With the decision to pass the Marketplace Fairness Act drawing closer, Online Stores Inc., has determined that the costs to comply with the proposed bill is going to be exorbitant for small businesses. OLS has sat down and deciphered just how much it is going to cost in the first two years of implementation.
Several different costs will be associated with the passing of the new bill. Among these costs include management time to review the obligations, create an execution plan and determine how to monitor, the purchase of the software, set up and maintenance fees, and fees per transaction, just to name a few! All of these costs begin to accrue and after just one year, OLS has estimated its costs to be over $360,000!
Please see the attached spreadsheet outlining more specifically costs that OLS is expecting to endure with this passing bill:
Online Stores cost of sales tax compliance
See also: The Effect of the Looming Marketplace Fairness Act on OLS
See also: Online retailers call Internet sales tax a ‘nightmare’
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