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Florida Economic Nexus as Standard on Sales Tax

by | Mar 8, 2019 | Sales Tax

Florida vote to employ Economic Nexus for Out of State Sellers

There should be no surprise that Florida is set to employ the same Economic Nexus standards as established in the recent ruling in the case before the the Supreme Court  in South Dakota vs Wayfair.

Those firms selling 200 ore more transactions or $100,000 in taxable sales (goods or services) in the previous year would be responsible for registering for, charging, collecting and remitting Sales Tax to the State of Florida.

That means registration. That means making sure you Oracle Invoicing system has the 69 Jurisdictions and the corresponding various rates for those Jurisdictions. That means adjusting your categories to assure that items sold are linked to the appropriate categories of reduced or exempt or zero rates supplies.

As a matter of reporting your Oracle system will need to be able to break out Sales into Florida by Jurisdiction. 

Florida is clearly not alone. You can expect that just about all States that charge Sales Tax will be employing the same or similar standards as Florida. 

 

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