Tax Legislation Blog Posts
What President Trump’s Tax Plan Means for Entrepreneurs
Throughout his campaign, and then once he was in office, President Donald Trump extolled his vision for a vastly simplified tax code that would lower rates for everyone and help make America more attractive to businesses of all sizes. The tax code is one area that could certainly benefit from some reform and simplification, but as with any major changes to a system like this, it’s hard to forecast how individual groups may be impacted. A Broad Outline Although the general direction President Trump is likely to move in his tax reform efforts was always clear, there were few specific… Read More
What’s New with Marketplace Fairness in 2017?
When sales tax laws first came into existence in the early to mid-part of the 20th century, the vast majority of sales were made from brick-and-mortar stores to local customers. However, with the rise of the internet and the increasing reach of ecommerce into every corner of the market, a number of new challenges have become apparent. States that depended on sales tax revenue to fund a wide variety of services and programs have suddenly found that cash flow decreasing rapidly. There has been movement on several fronts over the past decade or so to try and expand the authority… Read More
Economic Nexus – What It is and Who’s Enforcing It
When states began instituting sales taxes in the middle of the 20th century, the vast majority of sales were of physical items sold from brick-and-mortar stores, and so the laws were structured around that arrangement. Over time, of course, the way we shop and make purchases, as well as what we’re buying, have evolved dramatically. One major shift has involved an increase in the share of the market taken up by the purchase of services, and this has resulted in the addition of many services to state sales tax statutes. One such recent change is economic nexus. Another major change… Read More