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

APRIL 12, 2024

Retail sales grew at a steady pace in March, according to the CNBC/NRF Retail Monitor , powered by Affinity Solutions, released today by the National Retail Federation. “As For the first quarter, total retail sales were up 2.65% year over year and core sales were up 3.12%. That compared with increases of 0.4%

Sales 105

Sales Retail Sports 105

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

CPA Practice

NOVEMBER 20, 2023

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.

Retail 111

Retail Sales 111

CPA Practice

OCTOBER 2, 2023

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.

Retail 116

Retail New York payroll Sales 116

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

CPA Practice

JANUARY 29, 2024

billion, according to the latest annual survey released by the National Retail Federation and Prosper Insights & Analytics. Retailers are ready to help customers this Valentine’s Day with meaningful and memorable gifts,” NRF President and CEO Matthew Shay said. It was conducted Jan. 2-8 and has a margin of error of plus or minus 1.1

Retail 110

Retail Sales 110

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

CPA Practice

FEBRUARY 8, 2024

billion in 2024, according to the annual survey released by the National Retail Federation and Prosper Insights & Analytics. Retailers are ready to help customers this Valentine’s Day with meaningful and memorable gifts,” NRF President and CEO Matthew Shay said. Spending on the annual lover’s day is expected to reach a record $14.2

Retail 105

Retail 105

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

CPA Practice

OCTOBER 23, 2024

Census Bureau shows retail sales increased again in September as employment grew and inflation and interest rates fell, according to National Retail Federation chief cconomist Jack Kleinhenz. Clearly, consumers continue to carry the economy, and conditions for the retail sector remain favorable as we move into the holiday season.”

Sales 81

Sales Retail payroll 81

CPA Practice

JULY 16, 2024

Census Bureau shows modest retail sales gains in June despite an uneven pace of spending in recent months, National Retail Federation Chief Economist Jack Kleinhenz said. Spending has been uneven but remains in good condition notwithstanding the slower pace of payrolls, subdued consumer confidence and price deflation for retail goods.

Sales 85

Sales Retail payroll 85

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

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

JUNE 18, 2024

Census Bureau on June 18 shows retail sales grew again in May and helped drive a still-expanding economy, National Retail Federation Chief Economist Jack Kleinhenz said. May’s retail sales give us a snapshot of a reasonably healthy consumer even though spending growth is fluctuating somewhat,” Kleinhenz said.

Sales 88

Sales Retail 88

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

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 tax return Sales 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

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

Accounting Today

NOVEMBER 26, 2024

A pending proposal from the Streamlined Tax Governing Board would let businesses that haven't been remitting sales tax come in from the cold.

Sales 122

Sales Tax Retail Government 122

Menzies

OCTOBER 30, 2024

The recent budget has imposed significant challenges on businesses across the board, with the retail sector being particularly affected. The Chancellor has announced several policy changes and tax increases that will impact retail. National Living Wage The National Living Wage has seen a significant increase, affecting all retailers.

Retail 59

Retail E-commerce chartered accountant Tax 59

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 Tax Wisconsin Vermont 246

TaxConnex

JANUARY 18, 2024

Physical nexus standards – such as having offices, staff or inventory in a state – had long mandated that retailers had to collect and remit a state’s sales tax. To their credit, these states have created advantageous ways for small retailers who hit nexus thresholds, affording simpler guidelines for charging and remitting the sales tax.

South Dakota 264

South Dakota Colorado Louisiana Alaska 264

CPA Practice

SEPTEMBER 10, 2024

The nation’s major container ports are expected to see another busy month in September ahead of a potential labor strike at East Coast and Gulf Coast ports, according to the Global Port Tracker report released by the National Retail Federation and Hackett Associates. January 2025 is forecast at 1.96 million TEU, down 0.3% year over year.

Retail 85

Retail New Jersey Virginia New York 85

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

RogerRossmeisl

JULY 15, 2024

For many businesses, such as retailers, manufacturers and contractors, strict inventory control is central to operations. If you don’t track inventory accurately, you can’t effectively produce goods, meet customer demand and realize profits. Let’s say you’re performing a year-end inventory count and you come up short.

Manufacturing 263

Manufacturing CPA Retail 263

TaxConnex

SEPTEMBER 26, 2023

“Revenue” can also vary, meaning “ gross revenue ” in some states and “taxable receipts” or “retail receipts” in others. (We Usually all retail sales of tangible personal property (TPP) are taxable, but many states have started to tax services. Taxability. Marketplace facilitators. Who resolves notices?

Sales 264

Sales Tax South Dakota Colorado 264