Tax Warrior Chronicles

M&A: Things Sellers Should Not Overlook

Posted on Fri, Nov 22, 2019

By: Melissa Banion, CPA, MT

 

After much deliberation, you have finally decided to sell your business.  Whether you formed the company yourself and built it from the ground up, inherited it from your family, or bought it years ago from another entrepreneur, deciding to sell it is a big decision.  But the decision making doesn't stop there.  Several important aspects of the transaction should be considered during the process and The Tax Warriors® at Drucker & Scaccetti are here to remind you what to not overlook as a seller.

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States Seek Revenue via Business Activity Questionnaires. Be on the Lookout!

Posted on Mon, Nov 04, 2019

By: Brandon Caine, CPA

 

The reach of state taxation greatly broadened on June 21, 2018. On that day, the Supreme Court upheld South Dakota’s “economic nexus” standard in South Dakota v. Wayfair. The court gave the green light for South Dakota’s imposition of a sales tax on an out-of-state seller, even though the seller did not have a physical presence in the state. Today’s post outlines some basics of nexus and Business Activity (Nexus) Questionnaires that states send out to potential taxpayers.

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Wayfair - One Year Later

Posted on Thu, Jun 06, 2019

By: Clare Porreca, CPA, MT

 

Since the U.S. Supreme Court’s 2018 decision in the South Dakota v. Wayfair, Inc. case, states have continued to update their statutes to assess and collect sales tax from out-of-state sellers, specifically, online retailers.  In a nutshell, the Supreme Court agreed that out-of-state sellers who met certain thresholds had nexus in South Dakota and thus, South Dakota could collect sales tax from them.  So, what’s happened since the June 21, 2018, decision?

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The Wayfair Decision—Is Your Business Exposed?

Posted on Wed, Jun 27, 2018

By: Chris Barbuto, CPA, MT

 

The U.S. Supreme Court’s (the Court) decision last week in the case of South Dakota v. Wayfair, Inc. brings with it a monumental shift in the way states can assert authority to collect sales tax from sellers located outside of their state.  The Court’s finding in favor of South Dakota may be viewed as unfavorable to many, however it provides some clarity and certainty to sales tax rules that vary greatly state-to-state.

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Hurricane Sandy and the NJ Sales and Use Tax

Posted on Tue, Dec 18, 2012

 

With Hurricane Sandy clean-up and rebuilding in full force down at the shore, we here in the City of Brotherly Love want to help our NJ neighbors as best we can.  We tried putting on a star-studded benefit concert, but the acts we contacted were all booked up. So, we’re going with the nominally less-exciting plan B—a brief, yet informative, pontification on NJ Sales and Use Tax examined in the context of Hurricane Sandy rebuilding efforts as described in NJ TAM 2012-3.  Now, please give us a moment to straighten our pocket protectors before we begin.

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