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Do you have customers outside of your home state? If so, this ruling may impact you.
In the most notable sales tax case in the past 25 years, the U.S. Supreme Court announced in June its highly anticipated decision in South Dakota v. Wayfair, Inc.,redefining sales tax nexus. It overturned the 1992 Quill Corporation v. North Dakota decision which stated that businesses could not be required to collect and remit sales tax unless they had physical presence in a state.
As a result of the ruling, state and local governments may now require businesses to collect and remit sales taxes if the businesses have substantial sales or transactions into their jurisdictions, even without having physical presence. The outcome not only affects large retailers, but also small and medium-size businesses that need to understand how to treat out-of-state sales. All businesses will need to evaluate and determine in which additional states and localities they now have sales tax exposure and collection requirements.
Join Yeo & Yeo’s SALT specialists Danielle Cary, CPA, and Kelly Brown, CPA, MST as they help you understand the implications of Wayfair and what to do in response.
- What the Wayfair ruling means
- Changes in sales tax collection obligations
- States’ actions in response to Wayfair
- Potential impact on your business
- Practical considerations for sales tax compliance
- What should my business do now?
Danielle Cary, CPA, MBA, Principal
SALT Team Leader
Kelly Brown, CPA, MST, Sr. Accountant
SALT Team Member