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New ways of doing business often challenge tax rules written for a different model. That is a concern expressed for many years by several countries. The concern is that it...
Read moreIt’s the first Accounting Top 100 leaderboard of 2019! We look forward to continuing to highlight to success of the accounting industry’s top social media pros in the new year.
Read moreNew sales tax obligations for many companies and organizations are revealing themselves post-Wayfair. When a company or organization (“seller”) determines it is in its best interest to begin complying with...
Read moreAfter months of deliberation, the California Department of Tax and Fee Administration (CDTFA) has come up with a response to South Dakota v. Wayfair, Inc., the decision by the Supreme...
Read moreOpen any accounting publication and you’re certain to find an article, webinar, podcast or opinion piece about blockchain, most of which proclaim how this distributed ledger technology will change the...
Read moreIn a recent interview with Avalara, Dan Luthi, chief operating officer of Ignite Spot in Kaysville, Utah, discussed how he and his firm maintain success in the accounting profession. Ignite…
Business owners, officers, directors, shareholders, and employees identified as “responsible parties” can be personally liable for sales tax obligations. What is a responsible party and why is the ask so…
Economic nexus imposes a sales and use tax collection obligation on remote sellers based only on their economic activity in a state. Nearly 30 states have adopted economic nexus since…
As the person who handles the release of each new leaderboard, I can say it is such a joy getting to return to this community of fun and wickedly smart…
As your small businesses grow and being selling in more states, learning the process of collecting and filing sales tax can be a significant challenge. Interestingly, it can be just…
The California Department of Tax and Fee Administration (CDTFA) recently hosted a public discussion on South Dakota v. Wayfair, Inc. and its impact on California sales and use tax collection…
The conference season social media boost is real! With big shows like QuickBooks Connect and the World Congress of Accountants taking place in the last couple of weeks, this Accounting…
If you have clients who invest in and/or own short-term rental properties, you’ll want to keep them up to date on any developments in how various states are charging and…
On Thursday, November 1, 2018, new sales and use tax collection obligations for remote sellers took effect in five states: Nevada, New Jersey, North Carolina, South Carolina, and South Dakota…
As an accounting firm, is offering sales tax automation solutions to your clients on your priority to-do list? If not, it should be. Two experts in the area of sales...
Read moreOverlooked, underestimated, and under the radar. That’s the best way to describe consumer use tax. The less popular cousin of sales tax, consumer use tax is one of the most...
Read moreNew ways of doing business often challenge tax rules written for a different model. That is a concern expressed for many years by several countries. The concern is that it...
Read moreNew sales tax obligations for many companies and organizations are revealing themselves post-Wayfair. When a company or organization (“seller”) determines it is in its best interest to begin complying with...
Read moreStates are looking to Colorado law regarding use tax owed by out-of-state purchases as a lever to spur vendors to collect sales tax from online sales. Moreover, a panel at sales-and-use...
Read moreThe key to a healthier firm is to have a more diverse portfolio of client services. This not only allows you to serve your clients in more ways and via…
If South Dakota, Colorado, and Connecticut are any indication, states are starting to publicize common sales tax management errors. Though they provide a road map for sales tax compliance, these…
Not everything has to be a leap of unfamiliar services. For example, two areas in which a firm can expand, income tax planning and Virtual CFO/Controller Services, represent natural extensions…
Why wasn’t online sales tax included in the 2018 omnibus spending bill? Recently Congress passed the 2018 omnibus spending bill after finalizing the language at the last minute. Lawmakers on…
As an accountant, the sooner you determine your niche the easier it will be to position yourself as a trusted advisor and begin to attract your ideal clients. Also known…
With complex legislation flowing through federal and state courts, what does the future of sales tax look like? How can you add a sales tax niche to your practice or…
To learn more about The Future of Accounting and earn free CPE, register for Danetha’s webinar Register Here. Technology is causing monumental shifts within industries unaccustomed to change. From streaming sites…
The ART of the Close: Increasing Reliability Companies should work to avoid the “uncomfortable close.” The uncomfortable close is one where you’re never quite sure if your numbers are accurate, if…
You’re worried about your close. And for good reason. Not only does it consume critical resources, if your close is lengthy and laborious it also diverts these resources from other…
If South Dakota, Colorado, and Connecticut are any indication, states are starting to publicize common sales tax management errors. Though they provide a road map for sales tax compliance, these...
Read moreTo tax or not to tax?Bars, drops, or pieces. Take a deep breath and repeat it. And again. That soothing mantra goes through my head whenever I’m determining product taxability...
Read morePatrick O’Leary, Associate Publisher, PMG360 recently sat down with Jerome Kaiser, CPA and CFO of Senegence, to discuss sales tax from the perspective of the CFO of a fast-growing company...
Read moreThe key to a healthier firm is to have a more diverse portfolio of client services. This not only allows you to serve your clients in more ways and via...
Read moreMost accountants and tax professionals are familiar with sales tax reporting and complying on goods, but what about services? It’s a much grayer area when it comes to sales tax...
Read moreFBA sellers or Fulfillment by Amazon, are small businesses who use Amazon to sell their products, or act as a middleman to sell products from another manufacturer, and who have…
Accountants and CPAs have a stereotype of being primarily income tax professionals. And while it’s great to be considered an expert, if that’s the only thing that your clients (or…
States are looking to Colorado law regarding use tax owed by out-of-state purchases as a lever to spur vendors to collect sales tax from online sales. Moreover, a panel at sales-and-use…
The Progressive Accountant in conjunction with Avalara is excited to announce the launch of our new Sales Tax and Compliance section. Sales Tax and Compliance presents an incredible opportunity for…
When the Supreme Court of the United States overruled the physical presence requirement in its decision on South Dakota v. Wayfair, Inc. (June 21, 2018), it removed the barrier preventing…
There are few subjects like indirect taxes for confusing people. The facts needed to determine tax liability often elude business owners. And let’s not forget that businesses across the country…
There’s a lot of cryptocurrency talk these days, but I think this revolution is bigger than most people realize it is. Don’t believe me? Consider these big ideas. To learn more…
As an accountant, the sooner you determine your niche the easier it will be to position yourself as a trusted advisor and begin to attract your ideal clients. Also known…
Sales and use tax changes take effect in numerous states on October 1, 2018: new local rates, new exemptions, new taxes on software as a service (SaaS), and more. Yet…
The key to a healthier firm is to have a more diverse portfolio of client services. This not only allows you to serve your clients in more ways and via more profitable channels, but balances out your revenue stream throughout the year, and helps avoid over reliance on one or two specialty areas.
As an added benefit, reducing the role that income tax preparation plays in your firm can reduce the stressful long hours of the busy season, giving you back your evenings and weekends. (April is a beautiful month, if you can get outside to enjoy it.)
As an accounting professional, you have a wealth of expertise and experience that you can offer, and your firm’s service offerings should reflect these diverse skills.
Sales Tax Compliance
With e-commerce rapidly changing the definition of nexus, and states increasing their focus on sales tax collections, many firms are finding that sales tax compliance is a new growth area. With more than 10,000 sales tax jurisdictions across the U.S., even small businesses are becoming overwhelmed by trying to keep up with constantly changing rates, confusing taxability rules, varying reporting deadlines, and remitting collected taxes.
Furthermore, new automation tools are making it even easier for accounting firms to manage sales tax compliance for multiple clients, with systems like AvaTax ensuring that the correct sales tax rates are updated and applied, taxability rules are followed, and all sales tax returns are filed accurately and on time. Firms managing sales tax issues for their business clients also offer assurance in keeping the business compliant, can represent them in the event of a sales tax audit, and have the opportunity to consult with the client throughout the year on sales and taxability issues. These firms often achieve greater insight into their clients’ financials, since they are more frequently engaged with their sales activities. Enhanced firm visibility and value also helps strengthen the client-firm relationship.
Bundled Business Services
A sales tax engagement can be bundled into inclusive package pricing for clients. For instance, instead of billing separately for handling a client’s booking and payroll functions, the firm can include these together—monthly sales tax compliance, annual wage reporting and one business consulting and review engagement per year, for a recurring monthly fee. Some firms even bundle in a business client’s tax returns and planning. These engagements can help even out some of the bumps in your firm’s cashflow and workflow throughout the year, providing more stable revenue across more services, and strengthening client engagements.
Editor’s Note:
Accountants and CPAs have a stereotype of being primarily income tax professionals. And while it’s great to be considered an expert, if that’s the only thing that your clients (or potential clients) think of when your firm comes to mind, you could be missing out on many areas where you could provide them with service. Unfortunately, the income tax focus is an impression that has been reinforced by many small and mid-sized accounting firms that over-specialize in those taxes. In fact, income tax compliance in some firms may account for well over 50 percent or 60 percent of total annual revenue crunched into two months of the year.
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Avalara’s Accounting Top 100 leaderboard (the “Leaderboard”) is assembled using a list of accounting professional users that’s curated by manual entry as well as by Rise.Global's internal Twitter search functionality. We reserve the right to change scoring metrics used for ranking and to exclude anyone from the list, in our sole discretion. The Leaderboard is not an endorsement, recommendation or sponsorship of any of the accounting professionals on the Leaderboard, and we do not make any representation or guarantee of their ability or reliability. Assessments by different methods or based on different information may yield different results. The Leaderboard is only a starting point to gather information about accounting professionals, and you should not rely on it to decide whether to hire an accounting professional.
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