What Should My Business be Doing in Light of Wayfair?
October 04, 2018
Businesses need to determine how Wayfair may apply to them, evaluate their nexus footprint, and whether they need to file returns in additional states. Even wholesalers and distributors may find themselves having to collect exemption certificates from customers and/or in states where they didn’t previously. Companies also need to evaluate their systems to make sure they can generate any new information required by additional filings.
Gary Bingel: Well, the first thing you should do is be evaluating your nexus footprint. Every situation is different, and every company is different. However, there are some common strands and go through every business.First one is, you're going to want to see where you should be filing in, which thresholds you may be more likely to meet. Whether it's, the dollar threshold or the transaction threshold. And then you're going to want to make sure you're prepared for the increased registrations, increased audits, as well as the increased compliance that you may have to undergo. There's, gonna be a lot more information needed from your systems, and you're going to have to be prepared for those, as well as all the different tax rules in various states.