Economic Nexus Thresholds in the United States

Economic Nexus Thresholds in the United States

  

This notice is intended for accounts that have a United States subsidiary or has a United States company address.         What is Changing? Recommended Action If you are a remote or online seller in the United States, you may need to set up economic nexuses to track sales tax in NetSuite. Economic nexus laws vary by state. The obligation to charge sales tax is based on specific thresholds for sales revenue, transaction volume, or a combination of both, for specific products and services. You may be doing business in affected states, so you must keep track of your sales by creating a transaction saved search in NetSuite. A saved search sample is available in SuiteAnswers article ID 79827. Your tax advisers should let you know if you need to register for sales tax in a specific state. Then, if you are registered in the state, you must create a tax nexus in NetSuite and set up your items to be taxable.