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Sales Tax & Compliance

Sales Tax & Compliance (72)

QBO Flags Sales Tax Categories

Sales Tax Calculator new QuickBooks Online can now recommended appropriate sales tax item categories for products and services.


Avalara Being Acquired for $8.3 Billion

McFarlane Scott new12 Indirect tax specialist Avalara is being acquired by Vista Equity Partners for $8.3 billion. At $93.50 per share, the all-cash deal is 27-percent higher than the closing share price on August 6.


Avalara Debuts Transfer Pricing Reports

Network wavesAvalara has introduced Transfer Pricing Reports for Accountants. The indirect tax software company this week said the product is designed for use by both transfer pricing experts and non experts at accounting firms.


Avalara Outlines Conference Plans

Virtual smartphoneSales tax vendor Avalara has laid out its plans for Crush Global, its annual conference. The free virtual conference, the company's sixth annaul event, will be held May 17 and 18, the company said this week as it opened registration


Thomson Intros Indirect Tax Product

 Thomson Reuters has introduced Indirect Tax Determination Anywhere. The company this week said the platform sits on top of private and public cloud or on-premise applications to provide tax calculations.

The company said the application, gives tax professionals “the power of a tax determination engine at any point of transaction, within any channel.”

Determination was launched in conjunction with the Thomson Reuters Institute’s new2021 Tax Technology Report, Indirect Taxes – Much More than Just a Process, The inaugural product “shows how the growth and complexity of indirect taxes continues to impact compliance and operational efficiency across the global business landscape.”

The company said “Determination Anywhere's proprietary cloud-based technology ensures that tax rates and jurisdictional regulations are current and accurate, enabling reliable tax compliance, a frictionless customer experience and increased revenues for businesses. “


WK Buys Business Licensing Unit

Wolters Kluwer has acquired BusinessLogix, which markets business licensing services. Terms were not disclosed.


Avalara Buys Track1099

 Avalara has acquired Track1099, which markets the filing tax forms such as 1099s, W-2s and W-9s. Terms were not disclosed.


Avalara Software Classifies Products

Products and services can be classified by taxability by Avalara Managed Tax Classification. The sales tax software company recently introduced the software package generates classifications for both state and local taxability determinations.


Survey: 2021 Worse than 2020

2021 has so far ­­­­been markedly better than 2020 for some businesses, research conducted by CPA Trendlines in partnership with Avalara, finds it’s been worse for many accounting professionals. In fact, more than 52 percent of accounting and tax professionals surveyed said 2021 was “worse” than 2020. Those accounting professionals serving small businesses seem most downcast about the future. 


New VAT Rules Hit Low-cost Goods

The 2021 EU ecommerce VAT package that was effective July 1 is having a major impact on ecommerce businesses with customers in the EU. U.S. sellers should pay particularly close attention to the new  EU marketplace deemed supplier rules, which are similar to the U.S. marketplace facilitator laws for sales tax on ecommerce sales, and impact two types of cross-border transactions:

*Goods valued below €150 imported by EU or non-EU sellers and sold to EU customers                                                                                                                                                                 *Goods of any value sold by a non-EU seller to an EU customer

Under the new regulations, marketplaces are liable to collect, report and remit VAT when they facilitate certain cross-border business-to-consumer transactions on behalf of their third-party sellers. To be considered facilitators, marketplaces must meet specific EU Council criteria, which stipulate:                                                                                                                             *Controlling the terms and conditions of the sale                                                                                                                                                                                                                         *Authorizing the charge to the customer for the payment of goods                                                                                                                                                                                                  *Ordering or delivering goods

Marketplaces are exempt from deemed supplier responsibility if they provide only one of the following services: payment processing; listing or advertising goods; or redirecting buyers to other online marketplaces. 

How the deemed supplier rule works for cross-border sales:

Once the marketplace becomes the deemed supplier, the sale between the seller and the customer is treated as two separate transactions for VAT purposes:                                                           *The seller sells the goods to the marketplace. This becomes a business-to-business (B2B) tax-exempt sale and no EU VAT is due.                                                                                                 *The marketplace sells the goods to the customer. This becomes a business-to-consumer (B2C) sale with the marketplace now responsible for collecting the VAT due based on the customer’s country of residence.

Here’s an example of how this would work:

Let’s say a U.S. merchant sells goods to French and German customers through an online marketplace. Previously, the seller had to be VAT-registered in France and Germany in order to charge 20-percent VAT to its French customers and 19-percent VAT to its German customers. Effective July 1, under the new rule, the seller becomes the underlying supplier and the facilitating marketplace becomes the deemed supplier, purchases the goods from the seller, resells them to EU customers, collects the VAT, and reports the sales through either local VAT registration or single EU Import OSS for those sales.

Marketplaces must also keep detailed records of sellers’ transactions to show VAT has been correctly accounted for and electronically maintain these records for 10 years from the original transaction date. The marketplace won’t be held liable for underpaid VAT if the seller failed to provide the correct information required for the VAT calculation and the facilitating marketplace can reasonably show it wasn’t aware of the error. It’s also important to note that while the marketplace facilitator is responsible for VAT, it may not be responsible for other obligations related to the sale, such as product liabilities.

When the special arrangement provision applies:

The EU ecommerce VAT regulations include a special arrangements provision, which allows sellers or deemed supplier marketplaces to opt out and pass the VAT collection role to postal services. This is exclusive to the EU reforms; the U.K.’s marketplace deemed supplier rule doesn’t include this option. Additionally, the U.K. rules call for use of a regular U.K. VAT return rather than the IOSS import return.

Where U.S. sellers can turn for help:

Cross-border trade rules are already complicated. While the U.K. and EU ecommerce VAT reforms aim to increase confidence in global ecommerce sales, U.S. sellers may find these changes create yet another layer of complexity and a barrier to international sales. It can be difficult to keep up with ever-changing cross-border compliance obligations while focusing on expanding into new markets and keeping customers happy.. Learn more about managing VAT compliance


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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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