It's California. The only surprising part is that it's taken this long to levy this tax.
Important to note that it's possible for a CFO to have personal liability for unpaid sales or use tax, and D&O doesn't cover this. Usually it's only in a case of willful non payment so this is easily avoidable, but its worth being aware of potential pitfalls.
My favorite part of OnlyCFO's newsletter and this article specifically is the - what, so what, now what framework that is applied. Sales tax is coming, this is what we need to do, this is what we need to be thinking and giving our business stakeholders the heads up. A handy guide from a seasoned pro. Thank you OnlyCFO!
This is going to be painful
It's California. The only surprising part is that it's taken this long to levy this tax.
Important to note that it's possible for a CFO to have personal liability for unpaid sales or use tax, and D&O doesn't cover this. Usually it's only in a case of willful non payment so this is easily avoidable, but its worth being aware of potential pitfalls.
Felony to collect and not remit sale tax… make sure you do it right!
My favorite part of OnlyCFO's newsletter and this article specifically is the - what, so what, now what framework that is applied. Sales tax is coming, this is what we need to do, this is what we need to be thinking and giving our business stakeholders the heads up. A handy guide from a seasoned pro. Thank you OnlyCFO!