A significant Supreme Court decision and changing nexus laws have left many Texas business owners uncertain about when they need to collect sales and use taxes. Who has the responsibility—the buyer or the seller?
While sales tax is widely understood, use tax can be confusing, causing business owners to overlook their responsibilities. For example, if sales tax is not charged on a taxable sale, use tax needs to be reported and remitted to the proper taxing jurisdiction. Additionally, states may now require internet retailers to collect sales tax. Further, any business that sells goods and services in multiple states must be aware of whether their sales volume is high enough to meet economic nexus standards and reporting requirements.
Now that the tax landscape has changed significantly, state governments are paying attention. Expect to see state taxing authorities increasing their scrutiny of these taxes by ramping up audit activity. This makes it even more important that Texas business owners understand the implications for business conducted on the internet and in other state, and countries.
Goldin Peiser & Peiser has written an e-book to explain sales and use tax requirements and recent changes that every Texas business owner should be aware of. Our free e-book: “The Changing Sales and Use Tax Environment,” details how the Wayfair Supreme Court case has changed tax collection requirements and what constitutes nexus. The e-book also outlines errors that trigger audits and how to manage the process should your business be audited.
- Nexus Rules: What Has Changed?
- Common Errors That Trigger Audits
- What to Do if You Are Audited
- Case Study on an Audit Assessment
You can download our new e-book by completing a brief form.
The State and Local Tax Team at Goldin Peiser & Peiser works with business owners to conduct multi-state sales and use tax reviews. Our priority is to minimize penalties through proactive state tax planning that can help you leverage savings opportunities. If you face an audit, we take steps to mitigate your tax liability and, in most cases, act as your trusted agent, working directly with state officials.
For more information, please contact Alita Stratton, CPA, at (972) 818-5300.