Wednesday, May 8, 2013

Internet Tax Gets One Step Closer To Reality

This is a follow up post for new updates on Internet Sales Tax collection. 

As noted by USA Today - - the Senate has passed the Marketplace Fairness Act and it now awaits a vote in the house, which if passed will then go to President Obama for signature into law. 

The high level details suggest there is minimal to no impact to small shops. However, if you do over 1 million in sales each year, you will have to start collecting sales tax, as applicable to each customer in the various states they reside. 

The amount of infrastructure and development necessary may be difficult to justify for smaller vendors that rely on thin margins to survive. 

More information and an analysis of the law will be completed if passed and signed into law In the coming weeks.