One of the side effects of our last economic slowdown was in state government budgets; states searched hard for new income, and many of them found a great source by cracking down on sales tax collections. Their new hot buzzword: nexus. Nexus means a connection that a business has with a state, and it has to do with a form of presence. In the sales tax world, you owe sales tax to a state if you have nexus in that state and you are selling taxable items. The scary part for small businesses is what makes up nexus. A Small World Globalization and technology together have produced dramatic shifts in the way businesses can look today. Not only can we access a pool of local talent to staff and grow our businesses, we can employ almost anyone around the world to work for us. Hiring employees or contractors located in other states can stretch our nexus to include that state. As an example, if your company is located in Illinois and you hire an employee that works from her home in Nevada, you might have nexus in Nevada and Illinois, and you might owe sales tax in both places. Sales [...]
General CPA Musings: How About a Little American Flag History?
Happy Fourth of July! Well, it is almost time for Independence Day again (not the Will Smith movie from 1996, although I love that flick) so let’s do a little American history. In fact, how about a little American flag history? This year marks the 237th anniversary of Congress passing the act establishing an official flag for the new nation. Take a look at this posting in PBS.org called “A Capitol Fourth” talking about the history of Old Glory and things related to this, like Flag Day: http://www.pbs.org/a-capitol-fourth/history/old-glory/ It is always cool to see how different traditions start and evolve to the present day. So be sure and enjoy the fourth of July and watch that flag wave in the breeze (don’t drink too much and fall into the BBQ pit.) For financial, accounting and tax musings, You can count on us to count for you! Email: bstonercpa@sbcglobal.net Phone: 818-317-6035 Website: www.briantstonercpa.com Android and the IPhone: Has been Featured On https://twitter.com/bstonercpa
Musings of a Burbank CPA: 7 tips for women about to retire
See, with 25 to 30 years minimum in retirement, plans need to be made and mistakes minimized. See this article by Rodney Brooks in USAToday for some answers and other things to think about: http://www.usatoday.com/story/money/columnist/brooks/2014/07/01/retirement-pension-401k-women-financial/11774199/ One of the most important things to have is a plan of action. Then you are not just jumping off the retirement cliff. Everyone is a little different, so make sure you structure your plan with you in mind. Even if you plan to carry on alone as far a retirement goes, some planning at the beginning will be worth it. For financial, accounting and tax musings, You can count on us to count for you! Email: bstonercpa@sbcglobal.net Phone: 818-317-6035 Website: www.briantstonercpa.com Android and the IPhone: Has been Featured On https://twitter.com/bstonercpa