How E-commerce Stores can prepare for Online Sales Tax
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Accuratetax.com takes an in-depth look at the sales tax landscape of 2014, where things are now for small to large retailers and where things are going in the future.
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How E-commerce Stores can prepare for Online Sales Tax
- 2. A Few Definitions • Sales Tax & Use Tax • Nexus • Sourcing Rules
- 3. Sales Tax – Sourcing Map
- 4. A Few Definitions • Sales Tax & Use Tax • Nexus • Sourcing Rules • Custom Tax Rules
- 5. Sales Tax – The Past
- 6. A Brief History of (Internet) Sales Tax • 1992: Quill v. North Dakota • Misconception that internet sales are really tax free
- 8. A Brief History of (Internet) Sales Tax • 1992: Quill v. North Dakota • Misconception that internet sales are really tax free… • The perceived lack of online sales tax was a driving force for e-commerce • The cost of not requiring retailers to collect online sales tax has made this an economic issue for states
- 9. Sales Tax – The Present
- 10. Sales Tax – Today’s Landscape • Thousands of taxing jurisdictions across the US • Limited centralized processes for managing sales tax • Many states still have little capability to enforce their own rules • Audits are more about getting the big fish, but smaller retailers are being looked at more frequently now as well • Compliance is a moving target
- 11. Questions You Need to Answer • What do I sell? • Where do I sell it from? • How do I sell it?
- 12. Sales Tax Lifecycle • Assessment of location • Determination of products • Calculation • Collection • Reporting • Remittance Sales Tax
- 13. How Hard is it to Calculate Sales Tax? • In certain states and for some businesses, it’s simple. • Destination v. origin sourcing • Nexus and collecting for multiple states • Product tax classing • Gotchas: Tax holidays, thresholds
- 14. As Your Tax Burden Grows… • Signing up in multiple states • Remitting across multiple systems • Calculating the correct amount to remit – sales, partial shipments, cancellations, returns • Handling tax-exempt customers
- 15. Addressing My Store’s Needs • Nexus Determination • Assess your tax liability, review it as often as changes occur • Trust your CPA, but verify • Find a software solution that supports YOUR needs
- 16. • What is SSTP? – Conforming states, non-conforming states, and associate members – Sourcing Rules, Taxability Matrix Charts, Reporting/Remittance What else is out there today? Streamlined Sales Tax Project • How does this affect me as a retailer? – At this point it’s voluntary – Volunteer versus non-volunteer sellers – Free software – Relief from Liability • Streamlined doesn’t necessarily mean simple
- 17. SSTP by the Map
- 18. Should You Consider SSTP Now? • What you commit to • What you get in return • Is it worth it now? Or in the future?
- 19. Sales Tax – The Future
- 20. Marketplace Fairness Act • Marketplace Fairness Act (MFA): What is it? • A history of past legislation • Where the bill currently stands • Small seller exemption
- 21. Marketplace Fairness Act • What are the chances of this passing? • If it passes? – States joining SSTP vs. building their own solution – Compliance dates (90-180 days) – Solutions for Retailers • DIY vs. Third-Party Provider • Certified Service Providers
- 22. SSTP and MFA, Together • SSTP is likely to become a bigger player • SSTP already has a model in place • Taxability Matrix Definition and Reporting Processes • Boundary/Rate File management process • Certification Process for States and Vendors • Group of existing Certified Service Providers (CSPs)
- 23. Preparing for What Comes Next • Seek advice from your CPA or tax consultant sooner rather than later • Stay informed about the status of Marketplace Fairness • Monitor state legislation, including those that affect your nexus • Small Seller Exception removes a great deal of concern (if it stays) • Determine options for calculating online sales tax (both software and data)
- 24. Choosing a Sales Tax Solution • Integrates with your shopping cart or provides a programming interface (API) • Fits your budget – monthly, setup fees, long- term commitment • Provides the tools you need: Calculation reports, remittances, exemption certificate management
- 25. Find this presentation online at: http://www.slideshare.net/accuratetax/ Questions & Answers @AccurateTax facebook.com/AccurateTax Email: info@accuratetax.com Call us at 1-866-400-2444