The What’s Next For Internet Sales, Internet Sales Taxes and Internet Affiliate Marketing?

It’s Called the Marketplace Fairness Act Illinois Senator Dick Durbin is one of the Senators who introduced Internet Sales Tax Reform through the Marketplace Fairness Act which, according to the Act is designed to  “restore States’ sovereign rights to enforce State and local sales and use tax laws, and for other purposes.” The Act establishes…

Foreign Trusts and Gifts

For quite a few taxpayers, filing their yearly tax returns doesn’t go much beyond the trusty old Form 1040.  There are of course many other forms for reporting to the IRS and one that is especially worth noting is Form 3520, a return for reporting transactions with foreign trusts and the receipt of foreign gifts.…

Obama’s Jobs Bill

Last week President Obama presented The American Jobs Act to a joint session of Congress.  The Act includes a number of measures, all billed at helping the still reeling economy and in particular the job market.  In addition to allocating money to schools, for projects to improve infrastructure and modifications to unemployment insurance, the Act…

Reportable Transactions

The IRS has recently clarified the rules regarding failure to report reportable transactions and clarified the penalties for failing to do so.  There had previously been some uncertainty around the issue, specifically how provisions in the Small Business Jobs Acts of 2010 had affected the regulations and the penalties. The IRS has since clarified the situation.…

Nexus

For a family owned shop on Main Street, their sales tax situation is relatively straightforward.  They are required to  collect and remit to the appropriate authorities the applicable sales tax for their state, their city, and the other municipalities they may fall within.  (This is tax we’re talking about, so the emphasis really needs to be on…