Description
Understand different state economic thresholds and how these thresholds affect your tax liability as an ecommerce business.Most ecommerce businesses know the Supreme Court decision in Wayfair sanctioned a new economic nexus standard for imposing sales and use tax obligations on outofstate business. Through generic references to taxing Internet sales and relatively simple economic thresholds applicable to the largest ecommerce business, public commentary conveys the sense that this shift to economic nexus is relatively straightforward. However, many businesses, especially small and mediumsized businesses, do not know that the different states have established different thresholds for applying economic nexus. These varying thresholds, often dependent on nuances of state law, can present a formidable trap for the wary and unwary alike. This topic will help ecommerce businesses, and their advisors, understand the different state economic thresholds and how these thresholds affect a business’s potential tax liabilities. In addition, this material will help identify when, or if, an ecommerce business should begin collecting and remitting state sales and use taxes.
Date: 2020-12-08 Start Time: End Time:
Learning Objectives