Business Valuation and Appraisals
Duff & Phelps provides valuation and asset appraisal for financial reporting, income tax, investment and risk management purposes.Business Valuation and Appraisals
Robert Peters, Managing Director in the Tax Services practice at Duff & Phelps, was quoted in an article in Accounting Today titled, “Getting Ahead of Next Tax Season”. As the 2019 holiday season approaches, it is critical that online retailers are compliant with the newly adopted state sales tax laws in the wake of South Dakota v. Wayfair.
Robert says, “Retailers will be exposed to tax from and possible interest and penalties in the 42 states that have adopted requirements for remote sellers of goods and services, to register and begin collecting tax. A large number of states — 28 of them — have had these rules in effect since 2018, while the balance have been effective for at least one quarter of 2019. There will likely be little tolerance by the states for any retailer that does not begin collecting sales tax on remote sales into the state. For companies that are struggling to comply, there are still opportunities to limit potential exposure by coming forward on a voluntary basis.”
Read the full article here.