Based in Draper, Utah, Prime Corporate Services offers comprehensive financial consulting services for your business needs. Maintaining awareness of economic and industry trends, Prime Corporate Services advises business owners on e-commerce trends.Judging by a recent report from the US Commerce Department, 2017 was a great year for e-commerce. Total retail e-commerce spending reached $453.46 billion last year, which is a 16 percent increase from the 390.99 billion recorded in 2016. The jump marked the highest increase in retail e-commerce spending since 2011. Amazon led the pack in online retail sales, followed by eBay, Walmart, and Apple. Overall retail sales last year amounted to $4.86 trillion. Factoring in only goods that can be bought and sold online, the sales figure was $3.496 trillion. This means that e-commerce sales accounted for 13 percent of retail sales in 2017. According to Statista, this percentage will grow consistently up until 2021, due to sales being buoyed by an increasingly mobile-savvy population, advancements in digital payment systems, and high customer satisfaction rates with online retail.
Established in 2012, Prime Corporate Services offers comprehensive financial consulting to large and small businesses. On the economic and regulatory front, Prime corporate Services advises businesses on tax code changes. The recent passage of the Tax Cuts and Jobs Act by both houses and its signing into law by President Donald Trump has heralded a significant break for small businesses. One of the key features of the act is the 20 percent deduction for business incomes made by qualified pass-through entities such as limited liability companies (LLCs) and S corporations. Small business owners with qualifying entities will benefit from a 20 percent deduction of their total taxable income, leaving only 80 percent liable to taxation. Small business owners can use the additional liquidity to expand their operations, purchase new equipment, or give employees bonuses. However, the deduction does not automatically pass to all small businesses. According to the act, all businesses with a taxable income below $157,500 if the owner is filing as a single person, and $315,000 if filing as a couple, qualify. Businesses with taxable incomes above those thresholds can still claim the deduction as long as they are not professional service firms offering legal, medical, or financial services.
