WAYFAIR REVISITED — IT’S TIME TO REVIEW YOUR SALES TAX OBLIGATIONS In its 2018 decision in South Dakota v. Wayfair, the U.S. Supreme Court upheld South Dakota’s “economic nexus” statute, expanding the power of states to collect sales tax from remote sellers. Today,...
Innovative Strategies For Winning Tax Controversies, Business Structuring And Estate Planning
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Does Your Online Business Need to Collect Sales Tax>
CLOSE-UP ON THE NEW QBI DEDUCTION’S WAGE LIMIT The Tax Cuts and Jobs Act (TCJA) provides a valuable new tax break to noncorporate owners of pass-through entities: a deduction for a portion of qualified business income (QBI). The deduction generally applies to income...
Sales tax Disaster for Small Online Businesses
SUPREME COURT ISSUES AN OPINION ALLOWING STATES TO FORCE ONLINE US RETAILERS TO COLLECT SALES TAX What a disaster for US online businesses! In SD v. Wayfair, the US Supreme Court slapped online retailers the burden of collecting Sales Tax on sales out-of-state. This...
NJ Ends Urban Enterprise Zones
The New Jersey Division of Taxation announced the end of urban enterprise zones for sales tax: Bridgeton Camden Newark Plainfield Trenton The former 3% rate for these urban enterprise zones for sales tax will be changed to the full rate of 6.875% starting January 1,...
Sugar tax on soft drinks helps beverage companies!
This past Thursday, Philadelphia city Council, under the prodding of its mayor James Kenney, imposed a 1.5 sent tax per ounce of “sugary” soft drinks. The idea is to prevent obesity. Of course, this will prove to be totally useless for several reasons. First, even...
Hiding receipts by cash is a Tax issue
Cash is a good way to get clobbered for taxes! For many years, small restaurants, bars, pizza parlors, ice cream stands, and other food establishments have used all cash systems to hide their income and not pay sales tax and income tax on the full receipts. In New...
