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Mike Fleming, CEO of Sales Tax and More, joins Blake & David on the podcast to discuss in detail the ramifications of the U.S. Supreme Court decision allowing states to collect sales taxes from online sellers who have no physical presence in the state. Questions in this episode: Does the decision affect sales of services online across state borders in addition to goods? Are there any strategies businesses can use to avoid sales or quantity thresholds for collecting sales tax? Will we see an increase in states taxing services? What process or technology should we look at for tracking sales by jurisdiction? Is it even worth it to comply? Will Amazon help out Amazon Marketplace sellers by doing more to track and collect sales tax? Are there any benefits to this decision for businesses?
Show Notes
Questions asked in this episode:
- Does the decision affect sales of services online across state borders in addition to goods?
- Are there any strategies businesses can use to avoid sales or quantity thresholds for collecting sales tax?
- Will we see an increase in states taxing services? What process or technology should we look at for tracking sales by jurisdiction?
- Is it even worth it to comply?
- Will Amazon help out Amazon Marketplace sellers by doing more to track and collect sales tax?
- Are there any benefits to this decision for businesses?
Stories in this episode:
- South Dakota v. Wayfair, Inc. — Wikipedia — Check out the Wikipedia article on the SCOTUS decision for an overview of the case or to catch up on the news.
- Overstock.com Expanding Physical, Digital Presence Following U.S. Supreme Court Ruling — Overstock.com — Overstock.com issued a press release stating that the company plans to expand "its physical and digital operations, including supply chain, marketing, and recruiting, into states in which tax nexus concerns previously prevented the company from having a direct presence."
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The Accounting Podcast (formerly the Cloud Accounting Podcast) is the world's #1 accounting, bookkeeping, and tax podcast! Join us weekly for a roundup of accounting news, analysis, and interviews. Plus, earn free NASBA-approved CPE credits for listening with the Earmark app. Learn more at https://earmarkcpe.com.