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Confused About Sales Tax – What You Need to Know!
May 5, 2022 @ 10:00 am - 11:15 amFree
Many businesses are confused about the need to charge sales tax.
Should you charge sales tax? What if you are selling out of state or on an online platform?
These are the type of questions that many business owners are asking.
Addressing sales tax requirements has been even more confusing. On June 21, 2018, The United States Supreme Court ruled 5-4 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.
Economic Nexus gave states the ability to choose whether residents receiving products/services from out of state companies should pay sales tax. Unfortunately, this varies state by state, requiring sellers to have an understanding about the rules specific to the states they serve.
Some selling platforms handle the invoicing, collection, and remittance while others simply allow you to add sales tax to the invoice. It is crucial that you understand the requirements and know exactly what services the selling platform is providing.
Join us for our upcoming seminar where will address this and other considerations regarding the collection of sales tax.
Presenter: Lori Williams