- Since the Wayfair decision in 2018, businesses face a more complex sales tax landscape
- Small businesses struggle to navigate new regulations and fear penalties for noncompliance
- The Streamlined Sales Tax Governing Board is considering a Voluntary Disclosure Program
- The program would have a limited lookback period, no penalties, and streamlined registration
- Collaboration between states and businesses is key to ensuring compliance
- The Wayfair decision requires businesses to track and remit sales tax in certain states
- The proposed program could help remote sellers become compliant with limited liability
- Business owners should evaluate their nexus footprint, organize records, and consult with a tax professional
Source: irsprob.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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