MORE FROM HUFFPOST
MORE FROM HUFFPOST
marketplace fairness act
The thousands of pages of the federal tax code -- and the tens of thousands of pages of ensuing regulations and judicial rulings -- offer many ways to reduce your taxes. These arrangements are often nicknamed loopholes when they apply to only some people.
Whether or not you agree with MFA, there is one thing these businesses have right: sales tax IS a pain. There are 11,000 tax jurisdictions in the U.S. alone; each state has its own tax rules; and businesses that don't get it right can face stiff penalties. Trying to manage sales tax in multiple states can be like trying to steal a kiss from the meter maid: it's hard to do and it's risky.
State governments are seeing signs of recovery, but continue to face an uncertain economic future, according to a new report released Thursday.
WHAT'S HAPPENING
WHAT'S HAPPENING
The Marketplace Fairness Act could dramatically change sales tax compliance requirements for small businesses that are not preparing today. Whether selling bikinis to starlets or skateboards to CEOs, the smart money is on businesses that prepare now, not later.
The "Marketplace Fairness Act" is supposed to level the playing field between the traditional brick-and-mortar storefronts of the old economy and the online and catalog sales of the new economy, taking a simple problem and attempts to solve it in the most obtuse and damaging way it could.
By leveling the playing field, all businesses will be able compete in a fair and equitable way. Brick and mortar stores will no longer be used as mere showrooms for merchandise that consumers end up purchasing online at a discount because of the absence of a sales tax.
IRS shenanigans aside, there are plenty of things being done right now in D.C. that will likely affect your business and mine over the next few years.
Privately held retailers are operating with relatively thin profit margins nearly four years after the end of the recession, according to recent data from Sageworks, a financial information company.
The Marketplace Fairness Act is supposed to level the playing field between traditional brick and mortar storefronts and online stores. A lot of online stores that were started years ago and are just now beginning to really pick up steam will be hit the hardest.
