Your Dedicated Tax Specialists for All Your Compliance Needs

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With our years of experience in doing tax work for both individual and business clients, we know the ins and outs of tax. We also stay on top of the latest changes and updates on reporting requirements and legislation to ensure that we keep our clients compliant.

The Accounting Store understands that learning the complexities of tax regulations can be daunting– so let us take care of your taxes while you run your business.

Corporate Tax Made Simple

Corporate tax laws can be confusing, especially if you are new to the business world. By working with us, we can simplify the whole process, help you understand the requirements in an easy-to-understand manner, as well as present tax saving options so you can keep more for your business.

Because we want to eliminate all your tax worries, we can assist your accountant with your year-end reporting with the necessary paperwork or we can arrange the preparation of your corporate income tax for you.

Our founder, Glenn Plunkett, also has rich experience in dealing with the sales tax system of the United States, so we can also help online businesses that engage in cross-border business transactions.

Sales Taxes

Getting sales tax right is necessary, but it’s not fun and it’s not Profitable.

The internet has changed the way we do business. Online marketplaces such as Amazon, Shopify, and eBay dominate the virtual retail landscape. In the US, rather than missing out on online sales tax, states are amending their laws and requiring sellers or online marketplaces to collect and remit sales tax. This changing climate can make accounting more difficult for online merchants.

Multiple countries, states, and provinces mean multiple regulations and filing requirements.

The US is particularly complicated because every state can set its own taxes. That means merchants selling in all 46 states may have a sales tax need to deal with a huge range of tax rates, laws, and requirements. For smaller sellers, this can be prohibitively expensive and time-consuming. Regulations can vary significantly between states, making it difficult to keep up, especially for sellers outside the US. Some states have recently introduced marketplace laws that compel online marketplaces to either collect and return sales tax on behalf of sellers or report what out of state sellers have sold in their state.

In Canada, in addition to the federal Goods and Services Tax (GST), there are ten provinces and three territories that can set their own sales tax regulations. Several provinces have chosen to combine their sales taxes with the GST for a combined HST. Three provinces continue to collect Provincial Sales taxes separately and in addition to the GST.

In Britain and the European Union, the tax collected is referred to as a Value Added Tax (VAT). Each jurisdiction has its own set of rules and regulations. While the basic rules remain stable once established the tax rates change on a regular basis.

Understanding Nexus

According to federal law, as dictated in the US Supreme Court precedent in June 2018, states cannot compel out-of-state sellers to collect sales tax unless they have some sort of physical presence in the state – the problem is defining exactly what that entails. In the past, physical presence has meant employees, stores, offices, or inventory. Now, online selling and services such as Amazon’s FBA make defining nexus difficult. Sellers using Fulfillment by Amazon may have stock stored in multiple Amazon warehouses across multiple states. This triggers nexus in those states, making the seller responsible for collecting sales tax there. Some states are also changing the way they define nexus in an attempt to collect more sales tax – in Massachusetts, for example, a new ‘cookie nexus’ law says that if your sales platform uses cookies during a sale, that creates nexus and makes the seller responsible for sales tax in the state. 24 states – known as ‘Streamlined’ states – have also introduced a set of sales tax standards designed to make remittance easier.

Outsourced accounting

All these legislative changes – some already in place, some working their way through the courts are aggressive attempts at tax collection. Virtually all governments, federal, state, provincial, city and county, have a revenue shortfall and are looking for ways to increase revenue. For online sellers – smaller ones in particular – these changes can make it more difficult to meet compliance requirements. Smaller sellers who would not have met sales thresholds previously can be required to submit returns and pay taxes, which they may not have the resources to deal with. At The Accounting Store we help sellers by managing their sales tax, filing returns, assist in remitting proceeds, and generally ensuring compliance with various state tax laws.

Going Beyond Tax for Business

We can go beyond corporate tax and handle your personal income tax so you and your loved ones can have a secure financial future. We will work closely with you so we can take advantage of every tax deduction and credit you are eligible for. We are not like other tax services who are only available during the tax filing season, we work with you throughout the year to answer any tax concerns and provide timely tax advice.

Enjoy Tax Savings With Efficient Tax Planning

What makes us stand out from other firms that provide tax services is our proactive approach in discussing tax-saving ideas that will have a long-term positive impact. At The Accounting Store, it is not enough for us that we merely keep our clients compliant– more than keeping you out of trouble with the law, our goal is to reduce your tax expenses in legal ways. With our thorough tax planning and tax reduction strategies, we won’t let you pay more than what you have to.

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