** This is a sponsored post which I will be
compensated for**
As a business owner, you might be unsure where to
start as far as sales tax filing goes I would recommend TaxConnex provides a
complete set of highly customer intimate services including end-to-end
compliance, data analysis, remittance, reporting, notice resolution, question
handling, proactive suggestions, straightforward advice, and audit support.
TaxConnex is your “on-call” Sales & Use Tax Department. They also offer the
following services Sales Tax Nexus
Sales Tax Audit Defense and Support, Product/Service Taxability, Voluntary Disclosures and Amnesty. They will make sure you follow sales tax compliance as you will need to prepare and file using sales tax software and do your sales tax filing for you. Depending on which state you are in will determine your sales tax regulations as each state is different depending on the type of nexus so they take the headache of figuring this all out for you. I know a lot of states have a sales tax act is a tax paid to a governing body for the sales of certain goods and services.
Sales Tax Audit Defense and Support, Product/Service Taxability, Voluntary Disclosures and Amnesty. They will make sure you follow sales tax compliance as you will need to prepare and file using sales tax software and do your sales tax filing for you. Depending on which state you are in will determine your sales tax regulations as each state is different depending on the type of nexus so they take the headache of figuring this all out for you. I know a lot of states have a sales tax act is a tax paid to a governing body for the sales of certain goods and services.
Usually, laws allow the seller to collect funds for
the tax from the consumer at the point of purchase.
Are you aware of the Wayfair act? This was brought about as a business in a state that
makes a profit to be able to charge sales tax. The Wayfair sale tax case happened 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. This decision overturned the Court’s 1992
decision in Quill v. North Dakota and
1967 decision in National Bellas
Hess.
Wayfair Sales
Tax Nexus represents a physical connection between an
out-of-state business and a particular taxing jurisdiction which makes the
out-of-state business responsible for collecting and remitting sales tax on
their transactions. Having a physical office or an employee based in a
particular state is a clear-cut example of sales tax nexus. However,
there are many more subtle activities that could also trigger sales tax nexus
that could represent a risk to your business:
Wayfair
nexus breaks it down easy for you as they say almost all
states now require companies that have nexus a presence or a level of sales
that triggers legal obligation, to collect and remit sales tax. These
obligations potentially affect many industries, from click-and-buy retail to
distribution to software. You need to know where, when and how to collect these
taxes related to Wayfair or face potential penalties. The wayfair tax policy enables an entirely
new revenue stream. Do you think this potential revenue will be left on the
table? The answer is an emphatic "no!" 25% of the states thought
South Dakota might prevail and already had economic nexus legislation in place.
And while the rest of the states may have been surprised they did not sit
around contemplating their next steps.
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