FX Excursions

FX Excursions offers the chance for once-in-a-lifetime experiences in destinations around the world.

Out of State Obligations

by Kevin Ryan, CPA/Partner, Citrin Cooperman

Oct 9, 2019

PHOTO: © ALEXANDERSIKOV – DREAMSTIME.COM

October 2019

A LITTLE MORE THAN A YEAR AGO, the Supreme Court, in the closely divided South Dakota v. Wayfair decision, ruled states can require most online retailers and many other sellers to collect sales tax, upending more than two decades of legal precedent. The decision affects businesses such as software vendors, equipment retailers, information sellers and any other business selling goods or services subject to sales tax. In other words, it reaches just about everyone. Whether you own a business or are a consumer, it impacts you in some manner. You may pay more now for the item purchased or, as a business owner, you are saddled with much more compliance work, needing to file various tax returns in additional states.

The 5–4 vote overturned the 1992 Supreme Court ruling in Quill Corporation v. North Dakota and eliminated the requirement that businesses be physically present in a state before their sales can be taxed, granting states the ability to collect taxes from out-of-state internet retailers. In 1992 Amazon founder Jeff Bezos was still working on Wall Street. In that year mail order sales totaled $180 million, quite a bit less than the $453 billion estimated in 2017 e-commerce retail sales. Citing reports Amazon surpassed Wal-Mart as the nation’s leading retailer, the court stated that when it decided Quill, “the court could not have envisioned a world in which the world’s largest retailer would be a remote seller.”

The case centered around a South Dakota law which requires remote sellers with more than 200 annual transactions or $100,000 in sales in South Dakota to collect the state’s sales tax. The court felt the law did not pose an undue burden on interstate commerce because it has a concise revenue or transaction threshold, is not retroactive, and the state has a simplified tax system.

One year later there is still confusion, and states and even cities are passing rules on the subject. Business owners should speak with their advisors and confirm they are collecting the required taxes and filing the correct tax returns. As a business grows or increases transactions in a certain city or state, it may exceed a threshold that will mandate it to file, collect or pay taxes.

As it was only decided by one vote, it seems this decision wasn’t an easy one and people can interpret it differently. Things may change again in the future, so stay tuned. Tax authorities are always looking to increase their tax base, and they have ways of finding those not in compliance. It is in your best interest to follow the law, even if it is frustrating and costly.

The content of this article is for informational purposes only. It is not intended to be a substitute for professional financial advice. Always seek the expertise of a certified financial advisor or other qualified provider with any questions you may have regarding personal finance, investment and money-related issues

Introducing

FX Excursions

FX Excursions offers the chance for once-in-a-lifetime experiences in destinations around the world.

#globility

Insta Feed
Daily
Oct 22, 2021

Winter Escape at Four Seasons Resort and Residences Anguilla

The Four Seasons Resort and Residences Anguilla is opening its acclaimed doors Oct. 22 to celebrate its fifth and most exciting season. The resort will introduce new programming including culinary, fitness and music.

Experiencing GBTA Convention 2021
Safely and Responsibly

GBTA’s Convention 2021 will bring the business travel industry together for the first time in a long time. Once again, you’ll learn and connect with experts and each other, along with discussions with leading thinkers, entrepreneurs and change makers addressing the issues that matter most.

Cruising
Oct 21, 2021

Seabourn Names Second Ultra-Luxury Expedition Ship

Seabourn recently announced the name of its second new ultra-luxury purpose-built expedition ship: Seabourn Pursuit. The name reflects the passion of expedition travelers to seek out and explore natural wonders and destinations through activities around the globe.

eFlyer Reviews
Oct 20, 2021

The Ritz-Carlton, Chicago Review

Though the Chicago area has been my home for decades, the view from the Water Tower Suite on the 26th floor of The Ritz-Carlton, Chicago made me gasp. I had admired Chicago’s dramatic skyline many times, but never from this angle. Through expansive windows, the skyscrapers of 900 N. Michigan Ave. and the John Hancock Center, now named 875 North Michigan Avenue, rose to my right. Far below, the landmark Chicago Water Tower nestled in a ring of trees. One of the few survivors of the Great Chicago Fire, a turning point in the city’s history being remembered on its 150th anniversary in 2021, the Gothic Revival relic resembled a fairy-tale castle in a children’s playset.

‘Tis the Season for a Luxurious Retreat

This holiday season, escape to the Caribbean with Celebrity Cruises and reconnect with family and friends in luxurious accommodations that make you feel right at home. Savor globally inspired cuisine designed by our Michelin-starred chef, paired with the most awarded wine collection at sea. Elevate “me time” with a soothing spa treatment sure to renew. With both long and short cruises to celebrate in December, and even three special Ultimate Holiday Cruises that sail over Christmas and into the New Year, the time to gift an experience and create unforgettable memories is now. Celebrity Cruises’ Always IncludedSM pricing — drinks, WiFi and tips — ensures a seamless, carefree vacation with the ones you love.

eFlyer News
Oct 20, 2021

President Biden Signs 9/11 Trail Designation

President Biden signed H.R. 2278, bipartisan legislation to designate a September 11th National Memorial Trail. The trail route will link the National September 11th Memorial and Museum in New York; the Pentagon Memorial in Arlington, Virginia; and the Flight 93 National Memorial in Somerset County, Pennsylvania.

Events
Oct 20, 2021

Fever App Presents: Dining in the Dark Review

In April 2021, I was skimming Facebook when an ad for a blind-folded dining experience popped up on my newsfeed. The event was hosted through a company called Fever that offers fun, interactive events in major cities and virtually for people to enjoy. Intrigued, I clicked the link to learn more. The description made the event sound exciting and mysterious. When I give someone a present for their birthday, the holidays or a wedding, I like to give the gift of an experience that the recipient can learn something from. My boyfriend’s 30th birthday was in June, when the event was to be hosted, so I thought this would be a great surprise for him.

The Future of Hamad International Airport

Without a doubt, the pandemic changed the role of airports in the travel industry. Hamad International Airport’s role evolved in many ways since the pandemic hit. Now, more than ever, airports are responsible for creating a secure passenger experience. As the gateway to Qatar and the world, the safety and wellbeing of staff and passengers has always been at the core of Hamad International Airport’s strategy.

Daily
Oct 19, 2021

6 Reasons to Put Austin, Texas, on Your Travel List

It’s time to start dreaming of your next trip. Here’s some destination inspiration for you. Take a visual journey through Austin, Texas, with us.