Ask any tax professional what their most peculiar memory from the last decade!<\/p>\n\n\n\n
9 out of 10 will have the same answer.<\/p>\n\n\n\n
The Introduction of Goods and Services Tax in the last five years and its aftermath.<\/p>\n\n\n\n
It simplified and increased the importance of professionals who understood the regime, making them invaluable for any business.<\/p>\n\n\n\n
Now, imagine, doing the same work for a business in the US for 20x revenue which is ten times easier?<\/p>\n\n\n\n
Sounds unbelievable?<\/p>\n\n\n\n
Enters the sales tax regime in the US. <\/p>\n\n\n\n
Umm.. What exactly is sales tax?<\/strong><\/p>\n\n\n\n In the U.S., sales tax is a tax applied to the sale of goods and services, and it’s handled at the state level. <\/p>\n\n\n\n Similar to GST, but quite not the same.<\/p>\n\n\n\n This means there isn\u2019t one national sales tax rate but a variety of rates and rules across different states. <\/p>\n\n\n\n Some states, like Oregon and New Hampshire, don\u2019t even charge sales tax at all, while others like California and New York, do\u2014and at different rates!<\/p>\n\n\n\n When a business sells a product or service, it generally collects sales tax from the customer based on the rate set by the state where the transaction occurs. <\/p>\n\n\n\n But it\u2019s not just about sales tax filing!<\/strong><\/p>\n\n\n\n If your client has a physical or online presence in a state, it needs to register for collecting sales taxes in that state. <\/p>\n\n\n\n Failing to register and\/or pay the correct sales tax can lead to severe penalties.<\/p>\n\n\n\n This is where you can help!<\/strong><\/p>\n\n\n\n Tax Preparation Services Market<\/a> is expected to reach around $44.7 Billion by 2033!<\/p>\n\n\n\n You can not only guide your clients through registration requirements and sales tax filing requirements but actually do it for them!<\/p>\n\n\n\n You can easily charge 150 – 200 $ for registering the business to collect sales tax in each of the states where the client\u2019s business is present or has a nexus.<\/p>\n\n\n\n Or\u2026..<\/p>\n\n\n\n You can work with CPAs who are already assisting businesses with such requirements and earn easily between 10-80 $ per hour!<\/p>\n\n\n\n