SEMA eNews Vol. 22, No. 41, October 10, 2019

Webinar: State Sales Taxes—Understanding How Wayfair Impacts Your Company

By SEMA Washington, D.C., Staff

  SEMA Education
   

Join SEMA for a webinar, Thursday, October 17, at 10:00 a.m. (PDT) to review the U.S. Supreme Court’s 2018 Wayfair Decision. The webinar will be presented by Anna Ferraro, CPA of the accounting firm Moss Adams, and sponsored by the Hot Rod Industry Alliance (HRIA) and SEMA Education.

Register now!

The webinar is open to all SEMA members, free of charge. After registering, you will receive a confirmation e-mail with instructions for joining.

Background: In 2018, the U.S. Supreme Court issued its Wayfair decision that allows states to require sales-tax collections based solely on the volume of sales into that state (economic nexus). The Court overturned its 1992 Quill decision, which previously required a company to have a physical presence before it could be compelled to collect sales tax.

Cash-strapped states have quickly implemented their new authority. Nearly all 45 states that collect sales tax have updated their regulations to require collection. There is no one national standard. Rather, each state is setting minimum-dollar thresholds that trigger collection. In some states, that threshold may also be tied to the number of sales transactions; for example, $100,000 in sales or 200 transactions annually.  

Anna Ferraro, from the accounting firm Moss Adams, will walk-through the Wayfair decision and explain how it may impact SEMA-member companies with remote sales or drop shipments. Issues covered include: Does your company already have a physical presence in the state? If so, why shouldn’t your company quickly register to pay sales tax? How do you register with the state? How do you remit taxes? What are some tax software options?

Immediate questions? Contact Stuart Gosswein at stuartg@sema.org.

Rate this article: 
No votes yet