The Irish Supreme Court has ruled that the bread used to make Subway sandwiches cannot be defined as bread. The ruling was the result of a tax case. Bookfinders Ltd, a Subway franchisee, claimed that it should be exempt from value-added tax (VAT) since many products it sells are considered “staple foods.” In the U.S.,…
Back-to-school may look different in 2020, but that doesn’t mean that parents and teachers won’t be shopping. According to the National Retail Federation, consumers could spend a record amount in 2020 to prepare students for school and college as they buy more laptops and computer accessories for online and hybrid schools. “By any measure, this is…
If you find yourself clicking over to do some online shopping more than before, you’re not alone. Web sales are up from last year in the U.S., reaching $73.2 billion as compared with $41.5 billion a year earlier. That’s true even though the U.S. gross domestic product (GDP) was down a record 33% in the second quarter, unemployment…
I know many of you have heard the controversy about Wayfair and Amazon paying taxes. This week’s episode dives into the recent Supreme Court ruling that online businesses must pay taxes and the effect on smaller, primarily online businesses. About Brad Scott and Wayfair Advocacy Brad Scott joins Kelly as a guest to give an…
It’s my annual Taxes from A to Z series! If you’re wondering how to figure basis for cryptocurrency or whether you can claim home office expenses during COVID, you won’t want to miss a single letter. N is for Nexus. Nexus is a legal term for a connection; it’s important in the tax world because,…
Many states across the country typically host a “sales tax holiday,” which exempts certain items from sales tax, usually once a year. In Tennessee, the 3-day summer weekend exempted purchases of clothing ($100 or less per item), computers ($1,500 or less) and school and art supplies ($100 or less per item) in 2019. But a proposal to…
If you made a purchase on the internet yesterday, you might have noticed something different: sales tax. Changes in sales tax compliance laws for remote sellers and marketplace facilitators in more than a dozen states kicked in beginning October 1, 2019. More than 40 states have tweaked their sales tax laws since a 2018 Supreme Court…
It’s National Ice Cream Day. And in case you think that it’s a holiday made up by scheming kids to convince parents to give them ice cream (I wouldn’t put it past mine), it’s a real holiday. Well, real-ish. National Ice Cream Day, as well as National Ice Cream Month (I’m not kidding), are “official”…
Ready for back to school shopping? According to the National Retail Federation’s annual survey conducted by Prosper Insights & Analytics, total spending for K-12 schools and college reached $82.8 billion in 2018, nearly as high as 2017’s $83.6 billion. With those expenses looming, parents are often looking for opportunities to save some cash. One of the ways…
The Ohio Supreme Court ruled 5-2 that the Cincinnati Reds aren’t required to pay taxes on promotional items that they give to fans who attend their games.
