CHICAGO (September 18, 2018) – Accounting and advisory firm Baker Tilly Virchow Krause, LLP (Baker Tilly) today announced the development of a new tool created by its state and local tax group to help organizations respond to the historic Wayfair ruling. It is available on the firm’s website.
In a 5-4 decision, the U.S. Supreme Court ruled in favor of South Dakota’s economic nexus law, potentially requiring online retailers and other remote sellers to collect and remit sales tax to states in which they do business, without regard for their physical presence within those states.
“Although the Wayfair ruling was not a complete shock, out-of-state retailers could do only so much to prepare for the impact,” Gary Peric, state and local tax leader, said. “The chart provides taxpayers with up-to-date information on implementation dates and thresholds for states' sales and use tax provisions.”
Baker Tilly asserts organizations need to understand their economic nexus footprint and be able to identify states where immediate registration and compliance is required.
Download Baker Tilly’s multistate economic nexus chart on bakertilly.com.
Baker Tilly US, LLP (Baker Tilly) is a leading advisory, tax and assurance firm whose specialized professionals guide clients through an ever-changing business world, helping them win now and anticipate tomorrow. Headquartered in Chicago, Baker Tilly, and its affiliated entities, have operations in North America, South America, Europe, Asia and Australia. Baker Tilly is an independent member of Baker Tilly International, a worldwide network of independent accounting and business advisory firms in 145 territories, with 34,700 professionals. The combined worldwide revenue of independent member firms is $3.6 billion. Visit bakertilly.com or join the conversation on LinkedIn, Facebook and Twitter.