‘Nexus Complexus’ Your Sales Tax Compliance
Sales tax filing is predicated, typically, on volume of sales. Then, depending on which state you are doing business, sales tax will need to be filed monthly, quarterly or annually. All channels will need to be aggregated, compiled and then filed.
For example, wineries, can be quite challenging. as your wine tasting room is the equivalent to a retail environment and then ecommerce is filed state by state. Each state offering a varying degree of taxation. The challenge becomes greater when the sales matrix expands.
Our team understands the massive burden sales tax filling represents to your organization and is fully prepared to bridge that gap for you. Protea will keep your organization compliant by breaking out your sales by state to enable your CPA to file for you in a timely fashion.
Sales Tax Nexus - Explained
Nexus is Latin for ‘to bind’ – your nexus defines a state’s jurisdiction to tax you. Elements that bind you to a state are a retail location or pop-up shop, office personnel or a warehouse. There are also more complexitites surrounding ecommerce where you ship to customers in your nexus state and those out of the nexus jurisdiction.
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Direct-to-consumer sales continually grow in importance for small wineries in the face of distributor consolidation.
Most small wineries fail to properly maximize profit when setting prices. In fact, most wineries evaluate and change their wine pricing too infrequently
R&D is often associated with technology and life science companies from Silicon Valley and San Francisco, but head less than 100 miles north into wine country, or any other appellation across the United States
We have seen wineries set prices incorrectly (and not maximize profit), waste precious working capital on production on their less-profitable wines, and lose money on wines because they set marketing and programming budgets using a simple average cost, rather than a product-specific cost.
Many of our clients ask us why we talk about bookkeepers, management accountants, and tax accountants, and not just accountants.
(To) Leverage is defined, simply, as using something to its maximum potential. In business, we want to leverage our core resources, time, capital and skilled people to create the best service or product possible. Ultimately, unifying the big 3 to create a successful business that can sustain growth.
1 HARBOR DRIVE #300
SAUSALITO, CA 94965
7250 REDWOOD BLVD,
NOVATO, CA 94945
t: (415) 418-0200
Protea’s goal is to provide, at costs below the market average, timely, accurate, and high-quality financial information on which a business can act.