Over $394.86 billion in sales. That’s how much companies earned in 2016 through the Internet, according to Vertical Web Media. Web revenues increased by 15.6% from 2015, a clear sign that more customers are warming up to the practice of purchasing on the Internet. In response to high online sales, the government is finding ways to boost tax collection. Tennessee Governor Bill Haslam currently issued a rule that requires the collection and remittance of sales taxes of online retailers. If you’re in online business with customers in Tennessee, here’s what you need to know about the Internet sales tax ruling and how a CPA firm can help in properly collecting and remitting these taxes.
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