Tax & Accounting Blog

Marketplace Fairness Act: Getting Ahead of the Game

Marketplace Fairness Act: Getting Ahead of the Game

During a recent interview with Accounting Today  I discuss several key things that businesses can do to get ahead of the game on the Marketplace Fairness Act.  Should it pass the House and become law this act will require all online vendors to collect sales taxes from their customers. The first thing to do is to determine the tax … Read More

United States Senate Passes Marketplace Fairness Act

United States Senate Passes Marketplace Fairness Act

On May 6, 2013, the United States Senate Passed the Reid amendments to S.743, the Marketplace Fairness Act,  on a bipartisan vote of 70-24.   The Marketplace Fairness Act imposes an obligation on out-of-state sellers to collect sales tax for companies with remote sales in excess of $1,000,000.  S.743, Section 2 (c).  Sellers who … Read More

Internet Sales Tax Bill Passes in U.S. Senate

Internet Sales Tax Bill Passes in U.S. Senate

On Monday, May 6th, 2013 the Senate voted 69-27 approving the collection of sales tax from retailers with no physical presence in a state. This bill will move to the House of Representatives for voting where if approved the President has indicated “he would sign it into law” . Source: http://www.pcworld.com/article/2038026/us-senate-approves-internet-sales-tax.htmlRead More

Missouri: Sales Tax Holiday for Energy Star Appliances

Missouri: Sales Tax Holiday for Energy Star Appliances

 Consumers across the state of Missouri will enjoy sales tax savings of at least 4.225 percent between April 19 through April 25, 2013 on qualifying “Energy Star-certified new appliances”. This sales tax holiday has been in effect since 2008 when it was passed by the Missouri General Assembly. View additional information on this sales tax … Read More

Virginia Legislators Approve Sales Tax Increase and More

Virginia Legislators Approve Sales Tax Increase and More

In an effort to raise an estimated $880 million in additional funds per year, the Virginia State Legislature has passed a bill making the following tax changes (among a few others not listed) effective July 1, 2013, pending the Governor’s approval: The state sales and use tax will increase from 5.0% to 5.3%. An additional … Read More