Sales Tax Blog
2016 Presidential Candidates: Where Do They Stand on Taxes?
As we discussed in "Is Sales Tax Fair?", FairTax™, Marketplace Fairness Act and other issues affecting ecommerce retailers are hot topics as the 2016 Presidential election draws near. There is still a wide selection of candidates and where they stand on these matters is an important topic for all voters, especially small business owners. As states implement ways to add more taxes, the sweeping reforms suggested by these presidential hopefuls could either help or harm online retailers. Today, we’re going to take a look at where each of the candidates stands on matters of income tax, sales tax and related… Read More
Is Sales Tax Fair?
As the presidential election draws closer, the debate over taxes is getting a lot more coverage on media today. One issue on the minds of some of the candidates is about the fairness of sales and income tax. There are differing opinions on how to approach an equitable tax burden for the American public. To get to the heart of this matter, we need to look at how the sales tax rates of different states compare, how we are gauging this idea of “fairness” and where income tax fits into this whole discussion. Finally, we are going to look at… Read More
Understanding Sales Tax on Services
Historically, there was a significant difference between the sale of products and services when it came to sales tax. While this is still mostly the case, there are a number of exceptions (and a growing list of examples) in which a service is subject to sales tax. If you operate a service business that may fall into one of these categories it is important to know exactly when and how you must collect sales tax and how it will impact your business in different states. The Growth of the Service Industry The service industry has grown substantially in recent years… Read More
Voluntary Disclosure Process For Erroneous Reporting
It’s every online retailer’s nightmare: a dreaded audit or costly penalties and fines for erroneous sales tax reporting. And yet, the ever-changing landscape of sales tax regulations that affects ecommerce retailers means that errors in reporting are a real possibility for even the most conscientious of vendors. Is there a way retailers can protect themselves from exorbitant fees and charges due to erroneous reporting? Voluntary disclosure may be able to help in cases where retailers realized that an error has been made. What is voluntary disclosure? For tax reporting, voluntary disclosure is a program that can waive penalties and fees… Read More
The Permanent Internet Tax Freedom Act
For nearly two decades, there has been an active conversation in the United States about the role of the Internet in commerce and daily life, and how the Government should or should not regulate that role. The Internet Tax Freedom Act is a prime example, first passed in 1998 and extended multiple times over the course of the ensuing 16 years. In 2013, the Permanent Internet Tax Freedom Act was introduced to the House of Representatives by Rep. Bob Goodlatte of Virginia and four co-sponsors. This bill would enforce the provisions of the original law permanently and while it was… Read More
How Social Media Buy Buttons Affect a Retailer’s Sales Tax Obligations
Every ecommerce retailer needs to know about the new way to purchase online: by using social media "buy buttons." One of the biggest questions that vendors need to resolve is how these purchases will affect sales tax, both now and in the future. Social Media Enters the Market Formerly, social media buying used to require a link or an affiliate company, but those days are coming to an end. Buyers want direct access to products they view on social media, and that means the advancement of these buttons. The first social media site to make headway in this area is… Read More
7 Fundamentals for Managing Your Small Business Cash Flow
One of the biggest challenges faced by small businesses, especially those actively trying to grow, is cash flow. Poorly managed cash flow can result in significant issues, and it is frequently listed as one of the biggest challenges for businesses. With small business failure rates at or above 50% in most developed countries and cash flow issues contributing to a large number of those failures, it’s important to keep an eye on it at all times. Below are seven tips to improve cash flow management and ensure your business remains healthy, regardless of your current profitability. 1. Build Strong Relationships… Read More
What is Excise Tax and How Does it Differ from Sales Tax?
There are many forms of taxation in the United States, some collected by the federal government and others by local governments and States. One tax in particular that affects the consumption of specific goods is the excise tax – a very specific, often very targeted tax that you pay sometimes without realizing it. Excise tax differs from sales tax in two fundamental ways. First, it is only on specific goods. Whereas sales tax applies to just about everything you buy (usually with specific exceptions such as unprepared food and clothing), excise taxes are applied to specific goods. The most common… Read More
Could a National VAT Work in the United States?
A number of scholars and economists have brought to attention the lack of a VAT in the United States. Currently implemented by every other nation in the OECD (Organization for Economic Co-operation and Development), including much of Europe, some argue that a VAT would help to increase revenue and revise the overly complex US federal tax code – a frequent point of discussion in national politics. What Makes a VAT Different? If you’ve ever traveled in Europe, you’re at least passingly familiar with the VAT or Value Added Tax that is applied to almost all sales. In its most basic… Read More- « Newer Posts
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