Dissecting both opinions in case highlights how the rise of the internet and e-commerce has changed the way the Supreme Court views the states’ ability to tax all internet sales
NEW YORK (PRWEB) June 28, 2018
Adam Bergman – IRA Financial Group Partner – Authors Forbes article on the recent Supreme Court ruling on the states right to collect internet sales tax. The article is titled,” Dissecting Supreme Court's Internet Sales Tax Decision.” The article discusses the impact of the Supreme Court’s decision on internet sales tax and the impact it will have on states, online retailers, and consumers. The article also details the reasoning given by the justices writing for the majority of why they now believe that requiring an online retailer to have a physical connection or nexus to a state should no longer be present in order to collect sales tax. “Dissecting both opinions in case highlights how the rise of the internet and e-commerce has changed the way the Supreme Court views the states’ ability to tax all internet sales,” stated Adam Bergman, partner with the IRA Financial Group.
The Supreme Court case resulted from a decision by South Dakota to change its law to require all e-commerce sites to collect the sales tax, regardless of whether they have a physical presence. The law did carve out an exemption for small merchants – those with fewer than 200 customers in the state annually or sales below $100,000. South Dakota was a good state to bring the case since it does not have an income tax and is reliant on its sales tax for revenues.
According to Mr. Bergman, “the impact of the Wayfair decision will be felt mostly by small online retailers. Small retailers, such as millions of Amazon resellers, will be scrambling to identify the right technology to help them comply with the new sales tax rules. Some small retailers are estimating the costs for complying with the ruling can be in the thousands.”
IRA Financial Group is the market's leading provider of self-directed retirement plans. IRA Financial Group has helped thousands of clients take back control over their retirement funds while gaining the ability to invest in almost any type of investment, including real estate, cryptocurrency, and private business investments.
The IRA Financial Trust Company, a self-directed IRA custodian, was founded by Adam Bergman, a partner with the IRA Financial Group. Mr. Bergman is a leading expert on the taxation of retirement funds and has authored multiples articles on how to use a self-directed IRA to buy cryptocurrencies.
Adam Bergman, IRA Financial Group partner is a frequent contributor to Forbes on the topic of self-directed retirement plans and has written seven books the topic of self-directed retirement plans, including, “How to use Retirement Funds to Purchase Cryptocurrencies, “The Checkbook IRA”, “Going Solo,” Turning Retirement Funds into Start-Up Dreams, Solo 401(k) Plan in a Nutshell, Self-Directed IRA in a Nutshell, and in God We Trust in Roth We Prosper.
To learn more about the IRA Financial Group please visit our website at http://www.irafinancialgroup.com or call 800-472-0646.