Latest news with #SalesandUseTax
Yahoo
8 hours ago
- Business
- Yahoo
Why Shopify Stock Bounded Higher on Wednesday
Shopify is partnering with Sovos to automate the filing of sales tax returns. Each new product or feature makes the platform stickier, reducing the likelihood of merchant churn. Despite its impressive returns, Shopify is attractively priced. 10 stocks we like better than Shopify › Shares of Shopify (NASDAQ: SHOP) charged sharply higher on Wednesday, climbing as much as 6.4%. As of 1:59 p.m. ET, the stock was still up 5.7%. While the broader market updraft likely helped fuel its ascent, the e-commerce platform provider announced it was adding a new tool to help merchants succeed. Shopify announced a partnership with compliance specialist Sovos to launch Shopify Tax automated filing, a new tool that simplifies the preparation and submission of sales tax returns for Shopify users. This new feature is available immediately to eligible merchants in the U.S. The Sales and Use Tax Filing solution is integrated deeply into Shopify's systems, helping create and submit sales tax returns. This significantly reduces the amount of time needed to manage sales tax compliance, while also helping to minimize the risk of an audit. One of the biggest attractions for Shopify merchants is having all the tools they need to simplify running their business right at their fingertips. Shopify offers a wide range of these tools, helping entrepreneurs build websites, automate marketing, manage inventory, handle shipping and logistics, and accept and process payments. There's a lot for investors to like as well. In the first quarter, revenue rose 27% year over year, while free cash flow jumped 56%. Excluding the changes in the value of its equity investments, Shopify's net income climbed 56%. Finally, the company's consistent performance has fueled stock price gains of 236% over the past three years. Shopify currently sells for 94 times earnings and 16 times sales, but this fails to account for the company's consistent growth. Using the more appropriate price-to-earnings growth (PEG) ratio, which factors in that growth, results in a multiple of 0.04 -- when any number less than 1 is the standard for an undervalued stock. Before you buy stock in Shopify, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Shopify wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $649,102!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $882,344!* Now, it's worth noting Stock Advisor's total average return is 996% — a market-crushing outperformance compared to 174% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of June 9, 2025 Danny Vena has positions in Shopify. The Motley Fool has positions in and recommends Shopify. The Motley Fool has a disclosure policy. Why Shopify Stock Bounded Higher on Wednesday was originally published by The Motley Fool Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
2 days ago
- Business
- Business Wire
Sovos Partners with Shopify to Automate Sales Tax Filing and Remittance for Merchants
ATLANTA--(BUSINESS WIRE)-- Sovos, the always-on compliance company, today announced that it has partnered with Shopify to launch Shopify Tax automated filing, a powerful new feature that automates the preparation, filing and remittance of sales tax returns for Shopify merchants. This feature is now available to eligible merchants in the United States using Shopify Tax. Sovos' Sales and Use Tax (SUT) Filing solution is integrated with Shopify Tax, offering merchants a more streamlined experience when it comes to managing their sales tax compliance. With automated filing, merchants can greatly reduce the hours spent preparing and filing returns each month, while helping minimize audit risk. 'Sales tax rules and laws are constantly evolving and left unchecked, can create serious and expensive problems for businesses down the road,' said Kevin Akeroyd, CEO, Sovos. 'Shopify, through its partnership with Sovos, will greatly reduce the burden on sellers and allow them to focus on delivering for their customers.' About Sovos Sovos is transforming tax compliance from a business requirement to a force for growth. Sovos' flagship product, the Sovos Compliance Cloud platform, enables businesses to identify, determine, and report on every tax obligation across the globe. Sovos processes 16 billion+ transactions per year, helping companies scale their compliance strategy in almost 200 countries. More than 100,000 customers – including half the Fortune 500 – trust Sovos' tax and regulatory expertise and unparalleled integration with their business applications. Learn more at
Yahoo
5 days ago
- Business
- Yahoo
Legislative roundup: Shapiro, Carroll highlight need to invest in mass transit
Jun. 6—Gov. Josh Shapiro and PennDOT Secretary Mike Carroll joined transit leaders and other officials to highlight the critical role of mass transit to connect communities across the Commonwealth, create jobs and grow Pennsylvania's economy. This comes as the governor continues to advocate for his 2025 — 26 budget proposal, which includes $292 million in new mass transit funding next year — generating more than $1.5 billion in the next five years. This is the first significant increase in state support for mass transit in more than a decade, benefiting 52 transit systems that serve nearly one million riders each day in rural, urban, and suburban communities across the Commonwealth. "Just like we repair and maintain the bridges in rural and suburban communities, we owe it to the Pennsylvanians who take mass transit to be there for them and their families too," Shapiro said. "Mass transit drives $5.4 billion in economic activity every year in Pennsylvania, and it enables businesses to affordably get their employees to offices and job site — it's well worth the investment in our budget. For two years in a row, I've proposed the first major new investment in mass transit in more than a decade — the House has passed that proposal three times and it's now up to the Senate to act." Strengthening Pa.'s transportation network Since taking office, Shapiro said he has already delivered more than $380 million in new funding for roads and bridges, leading the nation in repairing more poor condition bridges than any other state in the country and improving over 12,000 miles of roads — more than any other time in the last decade. The governor's proposed budget builds on that success by addressing a long-standing gap — dedicated, sustainable funding for public transit. The governor's proposal would not raise taxes. Instead, it would increase the portion of the Sales and Use Tax dedicated to public transit — from 7.68% to 9.43% — generating $292 million in new annual funding next year and more than $330 million annually by 2029 — 30. Shapiro said he is also helping the Commonwealth maximize federal investments and accelerate critical construction and maintenance projects statewide by continuing to reduce the Pennsylvania State Police's reliance on the Motor License Fund. "Pennsylvania's economic growth relies on our ability to build out a transportation network that puts our tradespeople to work, strengthens our businesses, and improves Pennsylvanians' lives," Carroll said. "We've got to meet everyone's transportation needs to grow our economy and our communities. Transit is critical — 65% of fixed-route riders say they have no other option. We've been here before. The House acted — three times — but the Senate didn't. Now we're at the deadline again, and it's time to fund transit. Shared ride powers our economy, supports seniors' quality of life, and connects Pennsylvanians to opportunity, no matter where they live." McCormick passes bills through Senate committee U.S. Sen. Dave McCormick, R-Pittsburgh, this week passed two bills through the Senate Foreign Relations Committee that would require the State Department to develop a strategy to dismantle the Mexican drug cartels and support Taiwan's participation in the International Monetary Fund (IMF). These are the first two bills authored by McCormick to be adopted by a Senate committee. "I will always work to protect the economic and national security interests of Pennsylvanians," McCormick said. "These bills will strengthen our national security, stop the scourge of fentanyl from coming into American communities, and counter China's pernicious influence. I look forward to working with my colleagues on the Foreign Relations Committee to continue advancing them through the legislative process." McCormick introduced S. 1780 — the Mexico Security Assistance Accountability Act — with Sen. Mark Kelly, D-Arizona, on May 15. This bill would require the State Department to develop a strategy for U.S. security assistance in Mexico to dismantle the cartels, increase the capacity of Mexico's military and public security institutions to degrade the cartels and combat public corruption and impunity. The Mexican drug cartels are the leading driver of the fentanyl overdose crisis that has killed more than 300,000 Americans, including more than 4,000 Pennsylvanians each year. On May 22, McCormick introduced S. 1900 — the Taiwan Non-Discrimination Act — with Senators Jacky Rosen, D-Nevada; Dan Sullivan, R-Alaska; and Elissa Slotkin, D-Michigan. This bill would require the U.S. Governor of the International Monetary Fund to use the voice and vote of the United States to support the admission of Taiwan as a member of the IMF, to the extent that admission is sought by Taiwan. Taiwan is the 21st largest economy in the world and the 10th largest goods trading partner of the United States, yet it is not one of the 191 members of the IMF. House passes bill to restore accountability to SBA lending The U.S. House of Representatives this week passed U.S. Rep. Rob Bresnahan Jr.'s legislation — H.R. 2987, the Capping Excessive Awarding of SBLC Entrants (CEASE) Act. The legislation, which passed by a bipartisan vote of 214-198, will restore responsible and correct oversight capabilities of the Small Business Administration (SBA) for small business lending companies (SBLCs) for which they are the primary regulator. "Small businesses deserve a reliable program that works for them, and that means keeping our community banks at the core of the system," said Bresnahan, R-Dallas Township. "President Trump and I agree, we shouldn't be incentivizing fraud and abuse by flooding the program with risky, under-regulated institutions. My legislation caps the number of non-bank SBLC licenses, ensuring taxpayer-backed guarantees are not handed out to lenders the SBA cannot properly oversee. I am proud to see my legislation passed today, and I look forward to President Trump signing it into law." The SBA is authorized to issue government-backed 7(a) loans through certified depository institutions, like banks and credit unions, as well as certified non-bank lenders, like fintech companies. Unlike certified depository institutions, whose primary regulator is the Federal Reserve, the non-bank SBLCs are primarily regulated by the SBA, meaning they are not subject to the same regulations and requirements. Bresnahan announces Tuesday , June 10, telephone town hall Bresnahan announced the details of his next telephone town hall, which will be held at 6:30 p.m. Tuesday , June 10 . Bresnahan held his first town hall on March 25 — which was the first Congressional town hall held in Pennsylvania's Eighth Congressional District in over four years. "I came to Congress to make a difference and fight for my home, and the best way to effectively do that is by hearing directly from the people I represent," Bresnahan said. "This telephone town hall will give me a chance to hear directly from the people who matter most. At the end of the day, it's Northeastern Pennsylvania — my home — that put me in Congress, not Washington, D.C., and I look forward to hearing how I can continue to best serve them next week." Bresnahan's first telephone town hall drew more than 9,000 constituents to join over the phone and an estimated additional 1,000 tuned in on Facebook. During the town hall, he answered questions on topics including Medicaid, the Tobyhanna Army Depot, the Rain Tax, inflation, the housing market and veterans. Reach Bill O'Boyle at 570-991-6118 or on Twitter @TLBillOBoyle.
Yahoo
14-05-2025
- Business
- Yahoo
Fort Smith voters say yes to tax reallocation, $385M in sewer infrastructure bonds
Fort Smith voted to reallocate existing tax revenue during a special election May 13, helping the city advance long-delayed sewer system improvements required under a federal consent decree. More than 64% of voters supported the two ordinances on the ballot, while 66% voted in favor of issuing bonds to help fund the work. 'The City of Fort Smith thanks residents for approving the Sales and Use Tax measures to fund sewer system improvements,' said Josh Buchfink, public relations manager for the city. 'With this funding, we can issue bonds to complete consent decree-related projects efficiently and effectively, ensuring critical infrastructure improvements without increasing the existing sales tax rate.' Unofficial results show: 2,381 of 3,687 voters approved Ordinance No. 19-25, renewing the 0.75% sales tax. 2,361 of 3,677 approved Ordinance No. 20-25, reallocating the 1% sales tax. 2,443 of 3,682 voted in favor of the bond measure. Voters weighed in on three separate proposals: Ordinance 19-25: Reauthorized the 0.75% sales and use tax approved initially in 2022. Ordinance 20-25: Reauthorized and reallocated the 1% sales and use tax currently used for streets and drainage. Bond measure: Authorized the city to issue bonds backed by 0.625% from the renewed 0.75% tax and 0.375% from the reallocated 1% tax, for a combined 1% allocated toward consent decree work. 'I think people looked at both sides of the issue and decided that we're not going to take the actions of the past. 'Kicking the can down the road' no longer works,' said Fort Smith City Director Neal Martin (At-Large), who supported the measures. 'The people chose to address the consent decree and further our city down a path to completing it.' More: Fort Smith faces tough choice: Higher sewer bills or higher sales tax? More: Fort Smith Board approves investments in infrastructure, recreation, historic preservation More: Rego proposes 'CUTS' package to refocus Fort Smith spending on consent decree The city had been making steady progress toward completing federally mandated upgrades to its sewer system. However, the 2019 flood delayed several projects and put Fort Smith behind schedule. Martin was involved in talks last August to request more time from the Department of Justice and the Environmental Protection Agency. The current target completion date is 2027. 'This will help us negotiate, particularly with the timeline extension,' Martin said. 'The EPA/DOJ specifically mentioned that in our discussions.' Because voters initially approved the taxes, the Board of Directors could not reallocate the funds without holding another public vote. 'I'm incredibly grateful to the voters for supporting this important step forward,' said City Director Lee Kemp (Ward 3). 'With the passage of the tax reallocation, we now have a clear financial path to complete the long-overdue improvements to our sewer infrastructure. This vote allows us to finally shift from reacting to a mandate to proactively investing in Fort Smith's future.' 0.75% Sales and Use Tax Reauthorization Originally approved by voters in 2022. 0.125% will continue to fund the Fort Smith Police Department. 0.625% will remain dedicated to federally mandated sewer system improvements. If renewed, the tax would remain in place for an estimated 34 years, the projected term needed to repay the bonds. 1% Sales and Use Tax Reauthorization and Reallocation Previously dedicated entirely to streets, bridges, and drainage. Under the new plan: 0.375% will now be redirected to support consent decree work and authorize bonding. 0.625% will continue to fund infrastructure improvements. Bond Issuance Bonds will be backed by: 0.375% from the reallocated 1% tax. 0.625% from the renewed 0.75% tax. Under the consent decree, 1% of the sales and use tax will be allocated to fund projects. The bonds will support up to $385 million in: Sewer capital improvement projects. Federally mandated work is required under the terms of the consent decree. Bond repayment will be structured over 30 years, but the term could be shortened if sales tax revenues exceed projections. The Sebastian County Election Commission is expected to meet on May 23 to certify the election results. This article originally appeared on Fort Smith Times Record: Fort Smith greenlights sewer bonds, reallocates existing tax funds
Time Business News
29-04-2025
- Business
- Time Business News
A beginner's guide to choosing the right bookkeeping service in Las Vegas
Running a business in Vegas is like playing blackjack—you need to know the rules, keep an eye on the numbers, and avoid costly mistakes. But what if your accountant doesn't know the house rules? Whether you're a seasoned casino operator, a bustling nightclub owner on the Strip, or a family-run restaurant on Fremont Street, financial missteps can be costly. If your accountant doesn't understand the ins and outs of Las Vegas business compliance, you could be facing fines, tax penalties, or worse—a business shutdown. That's why choosing the right Las Vegas bookkeeping and accounting service is critical—and here's how to do it right. Before choosing the right bookkeeping service, it's essential to understand the city's business landscape and regulatory requirements—ensuring you find a provider equipped to handle your specific needs. Las Vegas businesses, especially in hospitality, gaming, and nightlife, deal with a significant amount of cash transactions. While cash flow can be lucrative, it also creates complexities in bookkeeping, such as: Tracking cash transactions accurately to prevent financial discrepancies. Preventing fraud and theft through proper internal controls. Staying compliant with IRS cash reporting requirements, especially regarding large transactions (Form 8300 for reporting over $10,000 in cash). Having a bookkeeper well-versed in these regulations helps businesses avoid theft, fraud, heavy penalties, and audit risks. Las Vegas is home to businesses in highly regulated industries with strict compliance requirements. For example, the gaming industry must adhere to Nevada Gaming Control Board (NGCB) regulations, requiring meticulous financial tracking. Similarly, cannabis businesses must navigate the complexities of IRS Section 280E, which restricts standard business deductions. Whether it's managing cash-heavy transactions, tracking gaming revenues, or handling the unique tax obligations of the cannabis industry, your accounting provider should act as a financial safeguard, ensuring your business operates smoothly within legal boundaries. Las Vegas experiences seasonal shifts in tourism, meaning businesses in hospitality, entertainment, and retail must plan for fluctuations in revenue. While peak seasons (holidays, conventions, major sports events) bring surges in cash flow, off-peak months require strategic budgeting to cover operational expenses. Bookkeeping services in Las Vegas must understand these business cycles to help create financial strategies that manage both busy and slow seasons effectively. Nevada is attractive to business owners because it has no state income tax . However, businesses still need to stay compliant with local taxes, including: Modified Business Tax (MBT) : Applies to businesses with payroll expenses exceeding $50,000 per quarter. : Applies to businesses with payroll expenses exceeding $50,000 per quarter. Sales and Use Tax : Businesses must charge the correct rate (currently 8.375% in Clark County) and file sales tax returns accurately. : Businesses must charge the correct rate (currently 8.375% in Clark County) and file sales tax returns accurately. Live Entertainment Tax (LET): Affects venues hosting ticketed events and performances. Incorrect tax filings can trigger audits, penalties, and even business license revocations. An expert bookkeeper ensures timely and accurate tax filings to keep your business running smoothly. Understanding Las Vegas' unique business regulations is crucial and compliance isn't something you can entrust anyone with. So, how do you find a provider that truly understands the complexities of bookkeeping in Las Vegas? Here's what to look for: A bookkeeping service that understands Las Vegas-specific regulations is a necessity. The city's unique business environment presents challenges that a generic bookkeeping service might overlook. From managing high cash volumes and staying compliant with strict industry regulations to navigating Nevada's tax landscape, an experienced bookkeeper ensures your business remains financially stable and legally compliant. A bookkeeper with industry-specific expertise understands the nuances, compliance requirements, and operational complexities of your particular field. For businesses operating in cash-heavy environments like gaming, hospitality, and retail, managing transactions accurately and ensuring compliance is critical. Regulated industries like casinos and restaurants have strict financial reporting requirements. A bookkeeper with experience in your field understands how to navigate these regulations, ensuring your business meets all tax and licensing obligations without costly errors. Additionally, industry-specific knowledge allows a bookkeeper to recommend the right accounting tools and systems. Whether it's POS-integrated bookkeeping for restaurants, casino management software for gaming businesses, or inventory tracking solutions for retail, they should have experience working with financial systems tailored to your industry. In Sin City, businesses often operate 24/7, requiring instant financial oversight and quick decision-making. That's why bookkeeping services in Las Vegas must utilize cloud-based tools like QuickBooks Online, Xero, or NetSuite that allow business owners to access their financial data anytime, anywhere. Another key benefit of using cloud-based tools is security. These platforms offer bank-level security with encryption and multi-factor authentication, protecting sensitive financial data from breaches, theft, or loss. Finally, cloud-based bookkeeping fosters better collaboration between business owners, accountants, and financial advisors. Instead of waiting for end-of-month reports, stakeholders can access up-to-date financial statements in real time, leading to proactive financial planning rather than reactive problem-solving. One of the most critical factors when choosing a bookkeeping service is understanding their pricing model. A transparent fee structure ensures that you're not hit with unexpected costs or hidden charges that can disrupt your business finances. A reliable bookkeeping service should provide: Clear pricing tiers based on the scope of services (e.g., monthly reconciliation, payroll, tax preparation). Upfront disclosures about any additional costs for extra services. Transparent pricing options, such as fixed monthly fees or customized packages tailored to your business needs. Your bookkeeping service should have the right credentials and experience to handle the complexities of Las Vegas business finances. Always check: Client testimonials and reviews from businesses in your industry. Case studies showing how they've helped businesses stay compliant and financially sound. Referrals from other business owners who can vouch for their reliability. A Las Vegas bookkeeping service with strong credentials and positive client feedback, such as CoCountant, is a sign that they are trustworthy, knowledgeable, and capable of handling your business's financial complexities. Your Las Vegas bookkeeping service must understand the city's unique financial landscape, which includes complex tax regulations, industry-specific compliance requirements, and a cash-heavy business environment. A generic approach won't cut it. Working with a specialized firm ensures your business stays compliant with industry-specific regulations, tracks cash flow to prevent shortages, and optimizes budgeting during high and low revenue seasons. TIME BUSINESS NEWS
