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When business owners hear the word “bookkeeping” (or any variation thereof), they automatically think balance sheets and profit and loss statements. They wouldn’t necessarily be wrong, as bookkeeping is inextricably tied to those important reports. But more and more today, there is another meaning attached to the term — a meaning with roots in something that has become a new norm in business and society — e-commerce.
Changes to the tax laws are nothing new. In fact, you can generally count on them with as much regularity as the change of seasons. Often, these changes are obscure, affecting different groups for different reasons. This year, one of the primary changes will impact millions, as it reflects a nearly universal increased use of third-party payment networks for business and day-to-day transactions.
Once upon a time in the “good old days,” businesses did not have to worry about sales tax when selling online. E-commerce was a selling channel free from the compliance headaches of filing sales tax, way back when. Until the
