Courtesy Pixabay | jarmoluk
If you think you’re up-to-date with all the changes for state-level tax nexus regulations, sorry to say, you’re mistaken. eCommerce sales tax is a complex topic, but we’re here to help you.
We’ve seen a flurry of states adding or adjusting requirements, and we expect even more in 2019. For a comprehensive view of the status of each state as of November 26th, please visit Sales Tax Support.
With a total of 33 states having already enacted a nexus, and more to come, how can eTailers prepare their business to manage all of the new requirements?
Some thoughts:
- Review your sales by state – You should have access to automatic reports that monitor your progress toward reaching both the sales and transaction threshold which trigger a tax nexus in each state.
- Obtain current Tax Tables by state – Once you reach a threshold, you should be prepared to calculate and collect the proper taxes for each state where you have a tax nexus. You will also need to register with the appropriate agency in those states to receive permission to collect taxes.
- Finalize your reporting and remittance strategy – Can you manage the manual reporting and remittance of taxes on a timely basis? Or will you need to engage the services of a third party to help? The answer to this question will tell you whether sales tax collection will become a manageable process or a nuisance for your business.
Freestyle is prepared to help our customers with reporting options within M.O.M. and optional third-party integrations for those who need assistance. Don’t let this become a burden for your business. Reach out to us at: marketing@freestyelsolutions.com
