In June 2018, in a 5-4 decision, the U.S. Supreme Court ruled in favor of South Dakota in South Dakota v. Wayfair, Inc. and its decision to allow states to enforce tax collection and remittance requirements against remote sellers. Thanks to the expansion of income tax nexus as a result of the Wayfair case, three years later, every state with a sales tax has enacted rules that mandate sales tax collection for remote sellers. And while states continue to develop their own rules and requirements, one thing is quite clear — managing compliance remains an enormous challenge. With this growing challenge and the need to make nationwide compliance manageable and affordable, this article makes the case for state certification of tax automation providers.
For far too long, global businesses would assume that indirect taxes including VAT ought to reside in the domain of local subsidiaries. Now, as tax administrations accelerate their digital transformation strategies, this mindset is not just untenable: it’s a profound danger to the very lifeblood of businesses’ digital transformation efforts.
With all that has been going on, many have indicated that Bitcoin has few or no long-term prospects. So, we decided to find out for ourselves. We reached out to experts to find out if this was true. Here is what they had to say.