strategy for the new company that would put all of its financial services businesses — including consumer lending, wealth management and insurance — under one umbrella. .
PYMNTS
DECEMBER 29, 2020
The Central Bank of Kenya (CBK) is promoting the use of cashless transactions and is asking the providers of digital financial services to work together and encourage adoption. “Though the industry moved to enable interoperability of mobile wallets in 2018, this is limited to only P2P payments, and is yet to be expanded to both merchant and agent interoperability and even to work seamlessly at P2P,” according to the draft of the Kenya National Payments System 2021-2025 report.
PYMNTS
DECEMBER 29, 2020
MYT Netherlands Parent B.V., parent company of luxury online retailer Mytheresa , announced that it's filed a registration statement with the SEC for an initial public offering (IPO), according to a press release. The statement related to an IPO of American Depositary Shares, representing its ordinary shares, the release says. The number of those shares to be offered is still up in the air, as is the price range, according to the release.
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PYMNTS
DECEMBER 29, 2020
Wondering how alternative credit — aka buy now, pay later (BNPL) — did over the holidays? Complete tallies aren’t in yet, but here’s a taste: BNPL brand Afterpay topped $2.1 billion in sales in November (thanks to Black Friday), more than doubling last year’s November receipts, the company said in an early December statement. That gives some sense of it.
PYMNTS
DECEMBER 29, 2020
Returns made through Returnly ’s system increased by over three times on Saturday (Dec. 26) in contrast to an average return day in the United States, according to a Tuesday (Dec. 29) press release. The digital return experiences and post-purchase payments company said the logjam effect caused by all-time high volume, very lengthy return windows and slower action from shoppers is anticipated to delay reimbursements for customers, in addition to resale turnaround.
PYMNTS
DECEMBER 29, 2020
The healthcare sector has been put under a global microscope due to the pandemic, but many businesses in the industry are facing revenue losses despite high demand for COVID-19 care and increased telehealth use. Consumers looking to reduce the spread of disease by avoiding public spaces have opted to delay optional treatments while government-led containment efforts required elective surgery providers to push off procedures, both of which have reduced income for some providers.
PYMNTS
DECEMBER 29, 2020
Although it occurred under dire circumstances, 2020 was the year that many organizations finally ditched the paper check in B2B payments — or, at the very least, helped to move the needle toward electronic payments. With 2021 on the horizon, those same organizations now have an opportunity to build on that momentum to not only migrate away from checks out of necessity, but embrace the benefits of electronic rails and workflows that can optimize B2B transactions for both buyers and suppliers.
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"Offer payroll and do it yourself,” they said. “It’ll be fun!” Spoiler alert: It was not fun. Most CPA firms know that they need to offer payroll services to their clients or risk losing them to another firm that will. However, many don’t really want to. It is often time-consuming and complex due to changing tax laws and regulations, and with the growing staffing shortages, most just don’t have the resources.
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