Overview

The U.S. Supreme Court’s decision in South Dakota v. Wayfair made it easier for states to force out-of-state businesses to collect and remit their sales taxes. Now, businesses can be forced to collect and remit a state’s sales tax simply because they make enough sales into the state. In other words, a business no longer has to be physically present in a state before the state can force the business to comply with its sales tax laws. Partner Mark Klein reviews the challenges our clients face when keeping up to date with these changing rules.

Sales tax affects every industry and business, even if what you sell isn’t taxable. The rules governing sales tax can be confusing and onerous. For example, most states, including New York, will impose personal liability on the individuals responsible for running the business if the business fails to collect and remint the correct amount of tax. Partner Joe Endres outlines best practices in order for businesses to avoid potentially significant tax liabilities, and also discusses the typical issues that arise during the course of a sales tax audit.

Don't get caught off guard by abandoned property laws. Just about every operating business is holding abandoned property if the business is not regularly addressing the issue and escheating the property to the state. Uncashed payroll checks, uncashed vendor checks, unused customer credits, and unused gift certificates represent just some of the categories of abandoned property that must be paid to the state. Partner Joseph Endres explains the basics of common abandoned property laws and what steps you can take to keep your business in compliance.