Tax

February 20, 2020

Florida’s proposed tax on peer-to-peer car sharing companies, H.B. 377, cleared its first hurdle and passed the state House Ways and Means Committee on February 11. The bill would require car-sharing companies to collect a 6% sales tax on vehicle leases made through their platforms. Also, under the proposed bill, leases made through the company platforms will be subject to a $2 surcharge.…

SALT Shaker

Colorado DOR Proposes Regs to Clarify Treatment of Digital Goods

By Jonathan Feldman

February 20, 2020

The Colorado DOR proposed a regulation on February 7 intended to “clarify” the tax treatment of digital goods as tangible personal property. The proposed regulations include measures that clarify that the method of delivery does not impact the taxability of the property and that the purchase of certain streaming service subscriptions constitutes a sale of property.…

SALT Shaker

Missouri Proposes Post-Wayfair Legislation

By Jonathan Feldman

February 20, 2020

Missouri lawmakers have proposed H.B. 1957, which would require vendors engaging in business activities in Missouri with gross receipts from in-state sales of tangible personal property totaling $100,000 or more during a 12-month period to collect and remit use tax. The bill would also require marketplace facilitators that reach the economic nexus threshold by January 1, 2021 to collect and remit sales and use tax on behalf of third party sellers. A similar measure,…

Tax Talks

Cayman Islands added to the EU blacklist of non-cooperative jurisdictions for tax purposes

By Robert E. Gaut

February 20, 2020

On 18 February 2020, the ECOFIN committee of finance ministers of the EU resolved to add the Cayman Islands to the EU blacklist of non-cooperative jurisdictions for tax purposes. Their reasoning was short: “[The] Cayman Islands does not have appropriate measures in place relating to economic substance in the area of collective investment vehicles.” This is despite Cayman having passed a new statute – the Private Funds Law and The Mutual Funds (Amendment) Law –…

The CPA Desk

Prepare Your Not-for-Profit for a Financial Audit

By Nicole Riley

February 20, 2020

An outside financial audit may seem like an extravagance to not-for-profits working to contain costs and focus on their mission. But undergoing regular audits allows your organization to identify risks early and act quickly to prevent problems. Independent audits also provide valuable reassurance to donors. Fortunately, you can reduce the cost of external audits with good preparation.…

IRS Streamlined Procedures

Accidental Americans (U.S. Tax, FBAR & FATCA 2020)

By Board-Certified Tax Law Specialist

February 20, 2020

Accidental-American-U.S.-Taxes-FBAR-FATCA.jpg

Accidental American & U.S. Taxes, FBAR & FATCA Accidental Americans & U.S. Taxes, FBAR & FATCA: The Accidental Americans & U.S. Taxes, FBAR & FATCA is highly complex. With the IRS taking an aggressive position on matters involving foreign accounts compliance and unreported foreign income, compliance is crucial to avoid offshore penalties. We will provide an introductory analysis to assist individuals in this situation, but oftentimes there is a simple answer. The Streamlined …

Zalma on Insurance

How Some Use Insurance Fraud for Fun and Profit and Others Defeat Them

By Barry Zalma

February 20, 2020

Fictionalized True Insurance Crime Books In the last 52 years I have run across some very unusual insurance claims. I have fictionalized some of those stories to protect the guilty. Over the last 52 years Barry Zalma has dedicated his life to insurance, insurance claims and the need to defeat insurance fraud. He has created the following library of books and other materials to make it for insurers and their claims staff to become insurance …

Zalma on Insurance

A Plaintiff who Sits on Her Rights Loses Everything

By Barry Zalma

February 20, 2020

Private Limitation of Action Provision of Policy Defeats Contract and Bad Faith Claim Almost every first party property insurance policy contains a private limitation of action provision that shortens the statute of limitations in the state where the loss occurred. It is the obligation of every insured, and every lawyer for a policyholder to be certain – if litigation is required – to file suit before the expiration of the private limitation of action contained…

SALT Shaker

South Dakota Advertising Tax Hearing Scheduled – February 20, 2020 at 7:45 a.m. Central

By Todd Lard & Charles Capouet

February 19, 2020

On February 6, 2020, South Dakota Representative Finck introduced House Bill 1284, which would repeal the sales tax exemption for sales of advertising services. The South Dakota sales tax broadly applies to sales of services, unless specifically exempt. The bill has since been referred to the House of Representatives’ Taxation Committee. On Thursday, February 20th, the committee will hold a hearing on the bill at 7:45 a.m. Central. The hearing can be live streamed…

Connecticut State & Local Tax Alert

Hot Topics in State and Local Tax 2020

By Louis B. Schatz

February 19, 2020

Lou Schatz will be a panelist during the “Emerging State and Local Tax Issues” session of the Practising Law Institute‘s Hot Topics in State and Local Tax 2020. Topics Include Continued state and local responses to the 2017 Tax Act provisions and the Wayfair decision Statutory and regulatory updates in key states and localities in the area of combined reporting and digital goods and services Emerging state and local tax issues State and local tax considerations of the…

Tax Blogs