187 ⎸ How to Handle Sales Tax with Brian Greer of TaxConnex

Hey ambitious bookkeepers!

Today, I'm chatting with Brian Greer from TaxConnex about all things sales tax. Whether you're a sales tax newbie or just looking for a way to outsource, we've got you covered.

Listen here or on your favorite podcast player, or watch the video version on YouTube >>

Now let's dive into some highlights!

Understanding Sales Tax Nexus

First things first—let’s talk about nexus. If you’re working with ecommerce clients, this is a term you’ll want to familiarize yourself with. Brian broke it down simply: Nexus is the connection a business has with a taxing jurisdiction, and it can be based on physical or economic presence. For ecommerce folks, the red flag is typically if they have $100,000 in sales into a state. That’s when it’s time to hit the pause button and assess the sales tax obligations.

The “Three C’s” of Sales Tax

Brian shared a fantastic way to look at sales tax through what he calls the “Three C’s”: Consulting, Calculation, and Compliance.

1. Consulting:

   This is where you figure out what’s needed—do you have nexus, and what’s the requirement?

2. Calculation:

   Here, you determine how to charge sales tax, using tools like Shopify and TaxJar.

3. Compliance:

   Finally, you ensure taxes are filed and paid correctly.

It’s a straightforward approach that helps break down a complex issue into manageable parts!

Sales Tax in a Changing Landscape

With the 2018 Wayfair decision, sales tax obligations ballooned for many ecommerce businesses, and Brian highlighted how this led to a boom in their business. The key takeaway here is to be aware of these changes if you're in the ecommerce space or advising clients there.

A Glimpse into TaxConnex and Opportunities

For those of you pondering career options, Brian offered a peek into the structure of TaxConnex. Whether you’re curious about contracting with them, reselling their services, or just referring clients, they have various models that can fit your business needs.

Words of Wisdom for Bookkeeping Firm Owners

Before we wrapped up our enlightening chat, Brian emphasized the importance of knowing your client’s sales landscape and picking an industry niche to truly excel.

Let’s Connect!

I hope you found this recap insightful and actionable. Connect with Brian on LinkedIn to stay updated on all things sales tax. And if you haven’t listened to the full episode yet, make sure to check it out for helpful tips straight from the source.

Until next time, be ambitious!

Connect with Brian

💼 LinkedIn: linkedin.com/in/brian-greer-55b7364/

🗞️ Blog: taxconnex.com/blog

Connect with The Ambitious Bookkeeper®

🌐 Website: ambitiousbookkeeper.com

👩‍💻 Blog: ambitiousbookkeeper.com/blog

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💼 LinkedIn: Linkedin.com/in/SerenaShoup

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