by | Nov 2, 2018 | Business, News, Tax

Recently the Supreme Court has voted in favor of the State of South Dakota in the Wayfair Case which might affect your business, with Supreme Court Decision and that Decision Explained.

Basically the ruling states that Colorado businesses selling products to other states must collect sales tax in that state and possibly file and pay income taxes in that state if retail taxes in that state are above a certain dollar limit (depends on the state).

In order to keep track of that information, we will now need details on who you are selling to, where it is being delivered or shipped and how much the taxable sales were in each area.

We are implementing this new tax rule beginning immediately. You will also have to do more work by providing us with addresses where you are selling, both in state and out of state.

In addition, Colorado has changed their sales tax rules, you might have received a letter from the state?
Beginning December 1, 2018, no matter where you sell in the state, you must collect the sales tax of the area where you are selling, where it is being delivered or shipped.

As you can imagine, this is going to turn into a lot of work for both you as a business owner and us as the record keepers in order to get all information recorded accurately and timely. The logistics of keeping track of this information is overwhelming, especially if you are selling in many areas in Colorado and other states.

If you are completing your own taxes, I would suggest you look into online software such as:

Tax Cloud
Tax Jar

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