When One State’s Tax-Exempt Necessity Is Another’s High-Tax Discretionary Purchase

PYMNTS

Sales taxes empower governments to maintain critical public services, but they can also make medical essentials too expensive for those who need them. Campaigns against taxing obligatory items are spreading across the United States, forcing states to rethink their revenue generation decisions.

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Tax Time Tardiness And The Faster Refund

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The federal tax filing deadline in 2020 has been waived in the wake of coronavirus disruptions. But come coronavirus or the Martian measles, taxes will be filed, and refunds issued. In time-honored tradition, tax accountants will prepare forms and the U.S. It’s unprecedented.

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How much tax is lost each year? #defi

Chris Skinner

Building on my discussion yesterday about offshore tax havens and decentralisation to avoid governance in both the physical and virtual world, there’s a more fundamental issue at large here. Tax avoidance.

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Reuters, KPMG Team For Aussie Business Taxes

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Business information firm Thomson Reuters is teaming up with global tax company KPMG to offer Australia businesses a solution to deal with fringe benefits taxes (FBT), Thomson Reuters announced Thursday (Feb.

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A ‘Diaper’ By Any Other Tax Code: The Complexities Of Selling Across State Tax Laws

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Merchants aiming to sell nationwide must pay attention to how their goods are treated by each state’s tax code. Items considered as exempt medical necessities in some states may be taxed at high rates in others, and businesses cannot afford to be caught by surprise.

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Deep Dive: Anticipating The Post-Brexit eCommerce Tax Landscape

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Key international negotiations surrounding Brexit stand to reshape global eCommerce, including the kinds and amounts of taxes that online marketplaces will face. Tax Impact of a No-Deal Brexit . Plans also call for services that would enable tax payments via text or email.

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The (Un)Certainty Of eCommerce Sales Taxes

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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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The Economic Case For Remote Sales Tax Uniformity

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Isaacson, a lawyer, Bowdoin College professor, senior partner at Brann & Isaacson and Data & Marketing Association tax counsel, argued Wayfair’s side in the precedent-setting Supreme Court case that has small businesses struggling. Remote Sales Tax Laws: Winners and Losers .

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How Sales Tax Complexities Shape eCommerce, Sellers’ Business Decisions

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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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Navigating The ‘Hot Mess’ Of Online Food Delivery Sales Tax

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In commerce, when it comes to taxes, new business models beget new (tax) problems. Against that backdrop, tax collection in the nascent restaurant delivery space remains fragmented at best — and confusing at worst. Over the Counter — and Into Murky Tax Waters.

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Mexico To Tax Digital Services From Other Countries

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Mexico passed a law this week that taxes digital services from other countries, according to a report. A 16 percent value-added tax (VAT) will be tacked onto digital services starting on June 1 of this year.

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Aussie Tax Office Warns SMBs To Pay Up

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The Australian Taxation Office (ATO) is warning small and medium-sized businesses (SMBs) that if they don’t pay their taxes on time, they could face consequences like a reduction in credit rating, Mozo reported on Wednesday (Feb.

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Will eSports And Other Online Businesses Spike Digital Taxes?

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Historians and economists regularly look to tax policies to get a sense of what happened within a particular industry, society or country. No doubt the chronicles to come about the rise of the internet age and the spread of digital culture will include serious treatment of tax issues.

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Amazon (And Others) Brace For India’s New eCommerce Tax

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The jousting over eCommerce taxes — especially for U.S. Last week in India, the government proposed a tax on eCommerce transactions that will likely increase operating costs for sellers large and small. Amazon India and Flipkart stated that they are both studying the proposed tax.

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Death And Taxes: One Is Becoming Much More Digital

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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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France Tax Authorities Demand Data From Airbnb

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Airbnb is facing a deadline to send data to French tax authorities over a law that compels marketplaces to provide revenue and other company information to the country, according to a report by Bloomberg. The threat forced Macron to suspend the taxes.

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As Consumers Embrace eCommerce, Tax Complexity Grows

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The Supreme Court ruling has started the ball rolling for states and municipalities to tax eCommerce – specifically, out-of-state firms and online marketplaces. But there have already been disputes making their way through the courts, as detailed in the latest Next-Gen Sales Tax Tracker.

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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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What The Streamlined Sales And Use Tax Agreement Means After Wayfair

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Businesses depend on the public services tax revenues pay for: roads that facilitate deliveries, courts where firms resolve legal disputes and regulators that help protect businesses from fraud. Wayfair ruling have made tax compliance challenges highly visible.

Taxes 170

Italy Will Tax Big Tech

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Italy has announced that it’s going to follow in France’s footsteps and tax big tech companies, a move that threatens to further complicate relations with the United States over the issue, according to a report by The Wall Street Journal.

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US Treasury: Taxes On Digital Companies Are Discriminatory

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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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The State-By-State Complexities Of Sales Tax Compliance

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Retailers that want to sell merchandise nationwide must pay attention to how each state’s tax code treats their goods. For example, products considered to be exempt medical necessities in some states might be taxed at high rates in others.

Taxes 158

White House Mulling Coronavirus Tax Deferments

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The Trump Administration is reportedly considering tax deferments for industries hit hard by the coronavirus, like the airline, travel and cruise industries, according to a report by The Washington Post. Economy Coronavirus economy News taxes What's Hot white house

Taxes 153

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

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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.

Taxes 187

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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US And France Reportedly Reach Digital Tax Deal

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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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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 […].

Italy Sidesteps Sales Tax Hike With Levy On Digital Transactions

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Italy is preparing to tax digital companies to help fund its 2020 budget as it seeks different revenue streams to avoid a scheduled sales tax hike, sources told Reuters on Monday (Oct. The sales tax hike, estimated at $26 billion, was scheduled to start in January.

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California Expects IPO Tax Windfall

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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.

G20 Determined To Change How Big Tech Is Taxed

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G20 officials want to optimize taxes from tech giants like Google in a bid to help raise revenues in countries around the world, they said Sunday. New rules by the OECD outline the steps to do this, saying it could boost tax revenues by $100 billion a year.

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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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KPMG Debuts SMB Accounting, Tax Platform

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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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Swiss Ski Resort Accepts Bitcoin For Taxes

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Zermatt, a ski resort town of 5,400 residents in Switzerland, has decreed that cryptocurrency bitcoin can now be utilized to pay taxes and other government services, Bloomberg reported.

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Tax Season Adds Extra Fraud Weight For SMBs

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Tax season is upon U.S. In a new report from ProofPoint , researchers warned that any businesses with the word “tax” in its domain is at risk of being spoofed by phishing attackers targeting small to medium-sized businesses (SMBs). small businesses, and fraudsters are taking advantage.

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France Moving Forward With Big Tech Taxes

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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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