Cannabis: More Popular, More Mainstream
SalesTax | Indirect Tax Blog
by Mark Friedlich
3y ago
It’s 4/20, a day famously known for a “celebration” of marijuana. The combination of COVID-19, the need for more state sources of revenue, and increasing popular support has made cannabis more mainstream. In fact, on this 4/20, 43% of Americans live in states that have legalized marijuana for adult recreational use. In the latest Pew survey, 60% of adults support legalized recreational and medical use … and 31% back medicinal use. Cannabis was already among the country’s fastest-growing industries, but 2020 saw it taken to another level. At the height of widespread shelter-in-place orders begi ..read more
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Marketplace Facilitator Laws and Economic Nexus
SalesTax | Indirect Tax Blog
by Mark Friedlich
3y ago
What You Need to Know Key Takeaways More and more businesses continue to sell their goods to buyers all over the country on so-called marketplace platforms, e.g., Amazon, Etsy, and individual remote seller sites. In step with the rise of economic nexus laws, states are passing what are called marketplace facilitator laws that shift the burden of collecting sales and use tax to the marketplace facilitator. At the latest count, the number of states adopting marketplace facilitator laws has more than quadrupled in 2019 and 2020 to 35 states and D.C. … and more are expected to be added in 2021. T ..read more
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Florida Moving Closer to Adopting Wayfair’s Economic Nexus Standard
SalesTax | Indirect Tax Blog
by Mark Friedlich
3y ago
Remote Sellers and Marketplaces Must Prepare Now In June of 2018, the Supreme Court in South Dakota V. Wayfair greatly expanded the ability of state and local governments to impose sales and use tax obligations on remote businesses. It did so by replacing the physical presence nexus standard with “economic presence” — the amount of economic activity occurring in the state. Forty-three of the 45 states that impose a general sales tax and the District of Columbia have adopted the Wayfair economic nexus standard. The only holdouts have been Florida and Missouri. This blog will cover recent develo ..read more
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Who is Personally Liable for Sales Tax at Your Company?
SalesTax | Indirect Tax Blog
by Mark Friedlich
3y ago
Individuals who may be held responsible include CEOs, CFOs, Directors States are taking an aggressive approach to enforcing a business’ sales and use tax liability and going to great lengths to collect not only from the business and its owners, but certain company employees. Who do the states consider as the responsible parties for sales tax remittance and recovery? Is it only the owner of the company? States are allowed to go beyond the corporate veil and can hold a number of different individuals in a company accountable for a company’s sales and use tax liabilities. The individual ..read more
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State Sales Tax Rankings Affect Remote Sellers’ Risk and Cost of Doing Business
SalesTax | Indirect Tax Blog
by Mark Friedlich
3y ago
Online Sales for the Entire Holiday Shopping Season Forecasted at $184 Billion In my previous blog, I described how the consumer move to online shopping that began to accelerate at a record pace in March when the pandemic first led to non-essential business closures, has exploded during this holiday shopping season. Adobe Analytics now forecasts online sales for the entire holiday shopping season at $184 billion, which is a 30% increase from last year. The Tax Foundation recently analyzed the sales tax regimes in states around the country and ranked them in terms of the impact of sales and exc ..read more
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Online and Other Remote Sellers Face Severe Sales Tax Risk as “Clicks” Replace “Bricks” for the Holiday Shopping Season
SalesTax | Indirect Tax Blog
by Mark Friedlich
3y ago
Consumers Have Moved From “Bricks” to “Clicks” As the pandemic continues to ravage the U.S., the move from shopping in physical store locations to online continues to explode. As we enter the heart of the holiday shopping season, businesses have seen a steady climb in digital sales. Holiday shoppers went online on Cyber Monday and spent $10.8 billion, setting a record for the largest U.S. internet shopping day ever, according to Adobe Analytics data. This was a 15.1% increase, year over year. Adobe now forecasts online sales for the entire holiday shopping season at $184 billion, which is a 30 ..read more
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Cannabis Wins Big at the Ballot Box Creating Opportunity and Sales Tax Risk
SalesTax | Indirect Tax Blog
by Mark Friedlich
3y ago
A Huge Move Forward for the Legalization of Cannabis Five states with cannabis measures on the ballot in the November 2020 election voted for either medical or recreational adult-use legalization. New Jersey, Arizona, South Dakota and Montana voters legalized adult-use cannabis. Mississippi and South Dakota voted to allow the medical use of cannabis. The general sales tax applies to recreational cannabis sales in New Jersey, Arizona and South Dakota. Currently, 35 states have legalized medicinal cannabis, and 15 states have legalized cannabis for adult-use (see the Table below for list of stat ..read more
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Special Report: How COVID-19 is changing business sales tax obligations and enhancing risk [Part 14]
SalesTax | Indirect Tax Blog
by Mark Friedlich
4y ago
Manufacturers and Distributors Sales and Use Tax Risk and Complexity Have Soared: Wayfair and the Pandemic Impact COVID-19 is changing the way we do business, the way we buy, the way we sell — this series follows how all of this affects businesses of all sizes and in most industries as well as their customers and their tax advisors. Greetings from my home office in NYC. I have covered how COVID-19 is changing the way you and I live our lives since early March. I sincerely hope you and your families are safe and well. In this week’s installment of my special report, I discuss how SCOTUS’ decis ..read more
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Keynote Speakers Announced for CCH Forward Together Virtual Conference
SalesTax | Indirect Tax Blog
by Wolters Kluwer Tax and Accounting (CCH)
4y ago
Simon Sinek and Sunita Lough highlight strong speaking roster Today, Wolters Kluwer Tax & Accounting announced two guest keynote speakers for its 2020 CCH Forward Together (#CCHFT20) virtual conference taking place on October 26-30, 2020. Simon Sinek, a world-renowned author, speaker, and an adjunct staff member of the RAND Corporation, will share his unconventional and innovative views on business and leadership. Sunita Lough, Deputy Commissioner for Services and Enforcement at the Internal Revenue Service (IRS), will also share insights from her recent work on making it easier for tax pro ..read more
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Special Report: How COVID-19 is changing business sales tax obligations and enhancing risk [Part 13]
SalesTax | Indirect Tax Blog
by Mark Friedlich
4y ago
Sales and Use Tax Compliance: Risk and Complexity Have Soared for Many Businesses COVID-19 is changing the way we do business, the way we buy, the way we sell — and how all of this affects businesses of all sizes and industries as well as their customers. Greetings from my home office in NYC. It’s my Week 13 covering COVID-19 changing the way you and I literally live our lives. I’m sincerely hopeful you and your families are safe and well. In this week’s installment of my special report, I examine how COVID-19 and SCOTUS’ decision on Wayfair have combined to create a substantial sales take bu ..read more
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