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The ABAA previously reported on proposed legislation on national sales tax in 2014. Efforts by federal lawmakers to pass a law have stalled; however, a Supreme Court ruling in June opened the door for states to levy tax on sales even when a business does not maintain a physical presence in that state. Here's a helpful break-down on how states view and govern tax on sales from out-of-state firms. Several additional cash-strapped states are currently considering legislation to collect tax on out-of-state firms.
So what is a small business to do? The ABAA and other major e-commerce platforms like Biblio, ABE, and Amazon already collect and remit tax on sales made on their sites. What about sales made on a dealer’s own site? The ABAA has researched technological solutions to this business problem. TaxJar is a software service that tracks, collects, and remits payments for sellers. As a benefit of ABAA membership, new TaxJar customers can subscribe to the service at a 20% discount. Learn more about TaxJar here...
As always, please contact your accountant or tax professional for advice on how tax laws relate to your business.