In this webinar, Michael Fralix, CPA , reviews the sales tax exposure that the majority of Short Line Railroads will face, and what alternatives they have to ensure compliance.
Sales and use tax laws are complicated. Currently 45 states and thousands of local jurisdictions impose such taxes. To add to this complexity, each state and local jurisdiction have different laws and regulations defining what products and services are taxable. These challenges have been further complicated by the economic nexus rules resulting from the U.S. Supreme Court decision in South Dakota v. Wayfair.
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Disclaimer: To ensure compliance with requirements imposed by the Department of Treasury, we inform you any U.S. federal tax advice contained in this document or video is not intended for the purpose of (i) avoiding penalties under the Internal Revenue Code, or (ii) promoting, marketing, or recommending to another party any transaction or matter that is contained in this document.