Sales taxes can seem like an overwhelming and confusing task to take on yourself. At Peisner Johnson we've been doing this for the last 25 years and have seen first hand just how complicated it has become. Now with the recent decision by the Supreme Court (Wayfair) it, it appears that many companies are deciding to just bite the bullet and start collecting taxes. And it seems like they all want to make it effective January 1, 2019. In our podcast this week, we discussed what businesses should do right away if you want to start collecting taxes on January 1. You can check out the podcast here.
Here's an executive summary of the 5 Steps along with a list of some of the questions we answered during the podcast:
Start With Nexus And Taxability. Figure out where you have nexus first and consider if what you sell is even taxable.
Evaluate Your Taxing System (POS, Website, Amazon, Walmart.com, etc)
Get Registered. States require you to register and/or obtain a license from them before you can collect tax on their behalf.
Turn On The Tax. You need to go into your settings in all of your sales channels and turn the tax collection function on to automatically start assessing tax on your sales invoices.
File the Returns. Once you figured out where to collect the tax and you've collected the money, then the time will come when you actually fill out the returns and remit the funds. It may be annually, quarterly, or monthly.
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