One thing the Rules of Thumb blog from MoneyThumb has noticed is that we as Americans celebrate Halloween on a grander scale than ever before. But what may surprise our readers is that not only are Halloween costumes big business for retailers these days, one of the most purchased items during the Halloween season is candy.
For accountants who handle the finances of retailers selling candy, you may be interested to know that about 90 percent of Americans are expected to buy candy for Halloween this year. Together, they’ll spend $2.6 billion on candy.
After the fiasco concerning sales tax across state lines brought on by the court case of South Dakota vs Wayfair--which we wrote about here--, our accountant readers with Halloween retailing clients selling candy will also find the following information we gleaned from CPA Practice Advisor very helpful: