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ebs Associates Blog

Small Business Accounting & Technology

South Dakota v. Wayfair, Inc. |  New Sales Tax Rules for Online and Off-Line Sellers

Posted by Osita Egbukichi on Jul 2, 2018

Supreme Court rules that South Dakota can tax sales by out-of-state sellers. For many Oregonians, ‘Sales Tax’ is a dirty word that they’ve had the good fortune to be able to avoid. Small businesses, both local and out of state, factor this exception when they are looking at their projected revenue or viability and, for some, the survivability of their business. However, many may not be aware of the storm clouds that erupted outside the borders of our state; or, the rude awakening many small and personal businesses are in for in this new tomorrow of Sales Tax Nexus.

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Topics: Sales Tax, QuickBooks Add-ons & Extensions, News & Resources, Taxes in Oregon, Avalara

How to make sales tax item adjustments in QuickBooks

Posted by Aubrey Leahy on Mar 23, 2018

The sales tax adjustment feature in QuickBooks doesn’t adjust the individual sales tax item. You must create a zero cost Sales Receipt or Credit Memo depending on the plus/minus adjustment needed.  The details are in the article below.

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Topics: Sales Tax, QuickBooks Desktop, QuickBooks Pro, QuickBooks Premier, QuickBooks Enterprise, Small Business Accounting, Avalara, QuickBooks Reporting, QuickBooks Training or How To

Tax Fraud can bring serious consequences

Posted by Avalara on Dec 7, 2017

Washington businessman Mark Standley was recently sentenced to six years in prison for one of the largest sales tax thefts in Washington state history. As the owner of a drywall company, Standley drastically under-reported the amount of sales tax collected from customers over a six year time period.
According to court documents, he only paid the Department of Revenue (DOR) $3,000 of the $855,000 tax owed. To make matters worse, Standley refused to pay workers’ compensation premiums for his employees.

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Topics: Small Business Accounting, QuickBooks Add-ons & Extensions, QuickBooks Software, Avalara, Taxes, Sales Tax

How To Set-Up Sales Tax in QuickBooks Online

Posted by Chris Low on Oct 26, 2017

Sales tax is one of the more complicated concepts supported by QuickBooks Online.

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Topics: Small Business Accounting, QuickBooks Software, QuickBooks Online, Sales Tax, Taxes, QuickBooks Training or How To, Avalara, QuickBooks Add-ons & Extensions

Growing globally with landed cost automation

Posted by Chris Low on Jul 15, 2016

Sales tax in the United States is complex, but because Americans are raised with it, the thousands of jurisdictions and special taxes seem to make (at least a kind of) sense.  As soon as a company starts making overseas exports, the level of complexity increases significantly — especially because many other countries use tariff and import fee types that are unheard of in the United States.

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Topics: QuickBooks Add-ons & Extensions, Avalara, Taxes, Sales Tax, Small Business Ideas, Small Business Accounting

The fine art of sales tax — and vice versa

Posted by Chris Low on Jun 21, 2016


The fine art of sales tax — and vice versa

Repost from Avalara

In 2015, fine art sales amounted to a whopping $63.8 billion.  While this is nearly 5 billion dollars less than the art market’s all-time high in 2014, visual art is still a big business. 

Art sales pose interesting problems for sales taxation.  Some of those problems boil down to that most eternal of questions: what, precisely, is art?  Is it just a painting? Or is it an investment?

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Topics: QuickBooks Add-ons & Extensions, QuickBooks Software, Taxes, Sales Tax, Avalara, Small Business Accounting, Small Business Ideas

More states dare to mess with nexus

Posted by Chris Low on Jun 17, 2016


More states dare to mess with nexus

$24 billion. That’s the amount of uncollected sales tax from ecommerce retail sales at last count. Those billions of dollars are a powerful motivator for U.S. states who are collectively facing $19 billion in budget shortfalls over the next 18 months. As states get more concerned (and creative) about revenue sources, they’re turning their attention to nexus.

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Topics: QuickBooks Add-ons & Extensions, QuickBooks Software, Taxes in Oregon, Sales Tax, Taxes, Avalara

Hit the books! Back-to-school starts now for retailers

Posted by Chris Low on Jun 14, 2016


Hit the books! Back-to-school starts now for retailers:

The sprint to the end of the school year is underway. Students are working to finish assignments and prepare for exams while keeping one eye glued to the calendar: three weeks left; then one; summer! Most kids will be happy to close the books and not think about the upcoming school year for two months. But for retailers, now is the time to prepare for the back-to-school retail rush.

Back-to-school spending is second only to winter holiday spending. According to the National Retail Federation (NRF), total combined spending for back-to-school and college reached approximately $68 billion in 2015. Although some consumers start earlier, most do their back-to-school shopping during July and August. Retailers have no time to lose.

 

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Topics: QuickBooks Add-ons & Extensions, QuickBooks Software, Avalara, Taxes, Sales Tax, Small Business Ideas, Small Business Accounting

Business execs weigh in: sales tax automation is a must for scale, growth

Posted by Kelli Bachofner on Apr 29, 2016

A recent study by Deloitte found that nearly half of all mid-market companies not only automate, but do it in multiple areas of their business. And why not? It’s a great way to offload time-consuming tasks and free up resources for more value-add activities. And what could be more tedious than sales and use tax compliance?

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Topics: empoweredNW, QuickBooks Add-ons & Extensions, Avalara, Sales Tax, Taxes, Small Business Accounting, Small Business Ideas

The tax you probably owe, but aren’t paying: A closer look at consumer use tax compliance

Posted by Kelli Bachofner on Mar 21, 2016

Repost from Avalara
Use tax, the lesser known counterpart of sales tax, suffers from a basic lack of PR. Buyers and sellers alike pay it no mind. Despite 27 states having a dedicated line item in tax returns for reporting use tax owed, only 2% of taxpayers actually report it. This has left the states with a $23 billion deficit annually in uncollected use tax.

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Topics: QuickBooks Add-ons & Extensions, Avalara, Sales Tax, Taxes in Oregon, Taxes, empoweredNW, Vendor Management

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