Get ready for more states to apply the Supreme Court’s Wayfair decision to corporate income taxes in 2020.
The justices’ seminal ruling in South Dakota v. Wayfair wasn’t limited to sales tax, Scott Smith, national technical practice leader for state and local taxes at the accounting and tax advisory firm BDO USA LLP, said in a phone interview Wednesday.
“It applies to any state tax,” Smith said. “We’re probably going to see more states asserting tax jurisdiction based on economic nexus.”
In Wayfair, the court tossed out the 1992 physical presence standard affirmed in Quill Corp....