There are two things that are sure you will face in your life; one is Death another one is Taxes. In current state the governments are trying to pursue all those hidden taxes. This is going to be like hitting a wall for all the new entrepreneurs.
In new ecommerce businesses run by some entrepreneur as their first try they are making a big mistake making no track on their taxes. As by report released last month by National Conference of State Legislatures, there is $26 billion is missing from sales and use taxes. According this report in 2016 it has made double-digit percentage increment from last one of $23 billion. It all lay in the uncollected taxes of the state. And all these analysis was made by analyzing data of prior 3 years. It doesn’t matter if you make transactions through third party sellers like Amazon or eBay, but you still not collecting your tax.
Government is making their way to take their cut from these taxes from thousands of sellers like you. When they are going to make quite an entrance into your bills, it is going to be a free fall without parachute.
Mike Stokke is CEO of Ampersand Accounting, a leading consulting firm that is specialized in sales tax management and compliance for ecommerce retailers. He said, “As states across this country come under increasing funding pressure regarding their respective budgets, more and more of them are looking at sales tax revenue from ecommerce and remote sellers as a potential revenue-generating boon”. “That boon could completely blind side online businesses that aren't even aware of the growing importance surrounding this online sales tax issue.”, also said Mike.