[ Offshore Tax ] What to do if you are behind on Sales and Use Taxes? Video

[ Offshore Tax ] What to do if you are behind on Sales and Use Taxes?

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Determining where an entity with a multistate presence may have nexus can be a challenge. Unless the imposition of taxation violates the U.S. Constitution or, for taxes based on income, Public Law 86-272 (P.L. 86-272), an entity generally will have tax nexus in states in which the entity has production activities, offices, facilities, employees or tangible property. Additionally, an entity may have nexus in states that have adopted economic nexus or factor presence nexus standards if the entity meets or exceeds the state’s thresholds. These economic nexus policies have been broadly attempted for both income tax and sales and use tax considering the recent decision in South Dakota v. Wayfair Inc., No. 17-494 (U.S. 6/21/18).

TIMESTAMPS:
0:00 INTRO
0:10 Amazon seller hit the threshold.
0:45 what to do if you left behind on sales and use taxes
1.23 you need to get to the tax authority before the tax authority gets you.
3:00 The US is like one jurisdiction in a movie
4:50 be careful with the tax advisors you choose
5:09 OUTRO

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DERREN JOSEPH:
Someone's been selling on Amazon for a while and they have not been compliant, They have hit the thresholds. You know, they, generally speaking, it's 200 units, $10,000. That is such a generalization. You know, some states have 100 units, and some states have a high number of unit thresholds. Some states have a lower dollar threshold or higher dollar amount. It varies. You have 50 states, yes, but you have over 10,000 sales and use tax jurisdictions. So if you're an online seller, again, this is a this is its rabbit hole. You need to get specialized advice. But let's just say, let's assume you didn't know. Honest mistake. Hey, things happen and you have not been complying for the last few years. What do you do? Do not panic. You're not alone. You're not alone. And I get into this in the interview I did with Aaron again, you know, him and his team, qualified accountants with decades and decades of experience with sales and use Taxes. And, you know, we go through this in considerable detail. The point, the point I want to get to here, as we just briefly top-line summarize it, is that there are amnesty programs like amnesty and or name or amnesty back name. So there are programs for those who have not been 100% compliant with their sales and use tax where you can, you can. And the way amnesty works is that you need to get to the tax authority before the tax authority gets to you. So you do your calculations, get your paperwork in order, sit your professional and say, Hey, Mr. Tax office for XYZ state, I'm sorry, we have not been 1% compliant. Here are our numbers. Now, some states will say, Just give me your numbers and we'll send you the bill. And then some states say, No, it's okay. You calculate what you think you owe us and send it, send it to us probably with some of your working papers. And, we'll take it from there.

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