In a much-anticipated ruling that confounded the expectations of many court watchers, the U.S. Supreme Court has given state and local governments the green light to impose sales taxes on out-of-state online sales. The 5-4 decision in South Dakota v. Wayfair, Inc. was met by cheers from brick-and-mortar retailers, who have long believed that the high court’s previous rulings on the issue disadvantaged them, as well as state governments that are eager to replenish their coffers.
In this article, we discuss sales tax collection requirements for your business in light of the Supreme Court's decision.
We also discuss a few tips on how to familiarize yourself with the tax consequences of accepting or using bitcoin or other virtual currencies.
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