TaxConnex

OCTOBER 15, 2024

The customer will ask the retailer to ship the piece to them in another state, maybe a state like New Hampshire that doesn’t have a sales or a use tax. If the retailer agrees and the product is in fact boxed and shipped to New Hampshire, there’s a good chance that will be a transaction exempt from sales tax.

Sales 203

Sales New Hampshire Tax income tax 203

CPA Practice

SEPTEMBER 13, 2024

Retail sales increased again in August as consumer demand and easing inflation overcame slower job growth, according to the CNBC/NRF Retail Monitor , powered by Affinity Solutions, presented by the National Retail Federation. That compared with increases of 0.74% month over month and 0.92% year over year in July.

Sales 119

Sales Retail Sports 119

CPA Practice

APRIL 16, 2024

Retail sales continued to increase in March along with job growth and tax refunds, which put more money in shoppers’ pockets, according to data from the U.S. While sales were mixed, several factors supported retail sales including an early Easter holiday, slightly larger 2023 tax refunds and stronger payroll growth over the last three months.

Retail 119

Retail Sales payroll Tax 119

CPA Practice

MARCH 10, 2025

Total retail sales, excluding automobiles and gasoline, were down 0.22% seasonally adjusted month over month but up 3.38% unadjusted.

Retail 108

Retail Sales 108

CPA Practice

JULY 31, 2024

Washington could be on its way to becoming the third state in the nation with a retail delivery fee, following the route paved by Colorado and Minnesota. So, what would a Washington retail delivery fee look like? What is a retail delivery fee? A retail delivery fee is not a tax but functions much like one.

Washington 111

Washington Retail Minnesota Colorado 111

CPA Practice

JULY 9, 2024

Monthly inbound cargo volume at the nation’s major container ports is continuing to rise despite a variety of supply chain challenges, according to the Global Port Tracker report from the National Retail Federation and Hackett Associates. The first half of 2024 is expected to total 12.04 million TEU, up 14.4% from the same period last year.

Retail 115

Retail New Jersey Virginia New York 115

CPA Practice

SEPTEMBER 6, 2024

With the economy slowing but still growing and inflation down as the Federal Reserve prepares to lower interest rates, the United States appears to have dodged a recession, according to National Retail Federation chief economist Jack Kleinhenz.

Retail 111

Retail Manufacturing Gaming Finance 111

Withum

FEBRUARY 19, 2025

Opening Remarks The Future of Automotive Retail The conference began with a presentation on the future of automotive retail, highlighting the current state of dealership profitability. Let’s Chat The post The Future of Automotive Retail: Insights From the 2024 AICPA Dealership Conference appeared first on Withum.

Retail 52

Retail Sales Technology Tax 52

CPA Practice

OCTOBER 16, 2024

Halloween can be a scary time for retailers. With that kind of sales volume, it’s imperative for retailers to get the sales tax on candy right — and it’s not easy. HDNA also created a tax compliance challenge for retailers within the Navajo Nation, per the study. Comments by two retailers illustrate some of their pain points.

Retail 119

Retail Tax Washington Vermont 119

TaxConnex

NOVEMBER 21, 2024

Black Friday for retail, the kickoff day for holiday shopping, started almost half-century ago with long lines outside brick-and-mortar stores and the dawn unlocking of doors (and the occasional injury of a shopper in the stampede). retail sales during the 2023 holiday season grew 3.8% Is Black Friday still that big? A total of $123.5

Sales 147

Sales Retail Tax online accounting 147

CPA Practice

MARCH 21, 2024

The retail industry supported 55 million full-time and part-time jobs in 2022, accounting for 26% of total U.S. employment, according to a new report released today by the National Retail Federation. Retail Industry examines the direct, indirect and induced contribution of the retail industry to the U.S.

Retail 116

Retail Georgia Florida Texas 116

CPA Practice

DECEMBER 2, 2024

Though they generate goodwill and repeat business, retailers are not exactly happy to be stuck with returned inventory. Now, your client retailers are thinking the unthinkable: Giving customers refunds but letting them keep their unwanted goods. Returned products are a headache. Returned products are a headache.

Retail 52

Retail Non-Profits Illinois Tax 52

CPA Practice

OCTOBER 31, 2024

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. Disparate ways of identifying tax changes: Getting and staying informed is crucial for independent retailers to meet tax obligations.

Sales 116

Sales Tax accounting and finance bookkeeping 116

CPA Practice

SEPTEMBER 6, 2024

retailers face significant challenges when navigating sales tax holidays, according to a new report from Avalara, Inc. , While these holidays are designed to boost consumer spending and businesses’ sales, the complexities involved have actually left nearly 60% of retailers struggling to make a profit. Small and midsize U.S.

Sales 116

Sales Retail Tax Government 116

TaxConnex

FEBRUARY 22, 2024

Capital One reports that global e-commerce retail sales will hit some $6.91 from total e-commerce retail sales in 2023. retail e-commerce sales for 2023 through the third quarter were $833 billion, up 7.6% retail e-commerce sales is expected to top $2 trillion by 2027. retailers – the largest such market in the world.

E-commerce 264

E-commerce West Virginia Kansas Virginia 264

TaxConnex

JANUARY 23, 2025

In some cases, however, a state might consider a remodeling to be a retail sale, in which case the contractor becomes a retailer contractor (see below) who can buy materials exempt from tax and charge sales tax on the gross price of that contract.

Sales 147

Sales North Carolina Tax Construction 147

TaxConnex

JANUARY 5, 2021

But understanding who is exempt for sales tax in a resale transaction involving drop shipments comes down to two distinct transactions when states are looking at it: The transaction between the retailer selling the product to the end-customer and the manufacturer/distributor that will be shipping it out; and. Seems easy enough.

Sales 246

Sales Tax Manufacturing California 246

Anders CPA

FEBRUARY 26, 2024

Weighted at 40% for large banks and 50% for intermediate banks, the Retail Lending Test is a vital part of a bank’s evaluation under the CRA. To help your institution prepare itself for the updated test, Anders advisors will share valuable information and practical insights to ensure your readiness.

Retail 119

Retail Education CPA 119

TaxConnex

AUGUST 27, 2024

Are home rule/online retailer cases likely to stay few and far between? The Wayfair/Lakewood case has been dismissed with prejudice, with both parties left to cover their own costs. Probably not. But is it likely that changes will be made, also probably not.

Colorado 264

Colorado Sales Tax Alaska 264

TaxConnex

JULY 15, 2022

The Washington Department of Revenue upheld a retail sales tax assessment on a taxpayer who failed to collect retail sales tax on sales to a renewable energy company. According to the court, the company made “retail sales” by arranging and managing such “roll-out” work in Washington.

Wisconsin 240

Wisconsin Louisiana Washington Arizona 240

RogerRossmeisl

MARCH 23, 2025

For example, a retail employee bent on fraud may enter a nonexistent sale into a point of sale (POS) system to generate a commission. Because its sometimes impossible to spot crooks in your midst, be aware of potential sales commission fraud schemes and how best to detect and prevent them.

CPA 130

CPA Sales Retail 130

CPA Practice

FEBRUARY 17, 2025

The value of retail purchases, not adjusted for inflation, decreased 0.9% after an upwardly revised 0.7% gain in December, Commerce Department data showed Friday.

Retail 98

Retail Sales 98

TaxConnex

AUGUST 17, 2021

Understanding who owns the sales tax obligations when it comes to drop shipments hinges on knowing the nexus of the business/retailer that’s making the sale to the end-user and the nexus of the drop shipper/distributor. The reselling retailer must issue an exemption certificate for resale to the distributor that is valid in Illinois.

South Carolina 246

South Carolina Utah Sales Illinois 246

TaxConnex

SEPTEMBER 13, 2022

Remote retail sales just got rockier in Colorado, which has begun imposing a 27-cent fee on every retail delivery made by motor vehicle to a destination in the state. The fee must be separately stated on the customer’s invoice as “retail delivery fees.”. Wholesale sales or sales of exempt goods are not subject to the fee.

Colorado 246

Colorado Tax Sales tax return 246

TaxConnex

SEPTEMBER 5, 2024

Under current law, there is often confusion regarding when delivery charges related to retail sales are subject to sales and use tax,” the state says. Delivery charges are also taxable when the retailer is responsible for installing the product upon delivery.” The fee must be separately stated on the invoice as “retail delivery fees.”

Sales 264

Sales Tax Rhode Island Kansas 264

TaxConnex

DECEMBER 5, 2023

Gym and fitness chains and warehouse retailers, for example, use the internet to sell memberships to their franchised businesses all over the country. Retail Again, this sales tax on this kind of membership varies greatly by state. States don’t take membership sales tax lightly. The state socked Books-A-Million with a $242,076.97

South Carolina 264

South Carolina Sales Tax West Virginia 264

TaxConnex

JANUARY 30, 2024

Generally, a marketplace facilitator is a business or organization that contracts with third parties to sell goods and services on its platform and facilitates retail sales. States seem to believe that marketplace facilitators – most of which are much larger than most retailers – constitute a rich source of tax revenue.

Iowa 264

Iowa Pennsylvania Illinois Sales 264

CPA Practice

NOVEMBER 27, 2024

Retailers expect to have instant, accurate tax calculations at the point of sale to meet customer expectations for seamless transactions. Implement resilient tax calculation systems Retail environments perfectly exemplify the critical need for resilient tax systems.

Tax 116

Tax Technology Retail audit 116

TaxConnex

OCTOBER 27, 2020

When states refer to a "sales tax", they usually mean the tax charged to the customer by an in-state retailer at the time a taxable transaction occurs. As a privilege tax, the tax is imposed on the retailer for the privilege of doing business in the state. To obtain such a number, the retailer will need to register with the state.

Sales 246

Sales Tax Retail auditor 246

TaxConnex

JULY 12, 2022

Colorado will begin imposing a 27-cent fee on every retail delivery made by motor vehicle to a destination in the state, beginning July 1. The seller is responsible for collecting and remitting the retail delivery fee even when delivery is made by a third party and the retail delivery fee must be separately stated on the customer’s invoice.

Sales 246

Sales Tax Oklahoma Illinois 246

TaxConnex

NOVEMBER 3, 2020

Revenue from out-of-state online retail, however, was one of the few bright tax spots, said Comptroller Glenn Hegar. A recent act of lawmakers changed “any” to “the” for remote retailers and greatly reduced potential past tax liability. Texas state sales tax revenue totaled $2.57 billion in September, 6.1 Tony Evers.

Sales 246

Sales Wisconsin Tax Vermont 246

TaxConnex

SEPTEMBER 14, 2021

A marketplace facilitator that facilitates retail sales of $250,000 or more into Alabama through its platform must register with the state and then either comply with the reporting requirements or collect and remit the SSUT flat rate of 8% on taxable retail sales made through the facilitator’s platform. Alaska Gov.

Sales 245

Sales Alabama Tax Alaska 245

TaxConnex

SEPTEMBER 10, 2020

Lately they’ve been followed by retailers, notably restaurants , nationwide. Nevada , Texas , South Carolina and New Jersey are among the first states mandating surcharges on retail sales subject to sales tax. These fees raise the question – "are COVID surcharges subject to state sales taxes?”. States to watch.

South Carolina 246

South Carolina Sales Nevada Tax 246

TaxConnex

OCTOBER 7, 2021

California has presented to the governor for his signature AB 1402 , which requires marketplace facilitators to register, collect and remit specified fees on the retail sale of tangible personal property in the state. Instead, the tax collection remains the responsibility of the marketplace facilitator.

West Virginia 246

West Virginia Sales Alaska Tax 246

TaxConnex

AUGUST 1, 2024

Bill A4702 “repeals the annual sales tax holiday … for retail sale of computers, school computer supplies, school supplies, school instructional materials, and sport or recreational equipment … The sales tax holiday [was] in effect during the ten-day period up to and including the first Monday in September.”

North Carolina 264

North Carolina Sales South Dakota North Dakota 264

TaxConnex

OCTOBER 21, 2021

For most brick-and-mortar retail stores, sales tax is relatively simple, but what happens when you open an online store? Believing that you only have a sales tax obligation in your home state, or that because you don’t have a retail location you don’t have a sales tax obligation, could lead to large penalties and fees.

E-commerce 246

E-commerce Sales Tax Retail 246

TaxConnex

DECEMBER 3, 2024

A North Carolina-based online retailer has lodged a complaint in the state’s Business Court that their tax advisory firm failed to warn about sales tax filing obligations. The retailer hired an external CFO in 2021 who advised them that their large volume of online sales likely meant they had unpaid sales tax liabilities.

Sales 162

Sales Tax Montana Alaska 162