Go Back

We Take Success Personally.

At Weaver, we care about success. But it’s not just the success of our firm or clients that matters to us; it’s the success of our people who make the day-to-day of this business possible. That’s why we’re passionate about bringing together talented individuals and giving them the tools they need to succeed. We lean on each other as members of the Weaver family, understanding that our culture is driven by our collective values, character and efforts. Our goal is to balance both high development with high performance in order to meet the long-term goals of each individual, team and our firm, and every person plays a part.

Weaver

Business Services

Wayfair: “Still Ignoring Sales Nexus” Or “Evolution of”

November 6, 2023
E-commerce
Economic Presence
Sales Nexus
South Dakota
+more
MarketScale

In this Weaver Beyond the Numbers episode, Steven Scarborough, Mayur Naik, and Brandon Hayes review the implications of the Wayfair vs. South Dakota case. As e-commerce continues to dominate the market, understanding the nuances of sales tax and economic presence becomes crucial for businesses.

Key Points:

  • The Wayfair vs. South Dakota case determined that companies can have an economic presence, not just a physical one, obligating them to collect sales tax
  • Companies must be aware of varying state thresholds and definitions of nexus, impacting both sales and filing obligations
  • Businesses can address potential noncompliance through voluntary disclosure agreements with states, often settling penalties and interest

 

The Wayfair vs. South Dakota case marked a significant shift in the perception of businesses regarding their economic presence in a state. No longer is it just about physical presence; the Supreme Court’s ruling emphasized the importance of economic activity. This change has broad implications, especially for businesses operating online. With e-commerce on the rise, understanding these nuances is essential for compliance and avoiding pitfalls.

As Naik explains, “In 2018, the company Wayfair brought a case against the state of South Dakota… It’s no longer mandatory that you only have a physical presence of store location or people. You can now also have an economic presence in our state.” Hayes elaborated on the challenges, stating, “I think where a lot of companies end up getting caught up is that the ones that are educated on the decision believe that economic nexus has replaced physical nexus, and it’s just not true.”

Subscribe and listen to future episodes of Weaver: Beyond the Numbers on Apple Podcasts or Spotify.

©2023

Recent Episodes

emotional healing and resilience
View episode

Emotional Healing and Resilience: Dr. Ted Wiard’s Insights on ‘Through the Storm’

Navigating through significant personal loss and trauma requires more than just time; it demands emotional healing and resilience. The latest episode of Through the Storm tackles this complex topic with guest Dr. Ted Wiard, the Clinical Director and Founder of Golden Willow Counseling, who shares his profound experiences and professional expertise in overcoming life-altering […]

business and personal well-being
View episode

Balancing Business and Personal Well-being: Insights from Kathryn Farrell on Growthwell

In the latest episode of the Growthwell podcast, host Josh Byrd engages with Kathryn Farrell, CEO and Co-Founder of Scopa Health, in a thought-provoking discussion on maintaining a healthy balance between business and personal well-being. This conversation provides the setting against a backdrop where business leaders increasingly recognize the importance of well-being alongside professional […]

Dude Perfect
View episode

Excellence Culture – Chad Coleman – Dude Perfect

There are many talented people involved in creating the massive influence of Dude Perfect. One of those people and one of the behind the scenes leaders is Chad Coleman. In this episode, Chad shares some of the great experiences he’s had through the years, along with a great story of risk taking and the fruit […]