NEW YORK, June 11, 2013 /PRNewswire/ -- KPMG's Tax Governance Institute (TGI) will focus on the Marketplace Fairness Act of 2013 with a webcast on Thursday, June 13, from 2 p.m. to 3:30 p.m. (ET), that examines the legislation which would allow states to require online and other out-of-state vendors to collect sales taxes on products and services they sell – even if they lack physical presence in the state where the customer resides.
Board and audit committee members, CFOs, tax directors and other business professionals interested in attending the program can register at: www.taxgovernanceinstitute.com.
"The legislation could be the largest game changer in state and local taxes in years," said Loren Chumley, KPMG's national practice leader for Indirect Tax who will participate in the webcast's panel discussion. "Companies likely to be affected need to stay alert to potential tax compliance requirements under the proposed law and should be paying close attention to the bill and new obligations that may eventually be imposed on them."
The live video webcast – titled "The Marketplace Fairness Act: What Does It Mean For You?" – will place a particular emphasis on the tax compliance challenges remote sellers and others may face, if the bill is enacted, as well as the need to expand the number of jurisdictions in which they are required to collect tax. Passed by the U.S. Senate in early May, the legislation has moved to the U.S. House of Representatives for consideration, where the outcome is uncertain.
Harley Duncan, managing director of the State and Local Tax group of KPMG's Washington National Tax practice, will moderate the discussion with a distinguished panel that will also include:
- Richard Dobson, executive director of Sales and Excise Tax, Kentucky Revenue Cabinet, representing the Streamlined Sales Tax Governing Board, and
- Meredith Garwood, vice president of Tax for Time Warner Cable Inc.
Topics to be covered include: requirements of the legislation, preparations being made by state tax agencies, alternative approaches for organizing the compliance function, technology tools to aid in indirect tax compliance, and the potential impact of the bill on compliance operations of U.S. businesses of all types.
Said Duncan, the former executive director of the Federation of Tax Administrators: "Whether Congress will pass the remote sales legislation, and whether changes might be made to the Senate bill, is uncertain. However, since the Senate passed the Act with a large bipartisan majority, it would suggest that the legislation should indeed be taken seriously."
The bill comes after more than 10 years of legislative efforts by state and local government officials and parts of the retail community who believe out-of-state sellers should be responsible for remitting the same sales and use taxes as those generated by traditional "brick- and-mortar" businesses. If passed, the bill would substantially change the sales tax landscape and affect the indirect tax compliance operations of nearly every business.
Part of the KPMG Institute Network (www.kpmginstitutes.com), the Tax Governance Institute (www.taxgovernanceinstitute.com) provides opportunities for board members, corporate management, stakeholders, government representatives and others to share knowledge regarding the identification, oversight, management, and appropriate disclosure of tax risk.
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SOURCE KPMG LLP