As of last year, companies may be required to collect sales and use tax, even without physical nexus in a state, if it conducts a certain amount of business there.R
Make sure you have a process in place to meet state sales and use tax collection obligations, which have increased significantly since the Supreme Court’s Wayfair decision last year, tax experts said in a CFO.com webinar Tuesday.
Under the Wayfair decision, a state has a right to impose sales and use tax collection obligations on your company if it has what’s called economic nexus. That’s a presence your company has in the state because of the volume or dollar amount of transactions conducted there.
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september 18, 2019