Tax & Accounting Blog

Sales Tax: New York Looking to Add a Little Sparkle to Revenues

Sales Tax: New York Looking to Add a Little Sparkle to Revenues

New York is currently one of only four states where fireworks are illegal. However a little-noticed bill approved by the State Legislature in the final days of this year’s session would legalize sparklers and similar types of small fireworks everywhere in the state except in New York City.  If approved by the Governor the state … Read More

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