What Does Wayfair Mean to Businesses in General?
October 02, 2018
Since nexus can now be established through economic contacts alone, many companies will find they have nexus in many more states than they did previously. Businesses need to evaluate their nexus footprint and evaluate whether they need to file tax returns in additional states.
Gary Bingel: Nexus may now be established through just having sales in a state or a certain number of transactions. As a result, it is highly likely most businesses will have a much greater expanded footprint as far as their tax filing requirements, nor they're deemed to have nexus. Generally, they're going to have to start filing returns in a lot more states and that's gonna include more registrations, as well as increased audits. There's going to be much more required of their systems in order to extract that information. And they're going to have to deal with doing business in many more jurisdictions.