Sales and use tax

Tax

State of Florida launching tax amnesty program July 1

Florida residents who owe back taxes can settle their debts without fear of penalties and criminal prosecution under an amnesty program that runs from July 1 to September 1.
Tax

Fear factor: Intimidating print, TV ads used in amnesty program

Tax amnesty can be an effective way for a taxing authority to quickly fill its coffers, clear a lot of names off the delinquency list, and help balance the budget. States do it from time to time, though critics warn that it can undermine regular collections if taxpayers begin to sense a pattern.
Tax

Amazon denies North Carolina’s request for tax-related information

North Carolina has raised the ire of online retailer Amazon by beginning an audit of its compliance with state sales and use tax laws.
Tax

Managing sales and use tax compliance getting harder for small businesses

Just staying on top of the 8,000 different state and local tax rates and a thousand changes that are made every year by state legislatures is a huge challenge for small and mid-sized business in normal times.
Tax

States scramble for tax revenue wherever they can find it

Imagine your state tax collectors hard at work…reading the entertainment news as part of their job description. State tax authorities always have used the media to track the cross-state earnings of sports stars, celebrities, and other wealthy individuals.
Tax

The prince of DC coffee gets a jolt from the king of sales tax

In Washington, D.C., Nick Cho is a local celebrity – at least among the coffee-loving crowd. He was the owner of a popular Capitol Hill hangout called Murky Coffee. Unfortunately for Cho, he’s been gaining fame for a less stimulating reason.
Tax

The Internet nexus sales tax debate: "Amazon Laws" vs. the Streamlined Sales Tax Project

While the precise amount of sales tax revenue that is lost through online retailing may be in question, there is little doubt that the amounts are large enough to warrant attention by state budget directors who are looking for money.
A&A

The growing convergence of finance and tax

Facing closer SEC scrutiny of financial reporting of income taxes and related internal controls, along with talent shortages, tax and financial executives need solutions that can help them work together to get the job done.
Tax

New tax forms 5405 and Schedule L complicate tax returns

Claiming the First Time Homebuyer Credit and additions to standard deduction gets complicated with new tax forms and required documentation.
Tax

Online retailers Amazon, Overstock.com in tax dispute with states

Soon after dropping its California and Hawaii-based marketing affiliates over online tax issues, Overstock.com reversed its decision after state officials assured the online retailer that sales tax bills in those states won't become law.The issue centers on legislation that requires companies to collect sales tax if they have marketing affiliates in the state. Affiliates earn money by posting ads for Overstock and its products on their Web sites.
Tax

Business Tax Index ranks state tax systems

In April, 2009, the Small Business & Entrepreneurship Council (SBE Council) published the "Business Tax Index 2009: Best to Worst State Tax Systems for Entrepreneurship and Small Business," which ranks the 50 states and District of Columbia according to the costs of their tax systems for entrepreneurship and small business.
Tax

Streamlined sales tax might be the answer to state budgetary woes

The Streamlined Sales Tax Project is moving back into the spotlight with some states visibly hurting for tax dollars and a Congress that seems friendlier toward raising taxes.The project began in 2000 with a group of people who were dedicated to reducing complexity in multi-state tax issues and harnessing the potential of online sales as a source of tax revenue. The current law, established by the U.S. Supreme Court in Quill Corp. v.
Tax

Amazon fights back on sales tax legislation, ends North Carolina affiliate program

Early this year, online retail giant Amazon.com lost its battle to fight the sales tax imposed by the State of New York when a New York state judge dismissed Amazon.com's lawsuit alleging the company had no requirement to pay sales tax in New York due to a lack of physical presence.
Tax

Political and economic climate improving for Streamlined Sales Tax Project

A bill that would implement the Streamlined Sales Tax Project (SSTP) nationwide may be reintroduced in Congress later this year. Detailed provisions of the bill are still being worked on by interested groups. "Passage of a federal bill is becoming more likely because of political and technological developments," says Daniel Schibley, JD, Senior State Tax Analyst at CCH, who spoke with AccountingWEB. "States have an economic incentive for supporting the bill, and the fact that Democrats are in the majority in Congress improves the chances of passage.
Tax

Global indirect tax policies affect many businesses

A recent KPMG Global Indirect Tax Brief provides the latest information on how governments worldwide are striving to raise additional revenues by broadening their indirect tax base. This does not necessarily mean across-the-board tax increases.
Tax

Amazon loses New York sales tax lawsuit

A New York state judge has dismissed Amazon.com's lawsuit alleging the online retail giant had no requirement to pay sales tax in the state due to a lack of physical presence.Last July, Amazon.com Inc.
Tax

Sales tax holidays: Love them or hate them?

More than a dozen states and the District of Columbia have sales tax holidays that last at least a couple of days each year, some last much longer. Usually the holiday coincides with back-to-school time to give parents a break on outfitting their kids with necessities. What consumers can buy during the sales tax holidays varies by state, but generally includes clothing, shoes, classroom supplies, and computers, often with a dollar limit. Another popular item that pops up in sales tax holidays is energy efficient appliances for the home.
Tax

PayPal turns over account records to IRS

Earlier this year, PayPal let customers know the company would be providing the IRS with some of their account information. This was in response to a 2006 federal court ruling that the IRS could ask PayPal, a global leader in online payments with more than 63 million accounts worldwide, to hand over account information on American taxpayers with bank accounts, credit cards, or debit cards from foreign financial institutions."Your privacy is extremely important to PayPal.
Tax

Online giant Amazon facing growing tax woes

The tax hurdles Amazon is experiencing in New York are spreading to other states. For the past few months, the online giant has been challenging the constitutionality of a new law in New York requiring online retailers, or e-tailers, to collect and pay taxes on sales made to New Yorkers even if they have no concrete, physical presence in the state. Federal law dictates that states cannot collect sales taxes from a company without a brick and mortar presence.But new troubles may be brewing.
Tax

For most states, stimulus payments will mean added revenue

The economic stimulus payments that taxpayers have received will not be considered taxable income by the Internal Revenue Service but some of this money may end up in the coffers of individual states, which are free to decide how to treat the payments. Few will tax the money directly as income - currently, only Alabama is considering this option - but most anticipate additional revenue from sales or excise taxes, or indirectly, in some states, from a decrease in a deduction.

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