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Tuesday Tax Tip: Sales Taxes Are Due -Even on Internet Purchases

Last year, a 1992 sales tax regulation was overturned, allowing states to decide whether they wanted to collect sales taxes from online purchases.  The 2018 ruling caused e-commerce company share prices to temporarily tumble. 

Most online retailers, such as Amazon, have already been paying state sales taxes for years, but other online vendors, even large ones such as E-Bay, still do not collect sales tax at checkout.  Many states have become aggressive at collection of the billions of dollars of tax revenue left on the table.  Some states still request that constituents voluntarily report and pay their unpaid online state sales tax due when the tax returns are due. 

If your company is a small online seller, track and pay the state sales tax to avoid a steep bill and fines later.  If you are finding online sales are a great source for your supplies, consider tracking your purchases to set aside the funds for the sales tax, or stick with online companies that collect the sales taxes for you.  Want more information?  Contact us at http://bit.ly/2NjR4G1