On June 21, 2018, the Supreme Court of the United States handed down a historic decision in the sales and use tax nexus case South Dakota v. Wayfair, Inc. The 5-4 ruling overturns physical presence standards upheld in previous cases where a business had to have a physical presence in the state for the state to impose sales and use tax collection obligations on the business.
Now is the time to review your sales and use tax compliance requirements.
The landscape of sales and use tax compliance has been significantly altered with the recent Wayfair decision, especially for online sellers. It’s important to understand where your business has nexus and how the recent ruling may impact your taxes and reporting requirements.
Click this link to read the entire notification: Wayfair Client Notification Letter – 10.01.18