Gotta start somewhere. The Hill reports “Rand Paul introduces bill to roll back parts of tax evasion law“:
“FATCA’s harmful impacts cover the spectrum,” Paul said. “It is a violation of Americans’ constitutional protections, oversteps the limits of Executive power, disregards the mutual respect of sovereignty among nations and drains money from the federal treasury under the guise of replenishing it, and discourages overseas investment in the United States.”
“Tax evasion is a problem that should be addressed, but not in such an egregious way,” Paul added.
TaxGrrrl, Sanctions May Be Least Of ‘Copyright Troll’ Worries As Matter Is Referred To Feds, IRS. A great article telling the story of an attorney/copyright troll who annoyed a judge enough to get him to call in the IRS to investigate his taxes. Hilarity ensues.
Cara Griffith, Pot Calling Kettle Black? (Tax.com):
Good Jobs First is just hiding the ball a little bit by trying to get rid of reports on business climate. The Good Jobs First report says that the real issue we should be focusing on is “how to build a tax system that is fair, modern and relevant.” Yes, that’s exactly what needs to be done, but I would argue that reports on business climate add to the debate. And while I do think that such reports must be examined with a critical eye, “business climate” matters.
Related Tax Update coverage here.
“When economists are not listened to, that often means strong special interests and/or strong voter sentiment stand on the other side of the equation. The numerous special deductions in the tax code, most of which have no efficiency justification, are examples.”
True of both federal and Iowa tax laws.
Hence, it appears that this Act would apply to any business (not just Internet Retailers) that makes sales into a state in which it does not have nexus. Therefore, manufacturers or other non-Internet retailers who sell directly to retail customers who do not have sales representatives or any other physical connection with a state may (under this Act) be required to collect sales tax on its remote sales.
It’s not just the e-Bay sellers who would have to deal with this. If you really want to create “market fairness,” there are two ways that are much simpler: either a straight national sales tax collection regime with uniform rules and rate where the proceeds are allocated to the states based on the sales to the state, or a sales tax based on shipping location.
Traditional bricks and mortar retailers squander their immediacy edge with indifferent/uninformed sales help, who look even worse compared to the information now available on the web. But they can do well if they integrate their online and in-store services, carry enough inventory and price competitively.
Christopher Bergin, No Use for Useless Stances (Tax.com)
Linda Beale, Senate did the right thing–will the House?
Paul Neiffer, Make Sure to Coordinate Estate Documents with Ag Laws
Going Concern, Groundbreaking CFO.com Survey Reveals Accounting Professionals Desperately Need Communication Skills. All I can say to that is, pprdrhnt.
Tags: TaxProf, Janet Novack, Linda Beale, Christopher Bergin, TaxGrrrl, Paul Neiffer, Going Concern, Phil Hodgen, Jack Townsend, Brian Strahle, Tyler Cowen, Anthony Nitti, Cara Griffith, Lynnley Browning, Rand Paul, joesaysso