The AB&P journal
Useful answers for the decisions owners make every week.
Clear guidance on the financial, payroll, and people questions that tend to become urgent when no one explains them early.
Sales tax · 3 min read ·
Increase in Sales Tax Audits
Although COVID-19 took a toll on our economy, multiple states fared well with tax revenue during this time. Due to consumer spending remaining resilient during the pandemic, states were able to see their tax revenue r…
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Business · 2 min read ·
Expect Sales Tax to Proliferate Post-Pandemic
As we come to the middle of 2021, the fears of many state and local government brought about by the pandemic have lessened. Many regions were rattled as the economy shut down, and for good reason. Mike Bernard, the ch…
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Sales tax · 3 min read ·
Gig Workers Will Receive a 1099 if Earnings are $600 or more
Are you a gig worker earning income from companies such as Uber or Airbnb? Or perhaps you sell your goods on Ebay or Etsy. Did you not claim income on your tax return because you didn’t keep good records and didn’t re…
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Business · 3 min read ·
Sales Tax Rates Reached 10-Year High in 2020
According to Accounting Today , sales tax has increased to levels that haven't been seen in over ten years. This means that during the pandemic, many companies had to collect even more tax revenue from online shopping…
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Business · 1 min read ·
Entrepreneurs Remain Optimistic
https://youtu.be/U4-5akHbFvU Are you an entrepreneur or thinking of becoming one? Even with the pandemic, entrepreneurs feel a sense of optimism aAccording to the American Express Entrepreneurial Spirit Trendex. What…
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Business · 2 min read ·
Trump Considering Capital Gains Indexing
With the possibility of a second wave of stimulus checks dwindling, President Donald Trump is looking to other methods to help the economy, including indexing capital gains taxes. Capital gains refers to the profit ma…
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Bookkeeping · 1 min read ·
What Deferral Means
https://www.facebook.com/AffordableBookkeepingAndPayroll/videos/1097160887384478?source=13&player_origin=unknown&__xts__[0]=68.ARCE9PNwCearVGfPSei_ikn1GcQQVbAtEeHOGopXvGIOxSsrQWqBsLPZWlcXNcuCNWOHpJPy1Zhym5qS0OUFk42vdX…
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Bookkeeping · 2 min read ·
Telecommuting Employees May Establish Tax Nexus
Many states are taking advantage of the rise in telecommuting due to the pandemic to trigger the establishment of a tax nexus. Unfortunately, this may create additional administrative and tax burdens for small busines…
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Sales tax · 3 min read ·
How to Cope With Changing Sales Tax Laws
As we have detailed in our previous posts, the laws surrounding sales tax for businesses that operate entirely or partially online have become increasingly complex in recent years. Due to the precedent set by the 2018…
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News · 2 min read ·
California Is Retroactively Seeking Tax for Online Sales
If you are an online merchant, you are likely aware of the Wayfair case, a 2018 ruling wherein the Supreme Court voted that states may charge sales tax for online purchases even if the seller has no physical presence…
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Sales tax · 3 min read ·
The Difference Between Sales Tax and Use Tax
Unless you live in one of the five states that do not impose sales tax, the concept of paying a percentage of the purchase price of an item as tax is not a foreign concept. Sales tax is easily collected by sellers and…
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Sales tax · 2 min read ·
State Guide for Digital Product Sales Tax
From Wayfair v. South Dakota to the Tax Cuts and Jobs Act, it’s no secret that sales tax and the way we view it is changing. All across the nation, states are issuing letter rulings, asking questions, and amending law…
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