Effective November 1, remote sellers including many online businesses are required to collect sales tax from their customers. This means that shopping online is going to cost the average consumer a bit more money now than it did in the past. This comes after the US Supreme Court ruling in June of this year in the case of South Dakota vs. Wayfair.
Many states have implemented similar rules for businesses that reach a certain threshold of sales or transactions within the state. North Carolina's threshold is set at $100,000 or 200 transactions.
This move comes as more and more retailers have customers shopping online. A large portion of sales are now done online. In the second quarter alone, $123.7 billion is estimated to be spent shopping online in the US. Online sales have been ticking upward at the rate of 9 - 10% each quarter across the US. In an online, electronic world with sales growing so rapidly, collecting these taxes is turning out to be vital for states to help close their budget gaps and to help fund ever-growing local and state budgets. Stay tuned as more states enact similar rules.