Nexus

The recent debate over the so-called “Amazon tax”, while obviously about what its name would suggest, mainly the power of states to tax online retailers like Amazon, is really a debate about nexus.  Nexus means all the connections between a taxpayer, whether a person or a corporation, and a political jurisdiction–a state in this case.…

The American Jobs Act

Last week President Obama presented The American Jobs Act to a joint session of Congress.  The Act includes a number of measures, all billed at helping the still reeling economy and in particular the job market.  In addition to allocating money to schools, for projects to improve infrastructure and modifications to unemployment insurance, the Act…

Reportable Transactions

The IRS has recently clarified the rules regarding failure to report reportable transactions and clarified the penalties for failing to do so.  There had previously been some uncertainty around the issue, specifically how provisions in the Small Business Jobs Acts of 2010 had affected the regulations and the penalties. The IRS has since clarified the situation.…