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COVID-19 and the 'Great Lockdown': Certified Public Accountant
CPA Journal ; 90(7/8):66-69, 2020.
Article in English | ProQuest Central | ID: covidwho-830727
ABSTRACT
The City of Philadelphia, for example, has issued a notice stating that it will temporarily waive nexus and grant apportionment relief for purposes of the Business Income and Receipts Tax (BIRT) as well as the Net Profits Tax (NPT) for taxpayers affected by COVID-19 ["Business Income & Receipts Tax (BIRT), Net Profits Tax (NPT) nexus and apportionment policies due to the COVID19 pandemic," Apr. 22, 2020, https// bit.ly/2CWmfnN.]. Sales Tax Considerations Under the landmark 2018 Wayfair decision, the U.S. Supreme Court abrogated the physical presence requirement and ushered in economic nexus for sales tax purposes [South Dakota v. Wayfair, 138 S. Ct. 2080 (2018)]. [...]many remote sellers of taxable goods and services are now subject to each state's recently enacted Wayfair provisions, which include small seller threshold exceptions. [...]the seller might find itself subject to sales tax collection obligations in the new state on the first dollar of sales (after the start of the COVID-19 pandemic), without the protections of the Wayfair small-seller thresholds.
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Collection: Databases of international organizations Database: ProQuest Central Language: English Journal: CPA Journal Year: 2020 Document Type: Article

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Collection: Databases of international organizations Database: ProQuest Central Language: English Journal: CPA Journal Year: 2020 Document Type: Article