Wayfair Tax Nightmare Comes to Light for Coin Dealers

As explained during the Industry Council for Tangible Assets meetings at the Florida United Numismatists convention in Orlando earlier this month, dozens to hundreds of coin dealers are now facing requirements to register with state treasury departments outside of their home state.

These new registration requirements are the result of recently enacted legislation and regulations issued by most states as a result of the June 2018 South Dakota v. Wayfair Supreme Court decision. As a consequence, businesses with no physical nexus in another state may still have to register to collect that state’s sales tax and file periodic reports. Yes, they would still have to do so even if no sales taxes are ever collected because the business only conducts wholesale business there or only sells to retail customers, in that state, the merchandise that is exempt