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SMALL BUSINESS NEWS

Dec 2018

 

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Collecting IL Online Sales Tax

Are You Collecting & Remitting Online Sales Tax?

 

The state of Illinois is taking advantage of The U.S. Supreme Courtís recent decision in South Dakota v. Wayfair Inc. to require the collection of online sales tax from out-of-state retailers.

 

Added to the fiscal year 2019 budget implementation bill is the requirement for online retailers to collect and remit the 6.25% sales tax on all transactions.  All businesses with over $100,000 of online sales in Illinois, or at least 200 discrete transactions, are required to collect the tax on all purchases.

 

The effective date for the implementation of this new rule was October 1, 2018.  However, a bill introduced in congress by Wisconsin Congressman Jim Sensenberger would delay that implementation.

 

The Online Sales Simplicity and Small Business Relief Act of 2018 would require the following:

 

-ban states from retroactively imposing sales tax collection duties on remote online sellers;

 

-require all states to push back economic nexus implementation dates to Jan. 1, 2019; and

 

-establish a small seller exemption, meaning a remote seller with gross annual receipts below $10 million in the U.S. isnít required to collect and remit sales tax.

 

Follow the progress of The Online Sales Simplicity and Small Business Relief Act of 2018.

 

The Streamlined Sales and Use Tax Agreement [SSUTA], which currently has 24 full member states, simplifies online sales tax collections by creating uniform rules and processes for compliance. Illinois is not a member.

Sources:
IL FY2019 Budget Implementation Act
The Online Sales Simplicity and Small Business Relief Act of 2018 [H.R. 6824]
WI Congressman Jim Sensenberger Press Release
The Streamlined Sales and Use Tax Agreement [SSUTA]

By Bill Williams

 

 

 

 

 

 

 

 

 

 
 

 

  
 

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