Discover this podcast and so much more

Podcasts are free to enjoy without a subscription. We also offer ebooks, audiobooks, and so much more for just $11.99/month.

#AccountexUSA: Your accounting firm might be subject to sales tax

#AccountexUSA: Your accounting firm might be subject to sales tax

FromThe Accounting Podcast


#AccountexUSA: Your accounting firm might be subject to sales tax

FromThe Accounting Podcast

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
Released:
Sep 26, 2019
Format:
Podcast episode

Titles in the series (100)

The Cloud Accounting Podcast is the #1 accounting and bookkeeping podcast in the world! Join Blake Oliver and David Leary at the intersection of accounting and technology for a weekly news roundup, plus interviews with industry leaders.