Avalara has a report detailing various factors impacting sales tax compliance issues for businesses, including COVID-19, inflation, and supply chain disruptions. Sales taxes through all channels—online and bricks-and-mortar—reached $1.14 trillion in Q2 2021, the highest year-over-year growth. Nearly $1 in every $5 spend in retail purchases in Q2 2021 came from digital orders. Remote sellers take note: All states with sales tax have economic nexus (although Missouri won’t enforce it until January 1, 2023), requiring sales tax collections unless a small seller exemption applies. #IdeaoftheDay
Barbara Weltman
Big Ideas for Small Business, Inc.
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BOI reporting cont'd. But this isn’t the end of the story. The government filed a notice of appeal with the appellate court, and FinCEN says “deadline stay—voluntary submission only” (https://bit.ly/3ZpKxwU Note: There are cases challenging CTA that are still pending.