• New bill could introduce sales tax for Internet sales

    Remote sellers may soon be required to collect sales and use taxes as a result of a new Senate bill.

    Since Internet sales became popular, some brick-and-mortar retailers have been disgruntled because online retailers often aren’t required to collect sales and use tax. According to AccountingWeb, traditional retailers complained their online counterparts gained an unfair advantage as a result.

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  • IRS issues notice on covered entities for health insurance fees

    A recent IRS notice provided guidance on the definitions of covered entities and controlled groups as well as how they should report net premiums for the 2014 fee year.

    The IRS recently published Notice 2014-47, which provided guidance on health insurance provider fees and the definition of a covered entity under the Affordable Care Act (ACA). Information contained in the notice applies to the 2014 fee year.

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  • The growing presence of finance management in the cloud

    Cloud computing is being more widely adopted for financial management.

    These days, many businesses are using cloud-computing technology for their organizations’ tax information reporting and other finance management responsibilities. As more software-as-a-service (SaaS) options become available, entrepreneurs, accounting firms and chief financial officers are seeing the benefits of the cloud.

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  • CPA trade groups pen letter to Congress about net investment income tax

    Three CPA industry trade groups asked Congress for clarification on the NIIT as it applies to certain U.S. territories.

    Under the Affordable Care Act (ACA), the net investment income tax (NIIT) was enacted under section 1411 of the Internal Revenue Code (IRC). The American Institute of Certified Public Accountants (AICPA), Virgin Islands Society of Certified Public Accountants (VISCPA) and the Guam Society of Certified Public Accountants (GSCPA) wrote to Congress to inquire whether the NIIT applied to bona fide residents of the Virgin Islands, Guam and the Commonwealth of the Northern Mariana Islands.

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  • Swiss banking secrecy is quickly dissolving

    Some Swiss banks are offering financial incentives for their U.S. clients who voluntarily reveal their undisclosed accounts to the IRS.

    Banking secrecy in Switzerland is on the decline due to several tax information sharing treaties the country has with the U.S., U.K. and France. Switzerland’s financial institutions seek to comply with these agreements.

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