What’s the Buzz with Sales Tax Compliance?

I was having a normal week up until a day ago when my inbox suddenly had tons of email notices coming through from some of my favorite retailers.  By now, you have probably noticed something with your online purchases that wasn’t there before. And that thing is sales tax. There has been a change in sales tax compliance for remote sellers and marketplace facilitators that started October 1st.  Many companies are reaching out to inform customers of this change so it doesn’t come as a complete surprise when they place their next online order. 

Prior to this, it was up for debate whether or not you could only charge sales tax on sales where the retailer had a physical presence in the state.  But now we’ve got sales tax solutions and it’s up to the states how they want to impose this and so many states are now charging sales tax with your online purchases. 

If you are a retailer, you may need to look into sales tax services so you can be compliant as well. Honestly, sales tax compliance is a big deal and it involves gathering sales data, evaluating it, filling out a tax return and paying tax.  You need to make sure you are on top of this, which is why a sales tax filing service can be very helpful and they can offer you a number of sales tax solutions. 

But what does this mean to the consumer? Well, obviously it may raise prices since you may now have to pay more taxes on more products, depending on what state you live in.  Also, major retailers like Amazon will have to do the same and that may definitely impact your budget. 

But it’s not just products like that that are being taxed, it’s also food and drinks.  All this week i read articles about new taxes on beer and other consumables and it seems to have customers upset and in a tizzy.  The truth is, there’s nothing you can do about it. Adjust your budget accordingly and understand that it’s beyond your control right now. 

Again, though, if you’re a business, you will need to make sure you are on top of sales tax services for your company and don’t be afraid to hire a professional service to do so.  This is always a good idea because if you aren’t in compliance with something that you don’t understand, it can cost you BIG TIME and I’m not just talking about money. If you feel overwhelmed with this type of stuff, hire a professional! That’s what they are there for! 

It’s important to also make sure you read the news regularly so you can stay on top of changes like the sales tax one we’re experiencing.  It’s your job as a retailer to know the laws and regulations even when they change suddenly. Again, it’s a good idea to have someone working for you or WITH you that can become an expert and stay on top of your business and ensuring it’s in compliance with any and all laws. 

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