Many small and midsize online retailers are worried about the impact on their profitability if federal legislation is approved that would require them to collect sales taxes from customers, according to a new survey.
The survey, by the accounting firm McGladrey, polled online retailers about the impact of the Marketplace Fairness Act, which would exempt Internet retailers with less than $1 million in remote sales from having to collect taxes. The Senate passed the bill in May, but the House has not yet acted on the legislation (see Senate Passes Internet Sales Tax Legislation).
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