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Sales tax is full of complexities, but there are certain topics that seem to cause more of a headache than others. Drop shipments are one of those topics. As e-commerce continues to explode – it almost doubled during the pandemic and was already rising sharply nationwide in early 2019 – drop shipment transactions have become even more prevalent. Many companies have added marketplaces on websites and don’t maintain their own inventory for online purchases.
RESOURCES / ARTICLES. Exciting Clients…. with Review Meetings! Accountants interpret financials to advise clients, sometimes through ‘quarterly [or monthly] review’ meetings. How do we get clients excited (and willing to invest) in these meetings? They need to see the value and believe in the approach. Then they’ll enter productive, long-term advisory relationships.
When applying for government contracts, it’s important to understand the types of contract options that are available to you. Each type of contract carries its own risks and opportunities and can help you make decisions when compiling your proposal. Project managers should work closely with their team to manage resources, track the project’s performance to budget, and communicate with the accounting department to review billing rates to make sure the contract remains profitable.
What if you decide to, or are asked to, guarantee a loan to your corporation? Before agreeing to act as a guarantor, endorser or indemnitor of a debt obligation of your closely held corporation, be aware of the possible tax consequences. If your corporation defaults on the loan and you’re required to pay principal or interest under the guarantee agreement, you don’t want to be blindsided.
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For any business, the worst thing that can happen is that you can find yourself in a 911 urgent tax help situation. The IRS is known to be the toughest and most ruthless of all collection agencies on the planet. If you ever find yourself in trouble with the IRS, never consider going it alone. There are always avenues for you to turn and they do allow you to have a representative on your side.
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Is it just your imagination or is e-commerce expanding every year? It’s not your imagination. Let’s see some numbers : 5% of global internet users have purchased products online. The e-commerce industry is growing 23% year-over-year (yet 46% of American small businesses still don’t have a website). By 2040, an estimated 95% of all purchases will be through e-commerce.
Is it just your imagination or is e-commerce expanding every year? It’s not your imagination. Let’s see some numbers : 5% of global internet users have purchased products online. The e-commerce industry is growing 23% year-over-year (yet 46% of American small businesses still don’t have a website). By 2040, an estimated 95% of all purchases will be through e-commerce.
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You know that paying someone comes at a cost. In addition to giving employees their paychecks, you also have the cost of payroll taxes. So, how much does an employer pay in payroll taxes? Keep reading to learn more about the employer cost of payroll taxes. How much does an employer pay in payroll taxes? […] READ MORE.
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To truly understand your SaaS company’s performance, you need to go beyond standard financial metrics, such as revenue and operating income, and dive into SaaS metrics. Debbie Rosler, Fractional CFO Read More. The post SaaS Metrics Simplified, Part One: Launch Metrics appeared first on Burkland.
Amazon, eBay and Etsy are more than household names. In the world of sales tax, they’re major marketplace facilitators. A marketplace facilitator is a platform where third-party sellers of any size and geographic area can facilitate retail sales, including the collection/processing of payments, in exchange for compensation. Think of it almost like a consignment shop.
QUESTION: Our company offers a high-deductible health plan (HDHP), and many participants contribute to their own HSAs. Several have asked about making HSA contributions on a pre-tax basis so they can receive income tax savings every payroll period (instead of waiting until they file their tax returns) and avoid paying FICA taxes on those contributions.
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While Congress develops legislation that would eliminate, and/or otherwise mitigate, the current TCJA implemented state and local tax (SALT) limit on an individual taxpayer’s ability to take the itemized deduction for state and local taxes, California has just passed legislation which offers a work-around that will allow many Californians to mitigate the effects of the current $10,000 federal limitation on SALT deductions.
Many companies find themselves in return-to-work limbo, trying to determine what expectations to set for employees who have been working from home for more than a year. Making these decisions Read More. The post Is “Remote-First” the Future of Work for Startups? appeared first on Burkland.
This article was written for the Atlanta Business Chronicle Leadership Trust. To see the original post, click here. In the fall of 2020, I published an article on how the sales tax picture is changing due to COVID-19. Now that we’re over a year into the pandemic, I wanted to provide an update on the sales tax landscape, what predictions have remained the same and what’s changed.
AI is reshaping industries, yet finance remains one of the slowest adopters. Concerns over compliance, legacy systems, and data silos have made finance teams hesitant to embrace AI-driven transformation. But delaying adoption isn’t just about efficiency—it’s about staying competitive in a rapidly evolving landscape. How can finance leaders overcome these challenges and start leveraging AI effectively?
Not all businesses sell a physical product, but many businesses have inventory that is made up of materials used as a part of a service provided to a customer. In either case, these products and materials need to be accounted for in the warehouse, when they are moved to job sites, and when they are used for a client job or within the production of a larger product.
If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. The current rules Under the current fair market value basis rules (also known as the “step-up and step-down” rules), an heir receives a basis in inherited property equal to its date-of-death value. So, for example, if your grandmother bought stock in 1935 for $500 and it’s worth $1 million at her death, the basis is stepped up to $1 million in the hands of your gran
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TaxConnex is proud to announce that last Sunday, August 8, TaxConnex founder and CEO, Robert Dumas, was interviewed on the Kathy Ireland show as branded content! Robert was able to highlight TaxConnex’s unique offerings to businesses looking to outsource sales tax compliance. There are still many businesses who don’t understand all the complexities surrounding sales tax or that they even have an obligation.
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