A Tax to Grind
Will there be a sales tax standard to simplify the process?
While the debate over whether sales taxes should be imposed onInternet sales continues in Congress, state governments areattempting to simplify the processes in place at their level. Salesand use taxes are the biggest single source of revenue for stateand local governments. With the explosion in growth of e-commerce,state and local governments are worrying that too much tax revenuegoes uncollected.
So 32 states recently created the Streamlined Sales Tax Project(SSTP), which plans to design, test and implement a simplifiedsystem of collecting sales tax that can be easily applied to alltypes of commerce, including e-tailing. Sounds ambitious, and itis. Though no time frame has been established, insiders say it maytake several years to accomplish meaningful tax simplification.Still, you should watch this initiative closely because it willhave an impact on your business.
Continue reading this article - and everything on Entrepreneur!
Become a member to get unlimited access and support the voices you want to hear more from. Get full access to Entrepreneur for just $5.
Entrepreneur Editors' Picks
-
This Co-Founder Was Kicked Out of Retailers for Pitching a 'Taboo' Beauty Product. Now, Her Multi-Million-Dollar Company Sells It for More Than $20 an Ounce.
-
Have You Ever Obsessed Over 'What If'? According to Scientists, You Don't Actually Know What Would Have Fixed Everything.
-
After He Was Fired From the UFC, This Former Fighter Turned His Passion Into a Thriving Business
-
Most People Don't Know These 2 Things Are Resume Red Flags. A Career Expert Reveals How to Work Around Them.
-
How One Woman Turned Pandemic-Induced Boredom and a Makeshift Garage Art Studio Into a Thriving Franchise
-
Use These 4 Self-Care Rituals for More Resilience and Less Depletion
-
Shark Tank's Barbara Corcoran Wants to Invest in 'Someone Who Probably Needs a Good Shrink Instead of a Business'
