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Financial Statement Changes Coming in the Wake of ’Wayfair’
Posted by Patrick Quinn on Thu, Aug 30, 2018 @ 02:27 PM

The Supreme Court recently ruled that a physical presence in a state is not required for a state's sales and use tax requirements. In response to South Dakota v. Wayfair, Inc., states are rapidly updating their policies to collect state sales taxes from companies that conduct business remotely.

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Topics: economic nexus, Patrick Quinn, Sales Tax, Accounting Issues, Wayfair, South Dakota vs Wayfair, Financial Statement

Wayfair Decision and the Impact on the Sales Tax Collection Process for Portfolio Companies
Posted by Tarra Curran on Fri, Aug 24, 2018 @ 02:34 PM

The Supreme Court recently ruled that a physical presence in a state is not required for a state's sales and use tax requirements. In response to South Dakota vs. Wayfair (Wayfair), states are rapidly updating their policies to collect state sales taxes from companies that conduct business remotely.

Private equity and venture capital firms and their portfolio companies should be aware of the potential impact the Wayfair decision could have on their existing sales and use tax collection, remitting and reporting processes.  

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Topics: Tarra Curran, economic nexus, Sales Tax, sales and use tax, tax nexus, Wayfair, Private equity, South Dakota vs Wayfair, ASC Topic 450, Private Equity & Venture Capital

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