Internet Sales Tax
One major issue in the ongoing tax conversation is Internet sales tax, or the Marketplace Fairness Act (MFA). Spearheaded by Senate Majority Leader Harry Reid (D-NV), this piece of legislation would allow state governments to collect sales tax from online retailers located out of state. If the MFA or similar legislation is passed, online small businesses will need to start paying sales taxes that didn't exist before, and as a result, may have to raise prices of online products.
What the Midterm Elections Mean for Small Businesses
Internet Sales Tax
One major issue in the ongoing tax conversation is Internet sales tax, or the Marketplace Fairness Act (MFA). Spearheaded by Senate Majority Leader Harry Reid (D-NV), this piece of legislation would allow state governments to collect sales tax from online retailers located out of state. If the MFA or similar legislation is passed, online small businesses will need to start paying sales taxes that didn't exist before, and as a result, may have to raise prices of online products.
Brendan Menapace is the content director for Promo+Promo Marketing.