While technology and a one-world type market has made success possible for many businesses and companies of every size, it has also introduced some new tax obligations. Hopefully, most businesses do well enough that Nexus considerations are required. That, of course, depends on factors such as revenues and transactions, or in some cases both. Although there are a few states that have yet to set Nexus thresholds, most states have limits and regulations in place.,
The ability to do business in another state and work remotely has never been easier. Although that is a wonderful benefit of technology and other advancements, it has created waves in the revenues and budgets of many states too. Understanding the obligations and responsibilities regarding taxes is the onus of every company or person choosing to do business. That is also why it is a good idea for companies and individuals that work remotely to stay up to date on issues like sales tax.
As the list also illuminates, there are different nexus thresholds for different states. $100,000 is the limit for most states that have a Nexus threshold. New York, Texas, and California have the highest Nexus limits, with each state setting its threshold at $500,000. Again, if a business is doing well enough to consider Nexus thresholds, then it is fair to say that it is probably a good problem to have.