Avalara Buys DAVO To Boost Sales Tax Automation Services

PYMNTS

Avalara , which works on tax compliance automation for businesses, has acquired the operational assets of DAVO Technologies , which helps businesses automate the requirements for sales tax, according to a press release. Tax-related issues have been thorny for eCommerce business.

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4 Ways To Invest Your Tax Refund

BankBazaar

Got a big tax refund? We all dread that time of the year when we have to file our Income Tax returns. All those calculations and figuring out which section of the Income Tax Act to claim refunds under can get pretty complicated, we admit.

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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.

Taxes 388

Tax me, I’m a millionaire

Chris Skinner

The aim of this group is to get governments to tax them more. High Net Worth Individuals (HNWI) and Ultra High Net Work Individauls (UHNWI) are those two groups who … The post Tax me, I’m a millionaire appeared first on Chris Skinner's blog. Well, I’m actually not.

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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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IRS Commissioner Rettig Says NFTs Ripe For Tax Evasion

PYMNTS

IRS Commissioner Charles Rettig says there’s “replicating” of tax evasion with cryptocurrencies using nonfungible tokens (NFTs), CNBC reported on Wednesday (April 14), adding that the IRS is looking at the dark web for crime related to crypto or NFT transactions.

Taxes 151

Maryland Passes First US Tax On Digital Ads

PYMNTS

Maryland lawmakers Friday threw the tax gauntlet down in front of Big Tech. The tax on sales of digital ads — and not just on sales of products referenced in the ads — is structured in order to reap more proceeds from larger online players.

Tax Compliance Complicates Software Subscription Business

PYMNTS

Tax compliance has never been a simple issue for businesses. Enter Software as a Service (SaaS), and even tax codes have been playing catch-up with the subscription business. And for all the good things subscription commerce offers software firms, like more recurring revenue, ensuring that subscription models and their payment processes are successful under the new paradigm can become a taxing burden on companies. So tax compliance is really everybody's concern now.”.

Mexico To Tax Digital Services From Other Countries

PYMNTS

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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Amazon Raises Fees For Spanish Companies Due To New Tax

PYMNTS

Amazon is planning to hike fees for Spanish companies using its platform by 3 percent from April, according to a Reuters report, since the country's government imposed a new digital tax. A spokesperson for Amazon said the so-called " Google tax" would end up hitting users.

Taxes 180

Tax Compliance Software Firm Avalara Acquires INPOSIA

PYMNTS

Avalara , a tax compliance software firm with a focus on the business sector, said on Tuesday (Dec. E-invoicing is becoming a mandatory global requirement for transactional tax compliance,” said Jayme Fishman , EVP of corporate development at Avalara, in a press release.

Taxes 180

UK Considers Tax Hike On eComm Firms Powering Pandemic’s Digital Shift

PYMNTS

British lawmakers are exploring levying an extra tax on companies that benefited from COVID-19 and have summoned executives from major firms that could be affected by such a measure for meetings to discuss the matter, London's The Sunday Times reported.

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New York State Tax Revenue Drops 10 Pct In 2020

PYMNTS

Local government sales tax collections dropped 10 percent in 2020, according to a press release from the state comptroller. The drop overall was worse than that in the Great Recession, when the local sales tax collections fell 6 percent statewide in 2009 compared to 2008.

Seattle OKs Head Tax Aimed At Big Business

PYMNTS

Seattle’s City Council passed a new tax for big businesses operating in the city, including Amazon , according to CNBC. The tax, called the JumpStart Seattle Tax, will target businesses with at least $7 million in annual revenue. Those businesses will be taxed 0.7

Canadian Tax FinTech Requiti Purchases Pinmo

PYMNTS

Canada-based Requiti , which helps Canadian companies understand tax incentives, has purchased financial technology firm Pinmo for $13 million CAD (approximately $10.3 Pinmo had been providing tax credit offerings for the past four years up to its acquisition.

Taxes 202

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 […]. That’s what regulators in Thailand are planning to institute.

Unclaimed Money, Tax Returns, What’s Next for Credit Karma?

Bank Innovation

Exclusive Online Payments PFM Credit Karma credit karma tax personal financial mangement tax returns unclaimed moneyCould personal finance management be the next chapter in free credit-score provider, Credit Karma growing business? Could it leverage its consumer data to branch out into the popular PFM space? Maybe. “We We are not engaged in it right now,” Greg Lull, Chief Marketing Officer at Credit Karma, told Bank Innovation. But I wouldn’t take it […].

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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. According to the circular, translated by multiple reports, cryptocurrencies will […]. Cryptocurrency Exclusive Bitcoin cryptocurrency

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

PYMNTS

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.

Taxes 204

PPP Recipients To Lose Valuable Tax Breaks

PYMNTS

Small businesses fortunate enough to get their Paycheck Protection Program (PPP) loans forgiven will forfeit some tax breaks, according to new rules from the Internal Revenue Service (IRS). . This treatment prevents a double tax benefit,” the agency said in the notice.

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Tax Time Tardiness And The Faster Refund

PYMNTS

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.

Taxes 151

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

PYMNTS

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.

Taxes 151

Tax Returns To Stolen ID Victims Show Massive Unemployment Fraud

PYMNTS

Tax forms states are sending people listed as having received unemployment benefits are likely to reveal to many addressees that their identities were used in pandemic-related fraud schemes, the Associated Press (AP) reported. Security & Fraud fraud News taxes unemployment What's Hot

Taxes 186

The Economic Case For Remote Sales Tax Uniformity

PYMNTS

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 .

Taxes 169

Canada Seeks Digital Tax On Google, Netflix And Other Global Web Giants

PYMNTS

Facing a growing budget deficit and the cries from local businesses about fairness, the Canadian government is proposing a new digital tax on foreign web giants such as Netflix, Facebook, Amazon and Google. The digital tax is part of a broader five-year, $3.4

Taxes 208

Deutsche Bank Report Eyes WFH Tax To Boost Economy

PYMNTS

A tax for working at home? and other countries will need to step up and tax remote work, using the money to help workers in service sectors whose jobs are imperiled by the trend, the Deutsche Bank researchers argue. And how much of a tax are we talking about?

Taxes 202

Reuters, KPMG Team For Aussie Business Taxes

PYMNTS

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.

Taxes 151

Turkish Authorities Search For Suspect In US Tax Fraud Scheme

PYMNTS

Turkish prosecutors have issued a detention warrant for Turkish businessman Sezgin Baran Korkmaz, who has ties to Utah business executives who recently pleaded guilty to a $511 million tax credit scheme in the U.S., The Kingstons pleaded guilty in the tax credit scheme in the U.S.,

Taxes 193

Aussie Tax Office Warns SMBs To Pay Up

PYMNTS

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.

Taxes 190

How Pilot Is Innovating Corporate Taxes For Millennial-Run Businesses

PYMNTS

Tax season frustrations can blossom into real financial problems, especially when refunds are paper checks sent through postal mail. Pilot offers business clients — including eCommerce companies and technology startups — bookkeeping, corporate payment and tax services, he added.

Taxes 187

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

PYMNTS

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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Nations Move Toward Imposing ‘Digital Taxes’ On Big Tech

PYMNTS

Governments around the world are setting their sights on putting a variety of digital taxes on Big Tech giants. France has long been angling to levy digital taxes, although such moves have become a bone of contention with the United States and have faced significant delays.

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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.

As Consumers Embrace eCommerce, Tax Complexity Grows

PYMNTS

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.

Taxes 172

What The Streamlined Sales And Use Tax Agreement Means After Wayfair

PYMNTS

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.

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