Product ID: 100998RPT
 

Sales and Use Tax in Virginia: Multistate Sales and Use Tax Issues

Keiter
Sales and Use Tax in Virginia: Multistate Sales and Use Tax Issues

One may ask, "Why is Nexus important if our business is headquartered in Virginia?"
According to the "Internet World Sites" website, http://www.internetworldstats.com/am/us.htm
for the 10-year period 2000 through 2010, the internet users have increased from 124 million to 239 million users. In the report issued by the Congressional Research Service on "State Taxation of Internet Transactions" dated May 7, 2013, an estimated $4.1 trillion worth of retail and wholesale transactions were conducted over the internet in 2010. Also, according to this report it is estimated that there were $11.4 billion in lost sales tax in 2012 on e-commerce sales. With this loss of income and a slower economy, state governments are looking for increased revenues, but want to stay away from increasing taxes on state residents. As the number of people making
online purchases continues to increase so will the pressure to resolve the issue of sales and use tax collection by having Congress enact a new law.

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