Author: Robert Hendrix, CPA, MBA, Audit Manager
Company: Osborne Rincon CPAs
The world is getting smaller; and for businesses, that means it’s getting more expensive.
In June, the Supreme Court ruled that states now have the authority to require businesses to collect sales tax on ALL purchases – even from purchases in states where they do not have a brick-and-mortar operation.
For large corporations, the ruling will not have much of an effect, since most major retailers already have created systems to collect sales taxes nationwide. But for smaller companies – most of whom do not yet have such an infrastructure – this ruling is creating shockwaves.
Making matters more complicated, there are many jurisdictions across the country, and different products may be taxed differently across state lines.
Some states don’t even have specific legislation in place yet: As of June 2018, there were only 16 states with online sales tax laws to govern these transactions. That number is sure to increase substantially in the coming months.
If you do have an online presence for your business, it may be time to review your e-commerce infrastructure.
Contact the qualified CPAs at Osborn Rincon to develop a comprehensive strategy for your business. Working with an experienced professional your business can successfully adapt to changing legislature and a changing economic landscape with ease.
Contact: For more information call Osborne Rincon CPAs at 760-777-9805 or www.OsborneRincon.com
About: Robert Hendrix is the Audit Manager at Osborne Rincon. Having his MBA and CPA gives Mr. Hendrix a unique perspective on consulting with non-profit entities including golf club, private schools and charitable organizations.
Last modified: September 6, 2018