The Changing Landscape of Sales Tax Compliance

With the 2018 Supreme Court decision in South Dakota v. Wayfair, Inc, physical presence is no longer required for a seller to be subject to collecting tax on sales into a state. If a company’s activity demonstrates substantial nexus with a state, the state can require it to collect sales tax. It is still unclear…

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Qualified Opportunity Funds – a new way to defer gains

Qualified Opportunity Funds | Financial Report | Fred Day CPA

Investors looking for a way to defer capital gains have been limited to techniques that only apply to certain types of gains, typically real estate or small businesses. A provision of the Tax Cuts and Jobs Act (TCJA) has created a new investment opportunity that will offer more flexibility and tax benefits for investors looking…

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Five financial controls small businesses should think about implementing

financial controls | Fred Day CPA

Make sure financial functions are delegated to more than one employee. If a single person is responsible for all financial functions (Cash, Accounts Receivable, Accounts Payable, Payroll, General Ledger), it’s easier for misappropriation to occur. Also vacations or extended absences can cause key processes to grind to a halt when there’s nobody cross trained in…

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