State and Local Sales Tax Turned Upside Down
The U.S. Supreme Court has issued its highly anticipated decision in South Dakota v. Wayfair, overruling Quill’s physical presence sales tax nexus standard. This decision will have significant implications for almost all industries, but especially consumer products (retailers) and industrial products.
With a new sales tax nexus standard established, more states will require all businesses that sell within their borders to collect that state’s sales tax. About a dozen states have already addressed this issue.
However, Wayfair has created many more questions than answers. Adapting your business to the new sales and use tax landscape will take time, even though you may need to react quickly.
Gilmore Jasion Mahler is here to help you sort through the changes and impact on your business. We encourage you to reach out to any of our tax partners to discuss how you’re impacted.
A member firm of the RSM US Alliance, we would also like to share with you an RSM alert U.S. Supreme Court kills Quill physical presence on the ruling that we hope you find helpful.
Established in 1996, Gilmore Jasion Mahler, LTD (GJM) is the largest public accounting firm in Northwest Ohio, with offices in Maumee and Findlay. Locally owned, GJM offers cloud-based accounting services and provides comprehensive services including assurance, business advisory, tax, risk advisory and healthcare management. The Firm's professionals specialize in industries including construction & real estate, healthcare, manufacturing & distribution and utilities.
