Legislation requiring collection of online sales taxes from out-of-state customers could potentially be damaging to businesses owned by minorities and women, according to a new study. The reason, economist Jonathan Orzag said, is that the legislation does not use the same legally defensible definition of small business employed by the Small Business Administration and other government agencies. "Using a definition that's not lacking empirical support, it's very likely that there are many small businesses under the existing SBA rules that would be considered 'large businesses' under the Marketplace Fairness Act," Orzag said.

Full Story:
Accounting Today

Related Summaries