There are few five letter words feared by small business owners as much as “audit”. Especially for business owners who have been careful in their processes, recording all sales, logging everything, and maybe occasionally forgetting to document something, it’s frustrating and terrifying to get that notice. But with the right preparation, and a keen understanding…
For the 45 out of 50 states that have some form of sales tax, the June Supreme Court decision in South Dakota v. Wayfair, Inc. was a watershed moment – overturning more than 25 years of precedent that kept them from collecting sales tax on online sales from out of state. The original Quill ruling…
The biggest news in online commerce this year was the June 5-4 decision by the US Supreme Court that overturned the 1992 ruling in Quill v. North Dakota. That previous ruling effectively made it impossible for states to collect sales tax from businesses that did not have a physical presence within their borders. The case,…
Few decisions will have as big of an impact on the taxes you pay and regulations you must follow as the business structure of your online company. When starting an online business, you should strongly consider consulting with a lawyer for advice as to the best structure. However, you can do some in-depth research beforehand…
One of the most complicated aspects of a small business to navigate is taxes, including sales tax. Increasing this challenge is the fact that different types of products each have unique sales tax rates depending on their classification. This is why many ecommerce companies have misclassified products that lead to incorrect sales tax calculations. Here…
In a 5-4 decision announced on Thursday, the Supreme Court overturned a 1992 ruling in Quill vs. North Dakota that explicitly banned states from taxing companies that don’t have a physical presence within their borders. The ruling came in the case of South Dakota vs. Wayfair, as South Dakota attempted to overturn the previous ruling….
Eighty-four percent of teens rely on their parents to teach them money management, but 34% of parents don’t discuss financial issues with their offspring. This can lead to poor financial decisions by teens. It’s important for parents to prepare their kids for the real world by going over various financial concepts that can prevent them…
Returns are a necessary part of any ecommerce business. The National Retail Federation reports that customers return 20-30 percent of all online orders while they return only 8.89 percent from brick and mortar stores. It’s especially true when the buyer is sending a gift. While you can’t do anything about hurt feelings, a company that…
If you make international sales through your ecommerce business, you may have heard of the General Data Protection Regulation (GDPR) recently enacted by the European Union, but you might not really understand how it will impact you. However, with the GDPR going into effect on May 25, 2018, it’s important to be aware of the…
With the explosion in the usage of various cryptocurrencies lately, it’s becoming more and more important to understand exactly how they work and how they are being used. While it’s common to assume that a cryptocurrency can be treated just like any other type of currency, the truth is a bit more complicated, and it…