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Stock impact report

Amazon ordered to pay taxes on products sold by others [Yahoo! Finance]

Wayfair Inc. Class A (W) 
Last wayfair inc. class a earnings: 2/28 07:00 am Check Earnings Report
US:NYSE Investor Relations: investor.wayfair.com
Company Research Source: Yahoo! Finance
Amazon owes South Carolina nearly $12.5 million in sales tax the state said it should have paid on products sold by third parties using its retail platform. The South Carolina Supreme Court last week ruled against Amazon Services LLC, assessing millions in tax, interest and penalties from 2016 sales after a legal back-and-forth on the issue of when out-of-state sellers must collect and remit sales tax for online sales. Amazon began its online sales business at a time when states could not tax sales by an out-of-state retailer unless that retailer had a physical presence in the state. This rule was the result of a 1992 decision by the U.S. Supreme Court in Quill Corp. v. N. Dakota, which upheld the notion that the U.S. Constitution's Dormant Commerce Clause prevented North Dakota from taxing out-of-state catalog mail-order sales. Quill was overruled in a 2018 case involving online sales by Wayfair into South Dakota, and since then the ability of a state to tax out-of-state retai Show less Read more
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