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Its a safe bet that few of them hit the target, which leads to returns, which leads to refunds from sellers, to which leads to the nagging question: Does sales tax get refunded along with the purchase price? The more accurate answer, particularly when something as complex as sales tax gets involved, is: Probably, but watch the details.
sales tax risks and exposure should be an important topic. Our recent webinar “What to Ask Your Clients to Identify & Manage Their Sales & Use Tax Risk” addressed many of these questions – along with what to do once you find out the answers. Did your e-commerce sales increase in 2024? Have you expanded sales into Canada?
should know that sales tax obligations for these sovereign nations and territories resemble those obligations in other areas of the U.S. Areas such as the Navajo Nation have tribal sovereignty; for tax purposes, this means their sales tax laws are separate from the states within which they reside. but can differ in important ways.
Sales tax driven by burgeoning eCommerce, dynamic kinds of nexus and a steam of new tech and products that jurisdictions see as lush sources of revenue again has more than its share of trends on tap for 2025. All but 11 states no longer levy a statewide sales tax on groceries, though many local communities nationwide do.
Speaker: David Goulden, CFO at Booking Holdings, and Jeff Epstein, Veteran Tech CFO
Having acted as CEO at EMC Information Infrastructure after working in sales, engineering, and product development within the EMC Corporation, as well as COO for the Americas and Asia Pacific at Getronics N.V. His path to CFO is not the typical story of CPA/accountant or investment banker that we normally see.
Income tax often seems to grab most of the headlines, but sales tax can make for a hefty crime – and punishment – too. A famous case recently examined in the TaxConnex podcast It Depends episode, “Sales Tax Crimes - Pt. States are watching For Kozlowski, the sales tax matter was a $3.2
Holiday shopping season offers probably the years best chance for your online business to score big, not only through sales on your own website but also through household-name marketplace facilitators like Amazon. online sales up 10.2% Black Friday this year saw a record $10.8 billion in U.S. over last year.
AI and automation are all the rage, but does it have a place in your sales tax compliance process? Businesses need a way to calculate the correct sales tax to charge in states where they have a sales tax obligation, and for this, automation can be a great solution. If so, where?
This means new manufacturers of all sizes, from those who market directly to consumers to those who supply those manufacturers with equipment and raw materials, are likely to soon see more sales coast to coast. And we all know what more domestic sales mean: more sales tax obligations. What do manufacturers have to watch for?
Throughout this proven workbook, you will learn that high-pricing is an essential function of your sales process! *By Does pricing your services stump you? By downloading, you consent to receive marketing communications from Ignition and Future Firm.
With these changes in mind, it's important to consider how using a payment platform impacts the collection of sales tax. sales taxes? Stripe also does offer some services and a ton of information on sales tax obligations, seemingly to inform sellers as much as possible without actually filing for them. and international sales.
That could be a lot of sales tax revenue. Some states have narrow definitions for sales tax purposes; others have broader ones. Some states are also using the logic for taxing subscription-based services to create sales tax obligations for streaming services. The delivery method can also affect sales tax.
There’s always something changing in the world of tax, especially sales tax. The five-letter acronym stands for the states without a statewide sales tax – New Hampshire, Oregon, Montana, Alaska and Delaware – and two of those states might be leaving the group sooner than later. billion-plus from a 4% sales tax in FY25.
Assessing a company’s sales tax risk and exposure starts (and maybe ends) with the right questions. As we saw in a previous blog, these questions cover a range of topics and hinge on knowing many sales tax terms. Are you comfortable with your sales tax nexus footprint? Did your e-commerce sales increase this year?
Speaker: Ryan Dillard, Chief of Staff Director at CBIZ ARC Consulting LLC; Kelly Hicks, Global Controller at Airbase
ASC 606 is the revenue recognition standard that sets global accounting principles for all private or public companies that enter sales agreements or contracts with customers. Along with ASC 606, ASC 340-40 was added to address accounting costs to obtain a contact and costs to fulfill a contract.
Sales tax comes with a lot of important terms. In such a transaction, a distributor must charge sales tax to the seller. Sounds simple – and in many ways it is, except that a drop shipment can often involve not two but three locations (usually states) where sales tax must be considered. One is “drop shipment.”
online sales on Black Friday, up 10.2% Monitor your obligations Such an eruption of shopping promises to tip some companies over the line of economic nexus in some states, meaning that suddenly those companies will have an obligation to collect and remit sales tax from customers in those states. Online retail ruled Black Friday , Nov.
tax professionals responsible for managing sales tax obligations for independent retailers reveals that 97% of respondents say they have automated or plan to automate their sales tax compliance process. Other key challenges include managing sales tax exemptions (17%), calculating correct tax rates (15%), and filing taxes on time (12%).
Suddenly all states could require many remote sellers to collect and remit sales tax. Though marketplace facilitators and even some payment platforms have recently stepped up to help with sales tax obligations, eCommerce and sellers’ burden has only grown more complicated since 2018, with no end in sight. Overall complications.
Discover how to develop a pilot that captures real customer feedback, aligns internal teams with usage metrics, and rethinks sales incentives to prioritize lasting customer engagement. 💬 Customer-Centric Metrics: Discover hot to align sales and marketing efforts with real usage insights to deepen customer engagement.
As your business starts to sell into more states, though, you’re going to need to file another type of form: states’ sales tax returns. When it comes time to file, what do you have to know about sales tax returns – and what could go wrong? Since there is no federal sale tax , sales tax is left up to states.)
northern states, having customers or clients in Canada can happen easily, but what sales tax rules apply? The same but different Canadas sales tax situation resembles that of the U.S. Canada now even has sales tax holidays.) northern neighbor also has less scattershot sales tax obligations than U.S.
Q-commerce is also likely to start sparking long-term questions about sales tax. Tax treatment Q-commerce may seem futuristically fast, but its sales tax calculation remains the same so far as its older cousin e-commerce. In Kansas City, for instance, sales tax rates vary block to block.) Get in touch to learn more!
OBannon The Sales Tax Sisters, Mary Thomas (Attorney and CPA) and Stephanie Thomas (CPA), are excited to announce their partnership with Roundtable Labs to launch The Sales Tax Hive , a new roundtable community designed exclusively for bookkeepers, accountants, and finance professionals navigating the complexities of sales and use tax.
A 4-part Sales Presentation and Client Servicing model. Tom Bowman, Owner of Bowman & Company, CPA, PC shares his journey and 10 step process for going from Technician to Business Owner. In this webinar you will learn: To be that Odd Duck and rehab your practice so that it runs largely without you. An alternative to Billable Hours.
Canadian eCommerce companies used to the simplicity of most nations sales tax systems (including, to a degree, their own) could be in for a shock when they try to sell online to customers in the United States. As in Canada, for instance, sales tax in the U.S. has no national sales tax. Similar but more complicated U.S.
In this webinar, you’ll learn how to: Leverage tech solutions to grow your sales tax practice : Explore the tools that can help you automate sales tax compliance and enhance your service offerings. We live and breathe sales tax and license compliance. Plus, earn CPE credit!
Last time we looked at the damage that one companys past sales tax exposure and liability can do to an M&A deal. Companies must register for sales tax companies in states where they have nexus and adhere to that states filing frequency requirements. In that part, well examine what can be done about this exposure. Registering.
Square is a point-of-sale (POS) system for merchants, either brick-and-mortar or online, to accept card payments and streamline other business operations. It also seems to have an excellent take on sales tax in its functions, including where Squares responsibilities end and yours begin. states where you made a sale and have nexus ).
What is the relationship between tariffs and sales tax? What does this mean for sales tax? This means that when the sale is considered a retail sale, the business must also collect retail sales tax on the total selling price, including the surcharge or tariff fee. Tariffs have been in the headlines recently.
The sales tax landscape is constantly evolving, and businesses must adapt to keep pace. According to our latest survey of over 100 finance professionals, 85% of businesses are at least somewhat likely to adjust how they manage sales tax in 2025, with 47% being very likely to make changes. What Are Businesses Looking for Instead?
But its a good idea to look out for how a new year can mean new sales tax obligations for you and your online business. Here are some common situations that can be exciting for your business and distracting for you and that can create sales tax risk. Generally, states require sales tax on tangible personal property.
One area to focus on is Section 1231 of the Internal Revenue Code, which governs the treatment of gains and losses from the sale or exchange of certain business property. Operating businesses typically dont own capital assets, The post How Section 1231 Gains and Losses Affect Business Asset Sales appeared first on Roger Rossmeisl, CPA.
A new construction project, a renovation or expansion of a property, ongoing management of a property: All these and more can come with a ton of sales tax nuances. Particularly for those construction companies with projects beyond the borders of their home state, where they may have done well with sales tax compliance for many years.
But Tracy Coenen has some techniques she uses to try to uncover unreported cash sales. How do you investigate fraud in a cash business? It is difficult because cash leaves no paper trail. She gives examples including restaurants and laundromats.
Many companies don’t think about how to handle sales tax obligations until it’s too late. Previously we looked at how such back-office functions as the general ledger , tax calendar and billing system can cause problems with your sales tax compliance. It’s just sales tax. It’s just putting a number on a form,” you might say.
An exemption certificate is one of the most useful tools that your online company has for sales tax. This little piece of paper is used to exempt an otherwise taxable transaction from sales tax. The purchaser has the responsibility for determining whether a sale is exempt from tax. Step by step Learn who might be exempt.
Your compliance obligations are tough enough given the almost dizzying variety of rates, filing frequencies and other seemingly random details of the states that have a sales tax. One of those biggest details you sure can’t ignore: sales tax holidays. Here’s an overview: General: Massachusetts (most TPP up to $2,500 per item) Aug.
Harder still to believe some of the strange sales tax laws that come with it. So as you plan to arrive at your family’s early, marvel that the Detroit Lions are actually good and get ready to send the stuffing around again, chew on these sales tax considerations associated with the feast. Hard to believe Turkey Day is here again.
During the cash flow forecasting process, you’ll want to evaluate these three sections of the statement: Cash flows from operating activities: This section shows inflows and outflows related to the company’s primary business operations, such as revenue generated from sales and expenses incurred due to production, employee salaries or tax payments.
Whats working for and against your company as you work to find the folks to help with your sales tax compliance? And in this TaxConnex survey of financial professionals, it showed that more than three out of five struggle to attract and retain staff with sales tax expertise. First, realize that youre not alone.
Youd think that if you eat it, its sales tax treatment would be the same at least similar across different states and given methods of preparation of the food. Pre-packaged food such as canned drinks, bottled beverages, packaged snacks, frozen meals and canned products can also be groceries for purposes of sales tax.
By integrating financial services like payments, invoicing, and cash flow forecasting directly into software platforms, companies can reduce friction and improve collaboration between accounting, operations, and sales teams. What should you do now? These trends arent just shaping the futuretheyre already here.
This tends to be the case in departments like sales or marketing, but not in areas like accounting, HR, or operations. As teams grow, the straightforward solution might seem to be adding more staff. But do companies typically increase headcount in proportion to revenue growth?
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