For those of you who do not know or have not heard of the recent changes to legislation, recently US representative William Delahunt introduced the "Main Street Fairness Act" to Congress which includes language that would allow states to collect sales tax for online purchases. Although the bill's proponents claim it is designed to promote simplification and fairness, passage of the bill would initiate radical changes to the administration and collection of sales and use taxes. On July 1, 2010 the bill was referred to the house and if passed it will go to the senate for approval. So what does this mean for your business? Well, currently the Streamlined Sales and Use Tax Agreement (SSUTA) calls for the voluntary collection and remittance of sales tax in each member state, the Main Street Fairness Act would mandate it for all businesses. See a list of SST member states here.
The challenge is that the act would require businesses to conform to thousands of sales tax laws, which vary widely from one city, one county, and one state to another. Businesses, whether online merchants, brick and mortar or catalog commerce will need an automated sales and use tax solution that will eliminate the challenges of transactional tax compliance.
Powered by Compendium Blogware
Comments for 'Taxed' by the Main Street Fairness Act