Posted on Tuesday, April 30th, 2013 at 4:41 pm.
Online retailers would be required to collect sales taxes from transactions made over the Internet if a bill that garnered overwhelming support in the Senate (74-20) last Monday, April 20, is also passed by the House of Representatives.
This bill, which is also favored by President Barack Obama, will make online retail stores lose their advantage over department stores, which must charge taxes on goods.
Critics of the bill are wary of the regulations about to be imposed on online retailers should the bill be passed, in addition to the fact that no strong protective measures for small businesses are yet in place to make sure they are not abused. However, supporters of the bill are all for “leveling the playing field” between businesses online and businesses that have a physical shop, theoretically pitting brick-and-mortar stores like Wal-Mart against Internet retailers like eBay.
If you are uncertain regarding your tax affairs and finances and need help with the matter, the guidance of an experienced tax professional can be critical. Contact an accountant who can help you today by filling out the information form found above.