Get an update on the sales tax laws for drop shipments.
Many retailers and suppliers engage in transactions that are known as drop shipments without full consideration of the tax effects. In light of the Supreme Court's decision in South Dakota v. Wayfair, Inc., et al., nearly every state that imposes sales and use taxes has amended their laws, regulations, and guidance to force out of state retailers and suppliers to collect sales taxes on their behalf. Despite some commonalities, the various laws are frequently inconsistent and counterintuitive. This topic will help you identify drop shipments and determine when your business or client may need to collect sales taxes in the various states, specifically focusing on the federal constitutional underpinnings and the ways states have chosen to update their laws, regulations, and guidance, as well as determine the best way to bring their business or client into compliance.
Learning Objectives
- You will be able to differentiate between the responsibilities of the customer and retailer of a Drop Shipment
- You will be able to differentiate between the responsibilities of the wholesaler and supplier of a Drop Shipment
- You will be able to identify various tax rates
- You will be able to differentiate between the various nexus types.
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Why Lorman?
Over 38 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
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Why Lorman?
Over 38 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last reviewed on December 7, 2023.
Call 1-866-352-9540 for further credit information.
No Credit AvailableThis program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 38 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Matthew E. Foreman, J.D., LL.M.
Falcon Rappaport & Berkman LLP
· Partner and Co-chair of the Taxation Practice Group at Falcon Rappaport & Berkman LLP
· Advises businesses on the tax effects of a variety of corporate transactions, including taxable and tax- free reorganizations, mergers, sales, and acquisitions
· Advises clients on a variety of tax issues related to cryptocurrencies, including initial coin offerings (ICOs), taxability of staking and air drops, taxability and governance of DAOs, and the imposition of Sales and Use taxes on the issuance of non-fungible tokens (NFTs)
· Admitted to practice law in New York State and New Jersey, and admitted to practice before the United States Tax Court; Member, New York City Bar Association; Secretary, State and Local Tax Committee of New York City Bar Association; Member, Task Force on Digital Technologies; Member, Tax Section of New York State Bar Association
· Rated as a New York Metro SuperLawyer in the field of Taxation
· LL.M. degree in taxation, New York University School of Law; J.D. degree, The Pennsylvania State University, Dickinson School of Law; B.S. degree, University at Albany, State University of New York
· Can be contacted at 212-203-3255 or [email protected]
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Why Lorman?
Over 38 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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