In Pursuit of Profit
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As the year wraps up, now is the time to plan and prepare for your upcoming tax filings. What should you be thinking about now personally and professionally to make smart tax decisions? When will you need to bring in professional to ensure you are on the right track to minimize tax obligations and facilitate business growth? Use this comprehensive checklist to avoid missing any critical components of your tax strategy:
Did you know?
On July 7, 2017, Washington state Gov. Jay Inslee signed House Bill 2163, providing for a use tax notice and reporting requirement for remote sellers and extending economic nexus to the retailing business and occupation tax (B&O).
If you are a business owner selling products to consumers in a state where you have no physical presence, this case could open your business up to various taxing jurisdictions throughout the U.S. and require you to follow specific guidelines for collecting sales tax or reporting the use tax obligations of purchasers within the taxing jurisdiction.