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Category Archives: QuickBooks Bookkeepers Atlanta

How Will South Dakota v. Wayfair Inc. Impact Your Business?

How Will South Dakota v. Wayfair Inc. Impact Your Business?

I usually don’t tread too much into blogging about tax or regulations, but there’s one very substantial change in how online businesses report and comply with sales tax that you ought to know about. Chances are good that either you are affected by the new regulation in some way or know other business owners who need to know about this.

As of June 21, 2018, the U.S. Supreme Court officially repealed the law asserting that state governments may only tax businesses that are physically established within a state. Having protected out-of-state sellers and remote businesses for years, the South Dakota v. Wayfair Inc. ruling decided the physical presence rule to be “unsound and incorrect,” therefore governing any economic or virtual contact between business and state sufficient for instating nexus, or the connection between a state and a business that acts as grounds for a tax collection obligation.

While the Court decision is being received adversely across various states, others are ready to take advantage. Regardless of where you’re located, it is crucial for your business to establish a system for keeping up with any changes in state nexus laws, in order to properly comply with any collection requirements. Each state is being affected differently. Hawaii and Vermont, for example, began employing their economic nexus laws on July 1, 2018. Alabama and Illinois will begin implementation on Oct. 1, with Connecticut following on Dec. 1. Various other states, however, have still yet to determine exactly how the ruling will affect the statutes already in place.

If your business holds a physical presence within a state and does not sell services or products remotely, the Wayfair ruling probably won’t have a huge effect on you. However, many small business are beginning to operate online selling via e-commerce – and this is where it gets trickier – and where having a system in place for monitoring changes in nexus laws comes in handy. Because this Court ruling is so recent, there are still quite a few unknowns out there.

If your small business is not already collecting in all states, determining where and when to register to sell in a certain state is a necessity. Registering in a new state could affect multiple things, including your income tax. Even small businesses can no longer collect and remit tax in a new jurisdiction without first registering for a license that will then allow you to conduct business there. That’s why it’s so important to have a trusted advisor who is not only up-to-date on the most recent nexus laws, but also progressively planning for you to comply and continue to profit in the future. At Sound Business Services (SBS), we are your trusted advisor, helping you navigate any new changes in tax laws and guide you through this complex process.

We’re Here to Help!

Because every state is handling the ruling differently, it’s important to be aware of the differing registration qualifications projected by each state. The process can range anywhere from submitting an online application to registering with state and local tax authorities.

Although this process can be overwhelming, SBS is here to help you all the way. We are here to help you monitor the ever-changing U.S. tax collection obligation landscape. Rest easy and know that your business can rely on SBS not only for important updates on any changes in government policy, but also for a guiding hand to lead your business seamlessly through any processes necessary for you to further succeed.

Contact us if you have any questions, or simply want to share your experiences thus far due to the Wayfair case, and together we can successfully navigate the ever-fluctuating tides of U.S. tax requirements on both physical and remote businesses, alike.

SBS Client Profile: Scott Bishop of Signature Wealth Management Group

SBS Client Profile: Scott Bishop of Signature Wealth Management Group

Welcome to another Sound Business Services’ (SBS) client profile. We recently interviewed Scott Bishop, managing partner of Signature Wealth Management Group in Atlanta, Ga. Here is what he had to say about the driving force behind the company and what sets it apart, his unique background and how it has impacted him and his work, and what he gets…Continue Reading

A Big QuickBooks Online Payment Solution: Progress Invoicing

A Big QuickBooks Online Payment Solution: Progress Invoicing

As small business owners, ensuring your clients are making the proper payments on time is a top priority to keep your finances in order. Sometimes, however, this is easier said than done. On one hand, you may be afraid to chase clients for payment, worried about setting them off, losing their trust and maybe even…Continue Reading

How to Transform Your Business in 15 Minutes a Day

How to Transform Your Business in 15 Minutes a Day

As a small business owner, you go into work every day looking to make productive choices that will ensure your company prospers. But, are you looking in the right places? At Sound Business Services (SBS), we firmly support small business owners and seek to provide that support in an effective way. Taking just 15 minutes…Continue Reading

Connect to PayPal + QuickBooks = A Powerful, Winning Solution!

Connect to PayPal + QuickBooks = A Powerful, Winning Solution!

As small business owners, we are constantly trying to figure out how to work on our businesses, rather than in our businesses. Accomplishing this not only requires constant work and dedication, but also finding the right balance of time and money, and applying the right mix of tools and resources throughout the process. That’s where…Continue Reading

Facebook Boosted Posts: Empowering Your Business Through Social Media

Facebook Boosted Posts: Empowering Your Business Through Social Media

As many of you know, we recently started our own Facebook Business Page, and are both pleased by the results so far and humbled by your outpouring of support. After learning some Facebook Business Page tips, exploring the strategies behind Facebook insights and getting a better feel for what content connects with our audience, we…Continue Reading

3 Practical, Powerful Ways to Get a Better Handle on Your Business Finances

3 Practical, Powerful Ways to Get a Better Handle on Your Business Finances

As small business owners, we all have big goals, dreams and visions for our companies or firms. We see big success and a long-lasting impact, yet are often so bogged down in running our businesses that this picturesque future seems fleeting. Our environment not only takes a toll on us, but also causes us to…Continue Reading

SBS Client Profile: Lisa Zawacki of Gorilla Sacks

SBS Client Profile: Lisa Zawacki of Gorilla Sacks

Welcome to another Sound Business Services’ (SBS) client profile. We recently interviewed Lisa Zawacki, founder and “dZiner” of Gorilla Sacks in Atlanta, Ga. Here is what she had to say about the company’s unique name and backstory, what sets it apart, and what she gets out of the SBS relationship. Jonathan Bill: Tell our readers what Gorilla Sacks is…Continue Reading

The Facebook Business Page Tool to Measure Success: Facebook Insights

The Facebook Business Page Tool to Measure Success: Facebook Insights

As many of you know, we recently launched our very own Facebook Business Page, and feel so grateful and humbled by your outpouring of support. I’ll be the first to admit that social media is not my forte, but seeing the difference it made for others, we decided to dive in and are pleased so…Continue Reading

4 Ways to Land Referrals

4 Ways to Land Referrals

As small business owners, we constantly strive for growth – both personally and professionally. When it comes to the latter, there are few things more powerful and valuable than the almighty referral. But, unless you are a popular celebrity or professional sports athlete (which most of us aren’t!), neither growth nor referrals happen overnight. They…Continue Reading