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Andrews Tax Accounting and Bookkeeping
Your Bellingham-area small business tax specialists!
Your Bellingham-area small business tax specialists!

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Do you remember the Supreme Court’s ruling on South Dakota v. Wayfair, Inc.?

The ruling allowed states to collect sales tax from companies with “substantial nexus” within the state.

Well, a new bipartisan bill has been introduced to clarify the sales tax collection requirements. The bill, called the Online Sales Simplicity and Small Business Relief Act, would most notably ban retroactive taxation and create a small business exemption.

States would not be able to collect sales tax on sellers prior to June 21, 2018 (the date of the Supreme court ruling).

The bill has a $10 million exemption for small businesses until the states come to an agreement, which must also be approved by Congress, that simplifies the collection to the point of not needing a small business exemption.

On a different note, if you want to help the victims of recent natural disasters, the IRS has a search feature which allows taxpayers to find verified charities to avoid scammers.

Learn more about the bill from Michael Cohn's article:

You can learn more about how to avoid scammers from Jeff Stimpson's article:

#andrewstaxaccounting #salestax #taxation #tax #taxes #accountant #court #onlinesales #taxnews #taxtips #taxpreparer #taxprofessional #smallbusiness

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The House is about to introduce new legislation for the 2017 tax reform which would make the lower tax rates on individuals permanent (before it was set to end in 2025).

The tax cut bill also benefits small businesses and startups. For small businesses, the bill includes multiple provisions related to retirement savings to make it easier to offer 401(k) plans. For startups, the bill will make it easier to write off their costs.

Read the whole article:

#andrewstaxaccounting #smallbusiness #taxcutbill #taxbill #taxreform #thehouse #tax

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A recent survey by Clutch, a research firm, asked three hundred small business owners about their financial concerns.

View the results in the link:

#andrewstaxaccounting #clutch #tax #accountant #smallbusiness

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Are you thinking about starting a new business?

Have you considered QuickBooks Online for your company?

Well, starting November 1st make sure to get in contact with an accountant before starting your own QuickBooks Online subscription. Users who set-up subscriptions with their accountant can receive wholesale price. Those who start a subscription on their own will not have access to the wholesale discount even if they utilize an accountant later in business life.

View Intuits wholesale price policy change:

#andrewstaxaccounting #tax #intuit #quickbooks #smallbusiness #quickbooksonline

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From everyone here at Andrews Tax Accounting, we are proud to celebrate the birthday of our amazing boss, Jeri Andrews. To celebrate, the staff decorated the office and took Jeri out to one of her favorite restaurants, El Gitano.

Happy Birthday Jeri!

#andrewstaxaccounting #birthday #accountant #tax #bellingham
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We are proud to introduce our newest accountant, Debra!

"Hello, all! My name is Debra Schindler. After raising and homeschooling my four amazing children I decided to pursue my own dreams of being an accountant. I am a number-lover by nature and have found accounting to be a great avenue to immerse myself in math. My wonderful husband has been a great cheerleader as I have juggled school and home life demands. We live in the county on 1 acre with our dog, Cody, and cat, Bella. I have lived in Whatcom County for nearly all my life and have loved exploring the beauty of the area. Our family loves to hunt, camp, hike and have recently discovered a love for kayaking in the area’s beautiful waterways..."

Read Debra's whole bio:

#andrewstaxaccounting #accountant #tax #employee #coworker

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Cryptocurrency has been around for a while. A few years ago, the IRS demanded the personal information of users of Coinbase, a digital currency exchange. Eventually, Coinbase had to hand over the information in a court ruling.

Do you know why this whole dispute happened? Well, I'm about to tell you.
In 2015, the IRS found that only 802 taxpayers declared loses/gains related to bitcoin. Now from 2012 to 2015, the price of a bitcoin soared from just $13 to $1,100. So, it is pretty hard to believe only 802 taxpayers recorded bitcoin-related gains/loses.

Really this case boils down to the IRS tracking down individuals who haven't paid taxes on their cryptocurrency gains/loses.

All the unrecorded gains/loses really shows the accounting industry is unprepared. But not Jeri Andrews. She is responsible for some of those 802 individuals who actually declared. She is an accountant who does it right.

Learn more from Jeff John Roberts:

#andrewstaxaccounting #bitcoin #irs #cryptocurrency #accountant #tax

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You may remember the various dogs around Bellingham that really help out at their owner's small businesses. Well, there is another one. We are proud to introduce Pig. She provides the employees of Terpene Transit with companionship and security.

Learn more about Terpene Transit and find more updates about Pig:

#terpenetransit #terplife #andrewstaxaccounting #dog #dogs
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Did you know two of the oldest minority-led accounting firms have joined forces?

Of the two firms, Washington, Pittman & McKeever was founded in 1939 by Mary T. Washington, the first African-American female CPA in the US.

So, in honor of the two companies joining, take a moment to learn more about this impressive woman in the link below!

#andrewstaxaccounting #tax #accountants #marytwashington #women

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Recently, the professional skater Tony Hawk addressed the AICPA (American Institution of Certified Public Accountants). There Hawk discussed how his risky career coupled with accounting. And the truth is Hawk has had ups and downs. It is important to notice that those ups happened when he considered his accountant's advice. Hawk may not have relied on his accountant in the past, but he certainly runs everything by Sandy now. One business venture that collapsed involved expensive denim jeans which ended up being too costly to make a profit. Hawk eventually had to sell the company at a loss.

Now Hawk jokingly calls his accountant, Sandy, the "fun police" which is how accountants can come off. But, remember that your accountant is there to look out for you and your business. It is not the goal of accountants to ruin ideas/dreams but instead to make them possible. Hawk noted how he was really excited to go on a tour but an accountant on the project suggested to push the date back. In retrospect, Hawk was grateful for the change because it led to a smoother timeline.

Now, this post is not to shame the risk-takers. As a matter of fact, Hawk suggests the complete opposite, take risks, just run them by your accountant too.

Read the whole article:

#andrewstaxaccounting #taxtips #tonyhawk #accountants #accountant
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