The SALTcast

As a business owner, it's crucial to know your nexus and taxability requirements to avoid running afoul of sales tax laws. Knowing your nexus is crucial because not registering or collecting sales tax when required can result in tax out of your own pocket with significant penalties and interest charges. You must also be aware of the taxability of your products and services in each state where you have nexus. It's essential to understand what's subject to sales tax, what exemptions are available, and how to apply tax rates and rules correctly, but this can be challenging.

By having a solid grasp of your nexus and taxability requirements, you can avoid costly errors and remain compliant with sales tax laws. With the right knowledge and resources, you can confidently navigate the complexities of sales tax and protect your business's financial health. So let’s get started.

You know how stressful it can feel if you’ve received a formal letter with the news of an upcoming audit. So let’s talk about the next steps.
What is an audit?

An auditor goes into an audit with two things in mind.

They want to determine if your business has collected and remitted the proper sales tax amounts from your customers.

They want to verify that you’ve paid or self-assessed the correct amount of sales and use tax on the purchases you’ve made during the set audit period. (The set look-back period is typically 3-4 years, but the statute of limitations varies.) The purchases will include both operating expenses and fixed assets.

If you find yourself under audit now is a great time to get on a What's Next Call!: https://peisnerjohnson.com/whats-next/

Are you looking for a way to build your sales tax process to help your business grow successfully? Let’s discuss the pillars of success that outline the principles you need to know.

From Pillars to Profit

What do pillars have to do with sales tax?
Hear me out.
Pillars serve structural purposes. They provide support, stability, and alignment. They serve as protection and prevent damage from external forces. They are an essential component and play a critical role in ensuring stability.
The same thing goes for having a good sales tax process. The right pillars will keep your business safe, stable, and aligned.
So let’s make sure you have your sales tax pillars in place!


Sign up for a Free What's Next Call to discuss how we can help at any part of your process:  https://peisnerjohnson.com/whats-next/

If you are a business owner who charges customers for shipping and handling, it's important to understand the rules and regulations for charging sales tax on these items. Failure to comply with the laws could result in penalties and fines, so it's crucial to get it right. In this blog post, we'll explain some things you need to know about charging sales tax on shipping and handling, including the rules, exceptions, and best practices.

If you are unsure about what you have been doing sign up for a What's Next call today.

Understanding how to calculate sales tax is as simple as multiplying the sales tax rate times the sales price of the item you’re selling. However, as simple as it may sound, there are nuances depending on your location and situation. Learning how to correctly charge sales tax in each state can create complexity. Let’s talk through it.

If you have any questions let's chat HERE.

A new year brings new sales tax changes for some states. As of January 1, economic nexus has taken effect and become active in Missouri. More changes may follow suit. 

It’s a new year, which means there are changes to be aware of! State tax changes take effect either at the beginning of the calendar year (January 1) or the beginning of the fiscal year (July 1). According to the Tax Foundation, “thirty eight states have noteworthy tax changes taking effect.” Check your state here to stay informed on any changes that may affect you or your business. 

For today’s focus, we are going to take a look at the change in states with economic nexus. This summer will mark 5 years since the momentous 2018 Supreme Court case South Dakota v. Wayfair, Inc. decision that established the sales tax landscape retailers and eCommerce sellers know today. Many businesses are still trying to navigate their way through the new obligations; but as of January 1, every state with sales tax has economic nexus.

If you feel that it is time to re-evaluate your nexus footprint schedule a call with us today: https://peisnerjohnson.com/whats-next/

What does due diligence look like in the sales tax world? As a business owner, due diligence consists of analyzing the accuracy and taxability estimates and your businesses sales tax compliance. It is a process of solving tax problems before they negatively affect your business. This will drastically reduce the amount of unpaid taxes you may owe a state. 

Questions Answered: 

What should I be looking at?

What ate some blind spots?

We offer a free consultation to help you through your due diligence process. Conducting proper due diligence on unpaid taxes or a state audit assessment can greatly reduce your business’s total exposure and can save you hundreds of thousands of dollars. Find peace in mind, we would love to help you through your due diligence process. There is confidence in collaboration.
 
Reach out to me here: [email protected]

Jamie assists businesses in all aspects of state and local tax, from compliance, to audits and administrative proceedings, through litigation. Outside of work, Jamie serves a variety of
organizations including MothersEsquire, Trinity College Board of Trustees, a local dental
non-profit, and several bar associations. Jamie enjoys raising her fiercely independent, impish daughter; singing; and hiking around Maine with her husband, daughter, and dogs.

Conversation Topics Include:

 - What does Brann & Isaacson do for Clients?
 
 - What does Peisner Johnson and Brann & Isaacson have in common?

 - What recent legislation changes are your clients experiencing?

 - What kind of tax traps are you seeing that your clients are dealing with?

 - What advice can you give to businesses?

You can follow Jamie on linkedIn here: https://www.linkedin.com/in/jamieszal/

While serving the people in Guatemala Jeremy Porter was able to see first hand the poverty of the people living near rivers, streams and the coast. He also saw the amount of plastic and trash that was being thrown into these rivers and streams that was reaching the ocean. When he got home and was studying in college he came up with the Idea of Repurpose Recycling. Repurpose Recycling not only helps keep trash out of our oceans but helps those in poverty gain access to more food, freshwater, and money. Listen in as I interview Jeremy about his journey and what he and his company has been able to accomplish.

Check out Jeremy on Linkedin: https://www.linkedin.com/in/jeremy-porter10/

A common question amongst Amazon sellers is, “If I am part of the Fulfillment by Amazon (FBA) program, am I obligated to collect and remit sales tax?” This can be a tricky question to answer as it is continuously changing and evolving per state. States and local municipalities continually shift and change their tax rules and stances. To complicate things further, Amazon continues to build new warehouses in every state. So finding an accurate answer to this question can prove to be grueling. We’re here to help.

Recent Changes

In general, most states agree that any inventory stored in their state creates nexus which in turn imposes a tax obligation upon sellers. However, the state's stance on this can be ambiguous. Sellers that utilize a marketplace facilitator find that selling through a third party warehouse can throw a wrench in the works. Why? Because you don’t always have control over where your inventory is. Typically, inventory creates physical nexus. Though, Arizona has recently changed its stance on this matter.

If you want to chat about how these new changes may affect you schedule your What's Next call today!