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Showing posts from September, 2017

Trump Tax Reform Road Map Released

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On Wednesday, September 27, several media outlets published a nine-page document in which the White House and Congressional Republican leaders – collectively known as the "Big Six" – laid out their plans for an eventual tax overhaul bill.
The framework proposes cuts to personal and business tax rates, in line with previous Trump campaign and House Republican proposals. It advocates a broad simplification of the tax code, scrapping most itemized deductions and reducing the number of personal income tax brackets. Many important details have been left out, however, such as the income levels the proposed tax brackets would apply to. The ambiguity is likely intentional, as it gives negotiators room to maneuver in the face of opposition from powerful business and taxpayer lobbies.


Provisions

The framework lays out the following changes to the federal personal and corporate income tax code:


Personal Taxes

• Collapse the current seven tax brackets into three, paying marginal rates of 1…

New Sales Tax Amnesty Program For Online Sellers - August to October 2017

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According to their website, “the Multistate Tax Commission (MTC) is an intergovernmental state tax agency working on behalf of states and taxpayers to facilitate the equitable and efficient administration of state tax laws.”

In this case, the MTC’s Amazon FBA Sales Tax Amnesty is designed to help Amazon FBA sellers become sales tax compliant, but without facing the fines and penalties they would face due to failing to collecting and remit past due sales tax.

This is seen as a win/win for the states and for Amazon FBA sellers who may not have realized their sales tax liability, or who did realize they have sales tax liability but were worried about becoming compliant due to the fact that they would owe past due sales tax, interest, and other penalties.

With this Amnesty, FBA sellers can simply register for a sales tax permit and begin collecting sales tax. States will not “look back” at previous sales tax liability.

Lasting from August 17 to October 17, this is only the second time in Uni…

Thought For Today

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