How Sales Tax Complexities Shape eCommerce, Sellers’ Business Decisions

PYMNTS

Merchants must handle the sales tax compliance obligations of each locale from which they receive money if they want to sell online. The complexities of sales tax compliance affect business decisions by both sellers and marketplaces, according to Ted Hettich, chief sales officer at U.K.-headquartered

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The (Un)Certainty Of eCommerce Sales Taxes

PYMNTS

The only certainties in life, the saying goes, are death and taxes. We’ll underscore the certainty of the latter — taxes — for eCommerce firms and sales taxes , especially. And yet, tax policy remains a bit of a patch quilt. Taxes, Local And Complex.

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US And France Reportedly Reach Digital Tax Deal

PYMNTS

have reached a deal to end the standoff over a French tax on big internet companies, The Hill reported. Macron also took to Twitter : “Some digital players pay very little tax. Earlier this year, France passed a law that would tax revenues earned on digital services at 3 percent.

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 Do New Taxes Loom For Big Tech?

PYMNTS

Will Big Tech face bigger tax bills on an international stage? Beyond the debates on data privacy and compliance, marquee names in technology face greater scrutiny from various governments, and perhaps bigger tax bills, too.

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Report: The Risky Business Of Navigating Online Sales Tax For Merchants

PYMNTS

Merchants working to expand and sell online in more markets must comply with each market’s local sales tax regulations, however, and that is an increasingly complicated task. Levy laws can vary widely between states, with one state taxing a product that another does not, for example.

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New Square Tool Helps SMBs Create Separate Tax Infrastructures

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The tool’s purpose is to simplify the difficult EIN acquisition process to create a separate tax infrastructure for the business. SMBs EIN Employer Identification Number IRS News small business Square taxes What's Hot

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French Government Institutes 3 Percent Digital Tax

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based internet companies, announcing Wednesday (March 6) the introduction of a digital tax that will impact companies including Google, Facebook, and Amazon. The tax is expected to yield France $565 million each year, reported CNBC. The French government is going after U.S.-based

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Death And Taxes: One Is Becoming Much More Digital

PYMNTS

After the holiday season comes tax season — everyone’s favorite time — but at least the payment of taxes, along with the tax refund process, promises to become even more digital this year. And digital payers are striving to win more business from tax filers this year.

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US Treasury: Taxes On Digital Companies Are Discriminatory

PYMNTS

Treasury official said a French tax plan targeting American digital companies is discriminatory against American businesses. After a European Union plan for tax reform fell apart, France, along with Britain, Italy and Spain, are moving forward with plans to tax companies like Google and Apple.

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France Moving Forward With Big Tech Taxes

PYMNTS

Despite President Donald Trump’s recent threats, French Finance Minister Bruno Le Maire said that his country is moving forward with taxing big tech firms. It’s in our interest to have a fair digital tax,” Le Maire told reporters, according to Reuters.

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How Online Sales Tax Impacts Different eCommerce Models

PYMNTS

Since 1992, when eCommerce was still in its infancy, online retailers have not had to collect sales tax. States can now tax sales by companies that do not have a physical presence within the state. Will this increasingly regulated online sales tax environment affect this growth?

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EU Will Not Implement Digital Tax, Agrees To Internet Tax Reform

PYMNTS

The European Union has announced that it will not move forward with a digital tax plan covering the entire EU, but also said it would look at reforming tax laws for internet companies, according to a report from Reuters.

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California Expects IPO Tax Windfall

PYMNTS

California is gearing up to get a tax windfall from all the initial public offerings of California companies slated for this year. According to a report in The Wall Street Journal , close to 10 percent of the tax revenue for the state in the coming fiscal year will come from capital gains. The paper noted the revenue from taxes could grow even more as companies and executives tap the public markets to cash in. billion in tax revenue.

Amazon Raises Seller Fees Due To Digital Tax In France

PYMNTS

With a 3 percent digital tax passed by the French government, Amazon is hiking seller fees for small and medium-sized businesses in France beginning in the fall. The eCommerce company cited the tax as the reason for the increase, CNBC reported.

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Thailand to Tax Cryptocurrencies

Bank Innovation

Taxes on cryptocurrency? According to a report by Nikkei Asian Review, after a cabinet meeting suggested that crypto traders could be charged with as much as 7% value added tax as well as up to 15% tax on capital gains. Taxing cryptocurrency is a way for […].

Xero Targets Taxes With Instafile Acquisition

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Cloud accounting software firm Xero is broadening its reach in the small business tax filing space through an acquisition of Instafile. based Instafile to integrate its cloud-based tax preparation and filing solution.

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KPMG Debuts SMB Accounting, Tax Platform

PYMNTS

KPMG is taking further steps into the small business financial services world with a new tax and accounting solution for SMBs, the company announced Thursday (Dec. KPMG’s latest launch is timely, considering the upcoming tax season as well as the latest tax law overhauls in the U.S.

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Cannabis Cos’ $4.7B In Cash-Based Taxes Overwhelm IRS

PYMNTS

million to a Virginia company to handle “large cash payments for processing cannabis federal taxes.”. billion in taxes last year on nearly $13 billion in revenue from legal cannabis companies. That means the companies are dealing exclusively in cash, even when paying their taxes.

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Israel to Tax Cryptocurrencies

Bank Innovation

Israel is going to put a tax on cryptocurrencies including bitcoin, regulators in the country said yesterday. According to a circular by Israel Tax Authority yesterday, the government said it looks at cryptocurrencies as a property rather than a currency, and therefore it will be taxable.

Procure-To-Pay’s Tax Conundrum

PYMNTS

“Over the past few years, governments have begun using Big Data and technology to digitize existing and new tax regulations in an attempt to reduce value-added tax (VAT), and sales- and use-tax gaps,” he told PYMNTS in a recent interview.

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How Merchants Navigate Tax Collection Complexity With Technology  

PYMNTS

eCommerce firms are navigating a tax collection environment that increasingly requires technology and automation to ensure compliance. Today In Data Commerce ecommerce News payments regulations taxes Technology Today in Data

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Bitcoin Daily: ECB Tightens Scrutiny On Crypto Transactions; Tax Bill Would End Double Crypto Tax

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Ted Budd (NC) has reintroduced the Virtual Value Tax Fix Act, Coindesk reported. Budd noted prior to an introduction of the bill earlier in the summer that the code puts a 40 percent tax rate on transactions.

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Tax Reform Shows Early Signs Of SMB Bank Lending Impact

PYMNTS

tax reform led to much chatter and some confusion about exactly how changes would impact the nation’s small businesses (SMBs). However, the impact of the tax reform on the small business community is not clear, particularly so soon after the reform came into effect.

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SMB Tax Complexity Preserves Role For The Human Accountant

PYMNTS

With the first tax season post-tax reform nearing completion in the U.S., Andre Kattoura, head accountant at small business accounting and tax services firm AccuAlly , explained to PYMNTS the friction SMBs face when they don’t outsource the accounting function.

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EY Debuts Corporate Crypto Accounting, Tax Solution

PYMNTS

EY announced in a press release this week that its new crypto accounting tool targets the tax preparation process. The CAAT solution automates data collection and automatically generates reports for visibility and analytics, while supporting IRS tax return preparation.

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Thailand Govt Eyes Blockchain To Track Taxes

PYMNTS

As the saying goes, nothing in life is certain but death and taxes. To be certain of taxes, will blockchain seal the deal? Last week, Thailand’s Revenue Department was reported to be bringing blockchain projects into the fold to track tax payments, aided by machine learning.

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Libra Could Pose Tax Challenges In Europe

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With the idea of pegging Libra’s value to a basket of international currencies, Facebook ’s proposed cryptocurrency would bring tax challenges to European users, per tax lawyers. Cryptocurrency cryptocurrency digital currency europe Facebook Libra News regulation taxes uk What's Hot

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Sen. Warren Proposes 7 Percent Corporate Tax Law

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Elizabeth Warren announced her vision for a revamped corporate tax law, The Wall Street Journal reported Thursday (April 11), an initiative that could raise $1 trillion over 10 years. corporations and heighten overall corporate tax collections by 30 percent over a decade.

Taxes 176

Albania Rolling Out E-Invoicing System To Ensure Tax Compliance

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Albania has announced it will implement a new online billing system to prevent businesses from circumventing tax payments and to boost revenue in the country, according to a report by Reuters. By 2021, all tax transactions will be electronic.

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G20 To Close Tax Loopholes For Big Tech By Next Year

PYMNTS

The Group of 20 finance ministers said over the weekend that they will come up with common rules to prevent tech companies from using tactics to lower taxes. and France have been big supporters by making it harder for tech companies to move profits to low-tax countries.

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Bulgaria Fines Tax Agency $2.9M Following Data Breach

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Reuters is reporting that the tax agency said it was going to appeal the decision. Security & Fraud Bulgaria data breach hack News Tax Agency What's HotThe National Revenue Agency (NRA) in Bulgaria was fined 5.1 million levs ($2.9

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Chile Weighs 19 Percent Tax On eCommerce Firms

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Chile is considering a 19 percent tax on multinational eCommerce companies like Amazon, Netflix and Uber. The Chilean Chamber of Commerce, the Confederation of Production and Commerce and the Organisation for Economic Co-operation and Development (OECD) are all backing the tax rate.

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AICPA Wants To Exclude Some SMB Tax Shelters

PYMNTS

The American Institute of CPAs (AICPA) has asked the Internal Revenue Service (IRS) to exclude some small businesses (SMBs) from being treated as tax shelters. The letter went on to explain that an SMB that meets the definition of a syndicate would instead be treated as a tax shelter.

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IRS Finds Discrepancies In Crypto Holders’ Tax Returns

PYMNTS

Last month it was revealed that the IRS was sending letters to about 10,000 cryptocurrency holders warning them about the penalties they will face if they don’t report their income or pay taxes on the transactions.

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Business Advocacy Groups Fight Proposed Transaction Tax

PYMNTS

Business advocacy groups are fighting a proposed financial transaction tax aimed at limiting high-frequency trading, and decreasing the budget deficit. We cannot tax and spend our way into prosperity.

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Crypto Fails To Impress For Corporate Tax Payments

PYMNTS

to allow businesses to pay their corporate taxes in bitcoin. During the first tax season in which crypto payments were an option for Ohio companies, only two businesses in the state actually used cryptocurrency to do so.

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France’s ‘Digital Tax’ On Tech Firms Passes

PYMNTS

Even with the United States announcing it would look into a proposed “digital tax” in France, the country is moving forward with the measure. The country’s Senate has approved the tax despite the threat of an investigation from the United States, according to 9 to 5 Mac. The tax reportedly impacts any digital firm — Apple included — that has revenues exceeding $750 million with a minimum of $28 million generated in the country.

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New Mexico Lawsuit Sparks Marijuana Business Tax Debate

PYMNTS

Paying business taxes is a key source of friction for many legal marijuana companies in the nation, particularly for companies that operate on a cash-only basis. Under the state’s tax rules, prescription drug sales are exempt from gross receipt taxes.

Tax Reform A Bust For Small Business Hiring, ZipBooks Finds

PYMNTS

tax reform on the small business community, but so far, small business owners say the overhauls have made little impact on their hiring practices. “We asked, ‘What effect on your hiring plans has the Tax Cuts and Jobs Act had?'”

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W Virginia Withholds Payment To Tax Delinquent Vendors

PYMNTS

The West Virginia State Auditor’ s office has announced a new tax program aimed at vendors who owe the state money. This process is designed to insure the State is not paying vendors who are not paying their taxes.

Credit Karma Wants to Be in Top 3 Among Tax Filing Companies

Bank Innovation

EXCLUSIVE – It’s Credit Karma’s second tax season as a tax prep/filing company, and already about 3 million people have started using Credit Karma Tax, according to Jagjit Chawla, general manager of Credit Karma Tax.

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Democrats Propose Tax On Stocks, Bond, Derivative Deals

PYMNTS

In a move that could negatively impact high-frequency traders, Democrats are bringing forward a plan to tax stock, derivative and bond deals. Peter DeFazio (D-OR) is spearheading the “Wall Street Tax Act of 2019” bill, with U.S.

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Ohio To Let Businesses Pay Taxes With Bitcoin

PYMNTS

Ohio is leading the charge in terms of accepting bitcoin as a payment method, as it is the first state to accept bitcoin to cover tax bills. The state will eventually open it up to individual tax filers as well.

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