Accounting and Finance, ecommerce, Legal

Online Sales Tax Rules for Ecommerce Businesses

This decision overturns a 1992 ruling in Quill Corp. v. North Dakota in which the Supreme Court ruled that a business must have a physical presence in a state for that state to require it to collect sales taxes. That means that any online business did not have to pay sales tax in states where it did…

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In 2018, the Supreme Court ruled in South Dakota v. Wayfair that states can require businesses to collect sales tax in states where they don’t have a business presence.

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Accounting and Finance, Credit Card Processing

IRS Merchant Reporting 6050w

If you have a merchant account, this information applies to you. Make sure your processor has your correct TIN and tax filing name. Note: The information herein does not replace the advice of a qualified tax professional. Talk to your accountant about the impact of 6050w and your responsibilities under tax law. Section 6050w Overview…

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Processors must report all settled payment card transactions under section 6050w. And they must perform backup withholding at a rate of 28% beginning in 2012 for merchants that have incorrect TIN or tax filing names.

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