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January is the Cruelest Month for Retail Refund Fraud

RogerRossmeisl

For many retailers, January isn’t just the first month of the year: It’s “return season,” when customers bring back their unwanted holiday gifts for refunds or exchanges. According to the National Retail Association, consumers are expected to have returned more than $816 billion of merchandise (almost 17% of goods sold) in 2022.

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Retail Sales Up 2.5% Year-Over-Year

CPA Practice

Retail sales kept up a long streak of year-over-year gains in October even though the rate of growth continued to slow, according to a statement from National Retail Federation Chief Economist Jack Kleinhenz. Census Bureau’s most recent release of monthly retail sales data. His remarks were in response to the U.S.

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Retail Theft Totaled $112 Billion in 2022, Says NRF

CPA Practice

As incidents of retail crime continue to escalate throughout the country, retailers have seen a dramatic jump in financial losses associated with theft. When taken as a percentage of total retail sales in 2022, “retail shrink” accounted for $112.1 Shrink percentages can vary significantly by retail sector.

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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.

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Retail Sales Grew in June

CPA Practice

Retail sales continued to rise in June even as employment grew more slowly, the National Retail Federation announced this week. June retail sales confirm that while the economy may be cooling, consumers remain on solid footing and are spending on household priorities,” NRF President and CEO Matthew Shay said. from May and up 1.5%

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Autumn Budget: Retail Wish List

Menzies

A Vision for a Sustainable Future: Overhauling UK Retail Policies We are proposing essential recommendations to the UK government in preparation for the upcoming Autumn statement. Menzies LLP - A leading chartered accountancy firm. This would alleviate the burden for all by reverting the multiplier back to its original rate of 34.8p.

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Multi-channel selling sales tax: Direct/retail sales

TaxConnex

Nearly half the attendees of a recent TaxConnex webinar on multi-channel selling use direct/retail eCommerce as their main avenue of sales. Economic nexus has emerged as a burning issue for many online retailers since the 2018 decision of South Dakota vs. Wayfair , in which the U.S.

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