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Yesterday the United States Supreme Court overturned the 1992 Quill ruling that blocked states from collecting sales tax from online retailers that did not have a physical presence in their state. This means that states can now require online retailers to collect and pay sales tax regardless of their physical presence.
I have a company in TN, I report my income from domain sales through this company for federal income tax purposes as it is income and I also pay capital gains taxes on it. I pay the state of TN 9.75% of every sale made to TN residents because I have a physical presence in TN.
With this Supreme Court ruling, it is my understanding that now I have to keep track of every city and state that requires sales tax be collected from online sales. It begs the question, where do we stand as domain investors that invest under our businesses? Are we considered online retailers?
I have always assumed yes just as a CYA on my part, but I have never had to collect sales tax from a state I didn't have a physical presence in.
What Say You USA Namepros Members?
What's your opinions on where we stand with this new ruling?
Source: https://www.bloomberg.com/news/arti...t-tax-collection-supreme-court-rules-jiomtl5c
I have a company in TN, I report my income from domain sales through this company for federal income tax purposes as it is income and I also pay capital gains taxes on it. I pay the state of TN 9.75% of every sale made to TN residents because I have a physical presence in TN.
With this Supreme Court ruling, it is my understanding that now I have to keep track of every city and state that requires sales tax be collected from online sales. It begs the question, where do we stand as domain investors that invest under our businesses? Are we considered online retailers?
I have always assumed yes just as a CYA on my part, but I have never had to collect sales tax from a state I didn't have a physical presence in.
What Say You USA Namepros Members?
What's your opinions on where we stand with this new ruling?
Source: https://www.bloomberg.com/news/arti...t-tax-collection-supreme-court-rules-jiomtl5c
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