New CCH Tax Briefing Analyzes Marketplace Fairness Act

Senate Approves Internet Sales Tax

(RIVERWOODS, ILL., May 7, 2013) – The Marketplace Fairness Act, which would grant states authority in requiring most remote sellers to collect sales and use tax on sales to in-state customers, has been passed by the Senate and now moves to the House of Representatives where its future remains uncertain. CCH has a new Tax Briefing on the Marketplace Fairness Act with expert insights plus analysis on the legislation and its potential impact, particularly for those who buy and sell online. CCH, part of Wolters Kluwer is a leading global provider of tax, accounting and audit information, software and services (CCHGroup.com).

The Act is the culmination of more than 10 years of legislative efforts by state and local government officials who believe out of state sellers should be responsible for the same sales and use taxes as generated by traditional “brick-and-mortar” businesses. The National Conference of State Legislators estimates that in 2012 states collectively lost $23 billion in revenue from uncollected sales tax.

“Although the legislation received strong bipartisan support in the Senate, its future passage in the House isn’t a sure thing,” said CCH Principal Federal Tax Analyst, Mark Luscombe, JD, LLM, CPA. “Supporters claim the issue is about fairness and that Internet sellers shouldn’t enjoy an unfair advantage, but critics say it amounts to a tax increase.”

Please visit CCHGroup.com/Legislation to access CCH’s new Tax Briefing on the Marketplace Fairness Act, and the full range of CCH Tax Briefings on significant tax developments.

Members of the press interested in speaking to a CCH tax analyst should contact Eric Scott at 847-267-2179, eric.scott@wolterskluwer.com or Leslie Bonacum at 847-267-7153, mediahelp@CCH.com.

About CCH, a Wolters Kluwer business

CCH, a Wolters Kluwer business (CCHGroup.com) is a leading global provider of tax, accounting and audit information, software and services. It has served tax, accounting and business professionals since 1913. Follow us now on Twitter @CCHMediaHelp. Wolters Kluwer (www.wolterskluwer.com) is a market-leading global information services company. Wolters Kluwer is headquartered in Alphen aan den Rijn, the Netherlands. Its shares are quoted on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices.

 

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Wolters Kluwer Tax and Accounting

Wolters Kluwer Tax and Accounting is a leading provider of software solutions and local expertise that helps tax, accounting, and audit professionals research and navigate complex regulations, comply with legislation, manage their businesses and advise clients with speed, accuracy and efficiency. Wolters Kluwer Tax and Accounting is part of Wolters Kluwer N.V. (AEX: WKL), a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services. Wolters Kluwer reported 2016 annual revenues of €4.3 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide. Wolters Kluwer shares are listed on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. Wolters Kluwer has a sponsored Level 1 American Depositary Receipt program. The ADRs are traded on the over-the-counter market in the U.S. (WTKWY).

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