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The Newsroom

New Sales Tax Rules Are Harming Small Businesses

The US Supreme Court ruling in the South Dakota v Wayfair, Inc. is now more than one year old. This landmark decision overturned more than 50 years of case law governing how and when retailers are required to collect sales taxes.

In the past year, more than 30 States, including Colorado, have modified their rules governing the assessment and collection of sales tax, creating more than 9,000 separate sales tax jurisdictions. Many of these jurisdictions have different rules on taxing products, services and cloud-based software apps.

This patchwork of taxation is creating chaos for any small business attempting to utilize the internet to grow their business and expand markets. Many are having to abandon such expansion plans, leaving the marketplace wide open for the big retailers, such as Amazon, Etsy, Overstock and Wayfair.

We believe Congress needs to act, and ask you to join us in demanding action NOW!

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IRS Begins Outreach to Digital Currency Investors

In February 2018, we published general tax guidance as it relates to buying, holding and selling digital currencies, such as Bitcoin and Ethereum. Prior to issuance of the guidance, the IRS had won a major victory against Coinbase to release the identification of digital currency investors.

Armed with that information, the IRS began contacting more than 10,000 taxpayers earlier this month.

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