Senate Approves Internet Sales Tax: Measure Headed to House

The U.S. Senate has overwhelmingly, and with strong bipartisan support, passed the Marketplace Fairness Act of 2013 (the Act) by a vote of 69-27. The bill would allow a state to require certain remote sellers to collect sales and use tax on sales made to customers in the state. States that are members of the Streamlined Sales and Use Tax Agreement (SST) would automatically be granted this authority. States that are not SST members would be required 
to implement simplification requirements. The bill provides an exception for businesses with annual remote sales of $1 million or less.

dollar_sign.jpgHighlights of the report available below include:

  • Authorization of Tax

  • Collection on Remote Sales

  • Small Seller Exception

  • Simplification Requirements

  • Relief from Liability

  • Sourcing Rules

  • Limitations

To check out a detailed summary on the Marketplace Fairness Act, click HERE for the full report.

When it comes to taxes, Freed Maxick CPAs is different than most accounting firms in Western New York. To us, tax time is all the time. We’re sticklers about deadlines and compliance, but our larger goal is tax management. So we keep a year-round eye on federal, state and local tax laws, including those pending. We alert you to any changes that may affect you and help you respond in a timely way. 

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