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Do You Sell Products Online? You May Be Able to Have Taxes Forgiven

8/15/17 – Robin Teeters

New tax amnesty opportunity for online sellers

Do you sell products online? If so, you don’t want to miss out on the new tax amnesty opportunity for online sellers. Last week, the Multistate Tax Commission announced its Online Marketplace Seller Voluntary Disclosure Initiative. This initiative is a limited-time sales/use tax that expires soon.  

Who is eligible for the initiative?

Online sellers that that use a marketplace facilitator and have inventory located at that facilitator’s location.  Programs like:  Fulfillment by Amazon “FBA”, Wayfair, Walmart, etc.

What is the initiative all about?

The initiative is a Voluntary Disclosure Program for sales tax and income tax.  Online sellers that meet eligibility criteria have the opportunity to begin collecting sales tax as of December 1, 2017 with no need to file for previous periods.  Many states may also allow this approach for income taxes as well.

When can businesses take advantage of the initiative?

From August 17, 2017 through October 17, 2017.

What U.S. states are offering the initiative?

Currently offered by 21 states, and more could join before the program expires.

How can I find out if my company is eligible?

Contact Robin G. Teeters  with VonLehman to see if your business qualifies and what steps must be completed to participate in the program.