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Understanding the Post-Wayfair Tax Landscape
Posted by Tarra Curran on Fri, May 24, 2019 @ 11:43 AM

On June 21, 2018, the U.S. Supreme Court ruled in favor of South Dakota in the widely-watched South Dakota v. Wayfair case. This ruling overturned the long-held precedent of Quill Corp. v. North Dakota, which stood for the proposition that a state could not impose a collection requirement on a retailer unless that retailer had a physical presence in the state.

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Topics: Tarra Curran, economic nexus, Sales Tax, The Massachusetts Department of Revenue, sales and use tax, tax nexus, new england state and local tax, Wayfair, South Dakota vs Wayfair, Rhode Island Department of Revenue

How Wayfair Changed Sales Tax Collection in New England
Posted by Tarra Curran on Thu, Dec 6, 2018 @ 02:55 PM

In June, the Supreme Court ruled that a taxpayer’s economic activity could be used as the standard for whether a taxpayer owes state and local taxes. The decision in Wayfair v. South Dakota opened the door for states to collect sales taxes on remote retailers with substantial in-state activity. Prior to the decision, states followed the physical presence standard to determine whether a taxpayer would be subject to state and local taxes.

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Topics: Tarra Curran, economic nexus, Sales Tax, The Massachusetts Department of Revenue, sales and use tax, tax nexus, new england state and local tax, Wayfair, South Dakota vs Wayfair, Rhode Island Department of Revenue

Massachusetts Enforces Sales and Use Tax on Remote Vendors Following ‘Wayfair’ Decision
Posted by Tarra Curran on Tue, Sep 18, 2018 @ 05:14 PM

In the aftermath of the Wayfair Supreme Court decision, Massachusetts recently released additional information about its sales tax policy for remote vendors. The Technical Information Release 18-8, Tax Jurisdiction Over Internet Vendors Prior to and Subsequent to Wayfair, Inc. v. South Dakota (TIR 18-8) clarifies the state Department of Revenue’s position on the types of activities that would require an out-of-state business to collect and remit sales tax in Massachusetts.

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Topics: Massachusetts, economic nexus, Sales Tax, sales and use tax, nexus, Wayfair, South Dakota vs Wayfair, remove vendors

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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