Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards
ThinkAdvisor

Regulation and Compliance > State Regulation

Yes, it's time for an Internet sales tax

X
Your article was successfully shared with the contacts you provided.

Large online retailers have reaped the benefits of not having to collect sales tax, but states are out to change that. To simplify the logistics, legislation in the Senate would exempt retailers with online sales under $1 million and each state will be required to create a single online sales tax collector. Software developers already have products that will properly collected taxes on the spot when shoppers make a purchase. In the end, isn’t this just about a bunch of large businesses collecting taxes that the law already says states are owed?