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Six Steps to Sales Tax Remediation Post-Wayfair for Retailers

The South Dakota v. Wayfair decision could bring a heavy lump of compliance-burden coal this holiday season, now that states are free to subject retailers to sales and use taxes regardless of whether they have a physical presence there.

Wayfair has widespread implications for e-commerce companies, from SALT compliance and tax provision and accruals (ASC 450 and ASC 740), to increased exposure for businesses involved in M&A transactions.

Left unchecked, these state and local tax obligations are bound to grow over time, alongside the corresponding liabilities from tax, interest and penalties. Meanwhile, neglecting sales and use tax obligations until a deadline approaches may result in a loss of peak season profits if strategies to offset this risk are not implemented ahead of time. 

Address state sales and use tax compliance with BDO’s six step approach:

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Please download our Six Steps to Sales Tax Remediation Post-Wayfair to learn more about state and sales use tax compliance.

 

To download the Six Steps, please complete this short form: