Blockchain Series Part II: Crypto Winter Season – How Long Is This Going to Last?

By Henry Ngan, MBA, CPA

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In the summer months of 2018, while it physically feels seasonally warm for most of us, for many cryptos investors, the long winter season just dragged on even into the hot and humid summer.  Originally, I planned on writing something in extension from Blockchain Series Part I: Origins of the Blockchain Buzz, but I’ve gotten a significant number of inquiries in regard to the correction in crypto assets’ prices.  I thought it would be appropriate and timely to address such a topic.

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Data Analytics: What Is It and How Can It Help Your Business?

By Ryan Wade, Principal Consultant at Diesel Analytics 
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The volume of data collected is increasing at an extremely fast rate. Globally, this amount is expected to surpass 44 zettabytes by 2020.

To put this quantity in perspective, one zettabyte is roughly 1 trillion gigabytes. Data is considered to be the new gold because of the level of insight you can derive from it. With the amount of data collection increasing, all signs point to a virtual gold rush for data miners that can process the information.Wastefully, only about 0.5% of all data collected will ever get analyzed, regardless of the value the data may have provided. This disparity is mostly due to the lack of knowledge of the various methods that can be used to analyze data. In this article, we will discuss the main categories of data analytics and give examples of how they apply to business.

Data analytics can be broken down into four major categories:

  • Descriptive Analytics
  • Diagnostic Analytics
  • Predictive Analytics
  • Prescriptive Analytics

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Wayfair: Dazed, Confused, Uncertain? Don’t Worry You’re Not Alone.

 

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Wayfair: Dazed, Confused, Uncertain? Don’t Worry You’re Not Alone.

By Joni Johnson-Powe, CEO of Taxnologi

I’m sure you’ve heard it over and over and over again…the recent Wayfair ruling will have a significant impact on how and when retailers are legally required to collect sales and use tax in states where they make remote sales. Not only have I also heard this resounding warning but as a practitioner, I’ve had the same conclusion. However, as my team has been helping clients with software configuration updates, review of sales by state, and analysis of their overall footprint, I am not completely sure how it will all play out. Honestly, there are some practical questions for which I don’t have definitive answers.

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Blockchain Series Part I: Origins of the Blockchain Buzz

By Henry H. Ngan, MBA, CPA

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Since an infamous white paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System” was published in October 2008 by Satoshi Nakamoto (his or her identity has never been confirmed), it was the beginning of an era of Blockchain & Cryptocurrency.  I was often asked how Blockchain has gotten so much attention over the last 9 months or so.

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Wayfair Sales Tax Nexus Ruling: What does it all mean?

Download or read the PDF here.

By Joni Johnson-Powe, JD, CPA

Taxnologi Solutions, LLC – CEO/Principal

 

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As I am sure you know, the Supreme Court ruled on June 21, 2018 in favor of South Dakota which enacted a statute requiring out-of-state retailers to collect tax if that retailer has engaged in $100K in sales or 200 transactions in the state.

In retrospect, prior to the oral arguments in April, there seemed to be a strong sense in my professional circles that the Supreme Court had no other option than to overrule the “physical presence” requirement in Quill.  However, immediately following oral arguments, there was a swing in the pendulum of positions that perhaps the Court was going to “punt” and push the decision back to Congress.

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Exemption Certificate Management Tips: Analysis to Automation

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Check out the latest article by our CEO, Joni, on SalesTaxSupport.com!

Here’s an excerpt…

“Let’s start with a fundamental question that many start-up companies often ask me… Why do I need to collect exemption certificates – and how best to do that? Well – first things first …

What exactly is an exemption certificate?”

Click here to read the article!

 

The Changing World of Tax Technology

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By Joni Johnson-Powe, JD, CPA- CEO/Principal Taxnologi Solutions LLC

As I look back on my career over the past 16+ years, not only have tax technology services changed but the accounting industry is much different place. I actually started off doing tax software implementations of telecom tax software which generally spanned at least a year from project kick-off to go-live. My counterparts in the “Sales tax” practice usually had a 3-6 month implementation timeframe with tax research and taxability determination set up. However, telecom tax had a much more detailed project scope and timeline because the complexity involved not only sales tax but a wide array of regulatory surcharges, 911 fees and other gross receipts taxes that could apply to a single charge. There were only a few software vendors to choose from but usually it was narrowed down to 1 or maybe 2 depending on price point, industry, and ERP system. Our team usually worked with IT consulting firms such as Bearing Point and Accenture to assist with the “technical” aspects of the projects such as API (“Application Program Interface”) development.

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How to Assist Your Accounting Clients With Determining Nexus

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More and more in today’s ever changing digital economy, clients are challenged with running and growing their business while complying with tax rules that continually evolve and expand. In the state and local tax arena, I find that clients don’t know what they don’t know. This issue does not only impact small businesses and start-ups but also established companies.

Thus, the first step with assisting your clients with their multistate obligations is determining whether they have the obligation to file: Nexus. A client is deemed to have nexus where that client has “sufficient contacts” with the state or locale to succumb to the jurisdiction of the tax authority and obligation to collect and remit tax.

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2017 Mid-Year Sales Tax Changes

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2017 Mid-Year Sales Tax Changes

Repost from Avalara

Dealing with change is standard operating procedure for many companies: employees leave and are hired; new products are introduced and old ones phased out; there are booms, and there are busts. On top of all that, companies need to account for sales and use tax changes. Significant changes in rates, regulations, and product taxability often take effect July 1, which is the start of a new fiscal year in all but a few states.

At the end of 2016, we shared many of the sales tax changes set to occur January 1, 2017. These included state sales tax rate changes in California and New Jersey, the expansion of sales tax to certain services in North Carolina, the prohibition of taxing more services in Missouri, and a bevy of recently enacted soda taxes and tampon tax exemptions. At mid-year, we’re seeing a few propositions that signify a dramatic shift in online sales tax revenue.

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