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

Released Thursday, 26th September 2019
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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
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