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Showing posts from July, 2010

The Main Street Fairness Act: Explaining Internet Sales Taxes

Legislative Update:    On July 1, 2010, House Bill (H 5660 ) , was introduced in Congress by Massachusetts representative, William Delahunt . The Bill, named the " Main Street Fairness Act " states that its purpose is to “promote simplification and fairness in the administration and collection of sales and use taxes, and for other purposes.” My guess is by now, you’ve likely heard about the Main Street Fairness Act, as reporters, commentators, industry groups, legalists, retailers, bloggers, your mother, and just about everyone else, has an opinion on it. This isn’t surprising as a major focus of the Main Street Fairness Act is the hotly debated issue of internet sales taxes. This isn’t a new debate, as the issue of whether sales made over the internet should be subject to sales tax has been widely discussed for at least decade now, and it isn’t the first time similar legislation has been introduced. Proponents of an internet sales tax include brick-and-mortar retailers wh

Florida Amnesty Begins July 1st: Another State Jumps on the Amnesty Bandwagon

SALT Alert: As the trend in State Tax Amnesties continues, we have yet another state that has instituted a tax amnesty program. In response to Florida H.B. 5301 , the Florida Department of Revenue (“the Department”) has developed and implemented a one-time tax amnesty program which runs from July 1 through September 30, 2010 . Florida’s amnesty applies to certain tax liabilities of “eligible” taxpayers that were due prior to July 1, 2010 . As an incentive to report and pay tax liabilities that have been assessed, or that are currently unknown to the Department, the Florida amnesty program allows for a full penalty waiver and an interest waiver of up to 50% . Although the general provisions of the amnesty require that all amounts due be paid by the September 30th deadline, the amnesty includes a provision for an installment type plan for taxpayers that cannot pay their full amnesty balance by the close of the amnesty. Taxes Covered and Eligible Taxpayers Florida’s tax amnesty ap