Silvia Aguirre, VP of Certificate Management at Avalara
It’s no secret that sales tax is complex with the various rates, rules, deadlines, and geographic differences that are constantly subject to change. As the pandemic continues and consumer preferences increasingly lean toward e-commerce, tax authorities will continue to implement changes to balance their budgets. Every year, Avalara explores emerging trends in its annual sales tax changes report. In 2021, we expect to see a range of changes including states broadening their tax base, new economic nexus and marketplace facilitator laws, and more state enforcement efforts.
Broadening the Tax Base
To avoid increasing rates on existing taxable goods and services, some states may look to broaden their sales tax base1 to include exempt goods and services to drive additional revenue.… Read the rest
Creative credit terms are becoming more broadly used in the B2B world. As your resource for all credit matters, here’s to making sure you have exposure to this creativity. Are you familiar with these credit terms?
30 3WD – 30 days, then the 3rd work day. So if the invoice is scheduled to pay on a Sunday for example Sunday January 24th, it wouldn’t actually be released until the third work day after the 24th, so the 27th.
2/10, N30, EOM – EOM stands for end of month. You will receive a 2% discount if you pay your account within the first 10 days of next month with a maximum credit period of 30 days.
2/10, ROM – ROM stands for receipt of goods dating method.… Read the rest
Credit professionals have many tools at their disposal. These tools range from information and knowledge to something that can be physically held in their hands. The benefit of learning something new about a potential customer from an industry trade group is invaluable as is a calculable ratio based on a set of numbers from a financial document or a risk score on a new customer. Sometimes, this information can be a tangible asset while other times is it not. These tools can fall into what can be considered hybrid as well. Such is the case in Asia, where two banks are breaking ground in cross-border transactions.
City Bank announced earlier this month that it became the first Bangladeshi bank to execute a cross-border letter of credit (LC) under Shariah-based financing using blockchain.… Read the rest
Congratulations to our newest designation recipients from the latest exam. Are you interested in education and getting a designation? Check out this guide on the certification program. If you have any questions contact Shawna Kelly.
Chair Jeff Butterfield has called for the 2021 NACM Commercial Services Foundation Annual Meeting to be held on Wednesday, June 16th at 5:30 pm. via Zoom. All lifetime individual, lifetime corporate, and current annual members are invited to attend. We also welcome and encourage anyone interested in the operations and purpose of the foundation to attend and get involved.
The Foundation gave out multiple scholarships in 2020 despite it being an unprecedented year. We look forward to a successful 2021!
At the Annual Meeting, reports regarding the financial condition of the foundation, results of 2020 operations, scholarship reports, election of board members, and the election of officers will occur.
Frank Sebastian – Account Executive California Region
Hello! I’m Frank Sebastian and came to NACM-Commercial Services in October ‘20 after taking several months off and previously working for Reebok/Adidas for almost 20 years. I never imagined I would be working for NACM after being a member of several affiliates for 25+ years. Since being here it has been a pleasure reconnecting with familiar credit professionals but also very exciting to meet new credit practitioners as well. I enjoy learning about members/prospects and their companies, then determining how NACM and your organization can best partner.
Personally, I enjoy volunteering for CASA—Court Appointed Special Advocate. I have been doing this for over 5 years. Even though you see a lot of the “bad” in different cases, it is so rewarding when you can assist a child in need or crisis and advocate for them in and out of court.… Read the rest