Practices

  • Debt Finance Transactional
  • Asset Finance & Securitization
  • Capital Markets Corporate Governance Mergers & Acquisitions Private Equity Restructuring

Admissions & Qualifications

  • 2008, Maryland Bar
  • 2009, District of Columbia Bar

Languages

  • English
  • Chinese (Mandarin)

Education

  • University of Maryland School of Law, JD, 2008
  • Georgetown University School of Foreign Service, BS, 2004

Eric Maurice Fung, Esq.

Partner | Attorney

efung@bandicoot.us

Minneapolis, MN | Taipei, Taiwan

Eric Fung is a founding partner of Bandicoot, and serves as the managing partner for our Taipei office. Eric started his career in law, practicing corporate finance, mergers/acquisitions, and energy law at Constellation Energy Group, DLA Piper US LLP, and Dickstein Shapiro LLP. In 2011, he became an entrepreneur completing a leveraged buyout of a 37,000 square foot supermarket and in-store restaurant in Minneapolis called United Noodles Marketplace.

During his tenure, he successfully accelerated his businesses to sustained growth. His financial acumen and skill in developing high-performing teams resulted in a 350% growth in sales from 2011 to 2020. He also opened other successful business units and locations, including a Woodbury location and a wholesale division. In 2015, he was named one of Minnesota’s “40 Under 40” for his leadership at United Noodles.

In order to solidify the financial health of his companies, Mr. Fung also developed sophisticated bookkeeping, accounts payable, and other workflow systems that eventually led to his becoming a partner of the Minnesota accounting firm AccountPro LLC. In 2019, it merged with and was rebranded as bandicoot LLC, and has over 80 clients.

Eric has a passion for talent development, and driving diversity in both teams and thought. He is an innovative, entrepreneurially-minded leader, who leads with a long-term view on vision and strategy.

In his spare time, Eric loves cooking, working out, and playing Smash Bros. with his nine year-old son. His most firmly held belief is that every dog is The Best Dog.

A PROACTIVE APPROACH

SALES & USE TAX AFTER
WAYFAIR V. South Dakota

SALES AND USE TAX

the challenge

Many businesses are unaware that they may be failing to pay a state’s sales and use tax, believing they are not required to pay in states where they have no physical presence, only to be hit with violation notices and fees when it is too late. This phenomenon is not uncommon. Recent case law has changed the landscape of sales and use taxes, and it has become far too easy to fall into delinquency.

So what changed? On June 21, 2018, The United States Supreme Court ruled in South Dakota v. Wayfair that states can mandate that businesses without a physical presence in a state with more than 200 transactions or $100,000 in-state sales collect and remit sales taxes on transactions in the state. Since the decision was handed down by the Court, states and retailers alike have been asking “What’s next?”

Since Wayfair, most (but not all) states have adopted new rules defining what establishes a sales and use tax obligation, known as nexus. Unfortunately for businesses, no two state sales tax nexus laws are alike.

We needed to map sales and use tax requirements for every state where our clients had a sufficient nexus, to ensure our clients were in compliance and avoided penalties. Our goal was to minimize tax liability and take advantage of all available state and local tax incentives.
Mask Group 7
We needed to map sales and use tax requirements for every state where our clients had a sufficient nexus, to ensure our clients were in compliance and avoided penalties. Our goal was to minimize tax liability and take advantage of all available state and local tax incentives.

the workflow

We began by investigating sales and use tax requirements for every state our clients did business in. After creating a chart identifying state requirements, we then looked into local tax regulations as well. After researching these percentages, we made sure our clients complied with the state and local sales and use tax requirements, avoiding costly penalties that could delay business flow. We further made it a point to stay updated on tax laws, as they are constantly evolving and changing. We even identified slight miscalculations in many popular software programs designed to track sale and use tax, ensuring nothing fell through the cracks for our clients.

in conclusion

As a result of our proactive approach, our clients stay in compliance with sales and use tax regulations, even as they continue to be updated. As a new and evolving area of law, it is difficult for many businesses to stay on top of the ever-changing requirements. Let us take the compliance burden from you so you can run your business.

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