18 min listen
#AccountexUSA: Your accounting firm might be subject to sales tax
#AccountexUSA: Your accounting firm might be subject to sales tax
ratings:
Length:
43 minutes
Released:
Sep 26, 2019
Format:
Podcast episode
Description
SponsorRight Networks: https://cloudaccountingpodcast.promo/rncloud
Show Notes
00:53 – Meet Dena Oberst, CEO of Gable Tax Group
01:45 – Meet Diane Yetter, president of Yetter Tax, and founder of the Sales Tax Institute
04:11 – Diane gives a brief overview of the South Dakota v. Wayfair decision | AICPA
05:26 – According to South Dakota, a business’s physical presence is less important than its economic presence
06:50 – You gotta get up pretty early in the morning to go hang with the Supreme Court crowd!
08:37 – Most states, except Kansas, have adopted the $200k/200 transaction threshold | TaxJar
09:55 – If a company sells through Amazon, or other major marketplace platforms, there's nowhere to hide.
10:45 – To be registered, or not to be registered – that is a huge question right now
14:50 – States are attempting to ease the burden on smaller sellers through Marketplace Facilitation laws | Bill Track 50
17:10 – With the constant changes to the sales tax laws, which can vary state by state, it’s imperative to constantly monitor thresholds, and transaction counts
21:47 -- Who has to file? Who doesn't? Who knows? All states have yet to reach a consensus regarding the particulars of the new sales tax laws
25:38 – While it’s a mess right now, Diane believes things will start falling into place in the next five years.
26:21 – Business is definitely booming for sales-tax specialists, and firms, such as Gable Tax Group as CPAs scramble to help their clients meet these new and ever-changing sales tax requirements
28:39 – Diane doesn’t foresee any interference from the federal government, because it would only cost them more money to jump into the fray
32:06 – While the states are mostly self-policing the workings of the sales tax laws, there are some states that still want to forge their own seemingly senseless paths
33:46 – Economic nexus applies to all companies, not just sellers of physical goods
34:35 – Accountants and bookkeepers might want to exercise some caution with add-on products and bundling, as it can create additional confusion, and taxation
38:22 – With the shift from a manufacturing to a service economy, states are on a mission to replace lost revenues
39:57 – As accounting and bookkeeping practices continue to expand services, education, and understanding of the sales tax laws is critical
Connect with Our GuestsDena Oberst:
https://www.linkedin.com/in/dena-oberst/
https://twitter.com/PasadenaDena
https://twitter.com/gabletaxgroup
Diane Yetter:
https://www.linkedin.com/in/dianeyetter/
https://twitter.com/YetterTax
https://twitter.com/SalesTaxInst
SalesTaxInstitute.com/accountex2019
Get in TouchThanks for listening and for the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and, if you like what you hear, please do us a favor and write a review on iTunes, or Podchaser. Interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus. Subscribe
Apple Podcasts: http://cloudacctpod.link/ApplePodcasts
Spotify: http://cloudacctpod.link/Spotify
Google Play: http://cloudacctpod.link/GooglePlay
Stitcher: http://cloudacctpod.link/Stitcher
Overcast: http://cloudacctpod.link/Overcast
Show Notes
00:53 – Meet Dena Oberst, CEO of Gable Tax Group
01:45 – Meet Diane Yetter, president of Yetter Tax, and founder of the Sales Tax Institute
04:11 – Diane gives a brief overview of the South Dakota v. Wayfair decision | AICPA
05:26 – According to South Dakota, a business’s physical presence is less important than its economic presence
06:50 – You gotta get up pretty early in the morning to go hang with the Supreme Court crowd!
08:37 – Most states, except Kansas, have adopted the $200k/200 transaction threshold | TaxJar
09:55 – If a company sells through Amazon, or other major marketplace platforms, there's nowhere to hide.
10:45 – To be registered, or not to be registered – that is a huge question right now
14:50 – States are attempting to ease the burden on smaller sellers through Marketplace Facilitation laws | Bill Track 50
17:10 – With the constant changes to the sales tax laws, which can vary state by state, it’s imperative to constantly monitor thresholds, and transaction counts
21:47 -- Who has to file? Who doesn't? Who knows? All states have yet to reach a consensus regarding the particulars of the new sales tax laws
25:38 – While it’s a mess right now, Diane believes things will start falling into place in the next five years.
26:21 – Business is definitely booming for sales-tax specialists, and firms, such as Gable Tax Group as CPAs scramble to help their clients meet these new and ever-changing sales tax requirements
28:39 – Diane doesn’t foresee any interference from the federal government, because it would only cost them more money to jump into the fray
32:06 – While the states are mostly self-policing the workings of the sales tax laws, there are some states that still want to forge their own seemingly senseless paths
33:46 – Economic nexus applies to all companies, not just sellers of physical goods
34:35 – Accountants and bookkeepers might want to exercise some caution with add-on products and bundling, as it can create additional confusion, and taxation
38:22 – With the shift from a manufacturing to a service economy, states are on a mission to replace lost revenues
39:57 – As accounting and bookkeeping practices continue to expand services, education, and understanding of the sales tax laws is critical
Connect with Our GuestsDena Oberst:
https://www.linkedin.com/in/dena-oberst/
https://twitter.com/PasadenaDena
https://twitter.com/gabletaxgroup
Diane Yetter:
https://www.linkedin.com/in/dianeyetter/
https://twitter.com/YetterTax
https://twitter.com/SalesTaxInst
SalesTaxInstitute.com/accountex2019
Get in TouchThanks for listening and for the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and, if you like what you hear, please do us a favor and write a review on iTunes, or Podchaser. Interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus. Subscribe
Apple Podcasts: http://cloudacctpod.link/ApplePodcasts
Spotify: http://cloudacctpod.link/Spotify
Google Play: http://cloudacctpod.link/GooglePlay
Stitcher: http://cloudacctpod.link/Stitcher
Overcast: http://cloudacctpod.link/Overcast
Released:
Sep 26, 2019
Format:
Podcast episode
Titles in the series (100)
KPMG teams up with Microsoft to sell ERP software & PayPal buys iZettle: Blake is skeptical about KPMG Australia's move to get into the ERP developer game with Microsoft, and David shares PayPal's acquisition of iZettle and what that means for point of sale options for small businesses. by The Accounting Podcast