If South Dakota is successful, what do you tell controllers and CFOs?
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, gives her advice to companies should South Dakota win in its case against online retailer Wayfair, Inc.
"If South Dakota is successful in its case against Wayfair at the Supreme Court, then CFOs, controllers and tax directors are going to need to start looking at their systems in order to be able to figure out what they need to do to collect sales tax on internet sales. They should be doing that now, regardless of what’s going on, but with South Dakota being successful, other states will start passing laws much like South Dakota, and so it’s better to get ready now than to wait for the ultimate decision."