Tax & Accounting Blog

IRS Adds a Box to Report Merchant Control Code (MCC) Numbers on Form 1099-K

IRS Adds a Box to Report Merchant Control Code (MCC) Numbers on Form 1099-K

The IRS has published a new version of the 2011 Form 1099-K, Merchant Card and Third Party Network Payments. What’s New? The IRS has designated Box 3 of the 1099-K for reporting the Merchant Control Code (MCC) number assigned to the recipient.  The MCC is a code number, which a payment card association assigns to Merchant/Payees that accept its … Read More

Main Street Fairness Act Introduced in The Michigan Legislature

Main Street Fairness Act Introduced in The Michigan Legislature

Legislation was introduced on Tuesday by Michigan State Representatives Kowall and Ananich that would close a legal loophole that allows retailers such as Amazon to sell products online to Michigan residents without collecting state tax. The bill known as the Michigan Main Street Fairness Act is based on similar laws passed in other states and would expand … Read More

California – affiliate nexus law put on hold for a year- legislators make deal with Amazon

California – affiliate nexus law put on hold for a year- legislators make deal with Amazon

California Governor Jerry Brown signed AB 155 (AB 155) on Friday, September 23rd.  The deal made between Amazon and California legislators is that they will work together to get a uniform federal standard for taxing internet sales passed in Congress and Amazon will drop the ballot initiative to get the affiliate nexus tax put … Read More

Cost Basis Transfer Statements: Check These Required Elements for Inherited Securities

Cost Basis Transfer Statements: Check These Required Elements for Inherited Securities

The Final Regulations for basis reporting (TD 9504) established some very specific requirements for transfer statements in the case of inherited securities.  An initial transfer statement is required upon inheritance to indicate whether the inherited securities are covered securities under the cost basis rules. Then, all subsequent transfers of the inherited securities are required to … Read More