2011’s Taxing Topic for Retailers: The Fairness of Sales Tax Collecting

Retailers online and offline will have more in common than they think if Congress makes a decision to support three recent legislative proposals on the topic of online sales tax. “With three bills offered in just over three months, Congress has gotten the message and is ready to act,” says Matthew Shay, NRF president and CEO. The National Retail Federation (NRF) strongly supports legislation that would make it easier for states to require all retailers (brick and mortars and e-tailers alike) to collect sales tax and to do so in the same manner. What... 

What Small Businesses Can Expect During 2012 Tax Preparation

As the new year begins, retailers are taking a close look at their year end review and preparing for the upcoming tax season. Taxes remain an important topic on the federal level as they directly affect the national deficit, job creation and the economy. And while tax planning changes with each presidential election, retailers and other small business owners can be assured of a few things this upcoming tax season. Taxing Rules, Regulations and Conditions for the 2012 Tax Season First, favorable business tax rules may be extended.?While numerous... 

Winning Worth the Payout for Amazon

For nearly a decade, local brick and mortar stores across the nation have been fighting to level the playing field with Amazon, the headlining online retailer who has decided to forgo the collection of state sales tax. In a united effort California became the seventh state to adopt sale tax fairness legislation in July. According to Institute for Local Self-Reliance advocate, Stacy Mitchell, “Amazon’s physical presence has spread to more than a dozen states, where it has built warehouses and other facilities that would normally trigger an obligation... 

Independent Retailers Partake in Tax-Free Holiday Marketing

Tax-free holidays have been around for more than 10 years and popular for the past five, especially during the recent economic downturn, which had families pinching pennies. ”Tax” is one of those terms that makes a consumer scowl, and tax-free holidays are a marketing technique to get shoppers out to the stores. “There’s just something psychological about not wanting to pay tax,” says Rick McAllister, CEO of the Florida retail group. “Let’s face it, Amazon.com has got rich doing it. they don’t collect... 

Business Update: CT Legislation Taxing Topic for Online Retailers

As it sometimes comes down to, the most crucial and industry-altering solutions lie with the federal government, such as the increased debate over cap prices for debit swipe fees and the possible pursuance of online sales tax. Online retail giants, such as Amazon, have been flying under the radar in regards to the collection of state sales tax, relying on the upstanding honesty of online shoppers to declare taxable purchases when it comes time to file. Taxable online purchases once an issue in New York, but since then resolved by legislation, now... 

Retail Shoppers’ Spending Rose in March, Despite Predictions

Shoppers shrugged off higher gas prices and cool temperatures to give retailers a surprisingly strong March, new reports say. Retail revenue figures extend the streak of solid spending from late last year, and indicate that recent job growth is tempering worries about higher pump prices. “Neither the lack of the Easter Bunny, nor cool temperatures or spiking gas prices could keep consumers at bay,” Ken Perkins, president of RetailMetrics LLC, a research firm, said in a statement. “There is still a significant amount of pent-up demand. I think... 

Retail Grocers Push Lawmakers for Federal Swipe-Fee Reforms

Grocers from across the U.S. have met in Washington to urge lawmakers to expedite implementation of debit card swipe fee reform that was included in the bipartisan Dodd-Frank Wall Street Reform and Consumer Protection Act passed by Congress last year. “Grocery stores make an average profit of less than two cents on the dollar. It’s a very competitive industry,” Leslie G. Sarasin, Food Marketing Institute president and CEO, told Progressive Grocer. “The big banks make more money per transaction from swipe fees than what the store will make... 

Retail Gift Card Rules

Print Retail advisory firm, Grant Thornton LLP, has announced the release of its new white paper, Gift Cards: Opportunity and Issues for Retailers. The paper examines the gift card industry and looks at the tax and accounting implications of recent legislation on retailers. “Gift cards have become an area of both opportunity and risk for retailers,” says Giles Sutton, the main author of the paper, and Grant Thornton’s state and local tax partner and national retail tax practice leader. “They have come to provide a critical source of earnings,... 

E-Filing Tax Tips

According to the IRS, more than 100 million Americans and businesses filed their tax returns electronically last year, and even more are expected to efile this year. Not only is efiling quick and easy, it can reduce errors on tax forms, expedite the refund process and alleviate the worry of having your tax return lost in the mail. However, before you logon and start putting your financial data out there, make sure your personal information is secure. The following tips will help ensure your tax returns make it to Uncle Sam’s inbox, while minimizing... 

As Household Budgets Tighten, Gas Prices Steering Shoppers To Dollar Stores

A new survey shows that rising gasoline prices could make the spring selling season a tough one for retailers. But what might be bad news for major stores could turn out to be a blessing for small, independent retailers. “The American shopper was extremely cautious before, and now I’d say they are extremely worried,” says Britt Beemer, president of America’s Research Group, which conducted the recent survey. But, Beemer adds, this spring, more Americans plan to stretch their dollars by shopping at discount chains rather than the pricier... 

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