How Could Internet Sales Tax Impact Your Business?
This entry was posted on July 05, 2018.
The issue of sales tax being applied to online sales went all the way to the Supreme Court. Now that the decision has come down supporting states that want to impose an internet sales tax, it's natural to wonder how potential new rules will affect your small company.
Small Business Sales Tax Impact
According to The Verge, large e-retailers such as Amazon won't likely feel the greatest impact form the Supreme Court ruling, which overturns a 1992 precedent. Many large businesses already collect sales taxes, perhaps anticipating the changing legal landscape. SMBs, however, could have to change their practices.
Seeking Alpha contributor Jane Edmonson pointed out large retailers such as eBay and Etsy that act as portals for small sellers are being especially vocal about ensuring new rules don't harm their partners. She added that despite the short-term shock of the decision, online retailers may be able to minimize the damage. After all, consumers are used to paying sales tax in person and at large online stores.
Financial Discipline a Must
The small business internet tax details are still being sorted out. To ensure your company is relatively unaffected through this potential roadblock, you should face the months ahead with an effective strategy and optimized budget. Persevering through a tricky transitional period can put your organization on track for a strong future.
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