The Rules of Thumb blog from MoneyThumb does our best to bring our readers who are accountants and CPAs the lasted important news from the accounting world. This includes new rules and laws that change the way you handle your client's accounting.
In a landmark decision by the US Supreme Court, there is now a drastic change you need to know about when it comes to state sales tax and your clients who have online businesses. The recent Supreme Court ruling on the South Dakota v. Wayfair case grants the state authority to impose sales tax obligations on out-of-state transactions even if physical presence doesn’t exist in the state of delivery.
Heads Up Accountants: Online Businesses Now Taxed Across State Lines
This decision by the Supreme Court is going to make a big impact on your clients who own small online businesses. As their accountant or CPA, you will have to make sure your clients are adhering to this new tax change. To help you understand what happened with the case of South Dakota vs. Wayfair, and to get you up-to-speed on how this affects your clients, the Rules of Thumb blog from MoneyThumb highly suggest you attend this free webinar, courtesy of CPA Academy.
Below are the details of the webinar from the CPA Academy website:
Available Date(s)
CPE Credits 1.0-hour
"The Supreme Court’s ruling on the Wayfair case in late June has sent reverberations across the states. As an accounting professional, you likely have clients that sell online or through a marketplace and across state lines. Or maybe you are a controller or finance professional responsible for your company’s sales tax processes. The recent Supreme Court ruling on the South Dakota v. Wayfair case, although decided in favor of South Dakota, may not have cleared up all of your questions on changes in tax rules. This decision grants the state authority to impose sales tax obligations on out-of-state transactions even if physical presence doesn’t exist in the state of delivery. So what happens now?
Key topics covered during this session:
• The information you will need to gather to evaluate the requirement to collect tax in different states
• How states differ in their provisions and authority
• The impact of the Wayfair decision to businesses other than just online sellers
• What marketplace facilitator tax collection means and the impact on your clients who are remote sellers
• When notice and reporting provisions will still apply
• Additional information that will help you advise your clients
Join sales tax expert Diane Yetter of the Sales Tax Institute and Yetter Tax to get updates to what has changed in the last 5 weeks. Learn what this ruling means for clients and how you can best advise them to adapt to the new rules."
As you can see from the info above, the webinar is being held on two different days, so you can schedule a time that works for you. The webinar is free and offers a one hour CPE credit. As an accountant, CPA, or bookkeeper, it is your responsibility to stay on top of changes that affect your clients. This is a big deal, so you really should attend this webinar. If you can't, then at least do research to educate yourself on how this tax ruling by the Supreme Court will affect your clients.
Another way to make sure you are doing everything you can to make your client's happy, if you aren't already using the PDF financial file converters from MoneyThumb, then it's time you did. These tools make your life so much easier, saving you time and headaches, and will impress your clients with your forward thinking and proactive ability to stay ahead of the game.
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