How should companies prepare?
The impending decision by the Supreme Court on economic nexus could impact many remote sellers. Tax expert and Partner at Peterson Sullivan LLP, Rachel Le Mieux, CPA, CMI, offers guidance for how companies should prepare, regardless of who wins the case of South Dakota v. Wayfair, Inc.
"Regardless of who wins, companies really need to start doing an internal look at what they’re doing from a sales-and-use tax collection standpoint. They need to understand that there are already several states out there that have similar laws in one form or another. And so they may not be aware of that and they actually need to be contacting their tax advisors to talk about what states should I already be collecting sales-and-use tax in and then looking at ways to get themselves compliant in those states. They need to think about how much liability retroactively is out there, and then they need to think about what technology that they should be using to implement, to be able to make their lives easier, in order to collect that sales-and-use tax. "