Archive for Tax Laws
President Obama’s Budget and Offers In Compromise (OIC)
President Barak Obama’s recently released budget proposal includes a provision to eliminate the 20% filing fee to file an Offer In Compromise (OIC). We will have to wait to see if this provision becomes part of the final budget. For more information or for assistance with other criminal tax concerns, contact Horowitz & Weinstein. Disclaimer.
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. [...]
The Affiliate Tax, Then and Now
In 1992 the Supreme Court ruled in a case about mail order that a state could not charge sales tax on an out-of-state company unless that state had sufficient nexus within that state. The gold standard since then has been a brick and mortar presence. Companies with physical stores in a state charge sales tax [...]
Sales and Use Tax in Illinois
It can be helpful to think of sales tax and use tax as mirror images of each other. They’re closely related and they’re generally two ways of getting at the same thing. In both cases the state is collecting a tax on a purchase or a service. The main difference is whether that tax appears [...]
Before the debt ceiling we were talking about sales tax
With the debt ceiling raised and the beginnings of a compromise on dealing with the long term US debt laid down–and thus far, these plans do not include any of the rumored tax changes such as the elimination of the AMT fix–the world of tax has turned its focus back to the issue on online [...]
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 [...]
Foreign Gifts and Foreign Trusts
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. [...]