Content about Tax

July 16, 2012

The battle over online purchasing and sales tax might be winding to a close as more Republican governors are dropping their opposition to a mandatory state tax on Internet sales. The turning point may have been in May, when New Jersey Gov. Chris Christie cut a deal with Amazon.com: Residents of New Jersey would pay a 7% sales tax on Amazon.com purchases, and the nation’s largest e-tailer would build two distribution centers in the state.

July 2, 2012

Described as a big win for advocates of a level retail playing field, Amazon.com began collecting sales tax in Texas July 1.

“A true free market is devoid of government preferences and special treatment,” said Sandy Kennedy, president of the Retail Industry Leaders Association (RILA). “Texas has made a powerful statement that it's time to end special treatment for online retailers and close the sales tax loophole that gives companies like Amazon an artificial leg up on Main Street retailers.”

July 2, 2012

A proposed 1% additional sales tax on selected lumber products that was part of Governor Jerry Brown’s attempt to close a state budget gap has been dropped, much to the relief of California LBM dealers. The tax pitted retail lumber sellers against lumber producers by shifting fees the timber industry currently pays to its customers.

May 31, 2012

Gov. Chris Christie has announced an agreement with Amazon, the Internet’s largest retailer, that will levy state sales tax on purchases made by New Jersey residents. Saying it took “months of hard work and good faith discussions,” the governor said it will be Amazon’s “obligation” to track and collect the sales tax starting in July 2013.

A similar agreement was struck with Nevada earlier this month and Texas in April.

February 6, 2012

Fastener maker Simpson Manufacturing Co. reported net sales of $130.7 million for its fourth fiscal quarter of 2011, a 9.3% increase over sales of $119.6 million for the same quarter of 2010. The Pleasanton, Calif.-based  company had income, net of tax, of $4.9 million for the fourth quarter of 2011 compared to a loss, net of tax, of $4.5 million for the fourth quarter of 2010.

November 7, 2011

Taxation nation [The following are responses to an HCN Daily item about Herman Cain’s 9-9-9 tax plan, built around a 9% business tax, a 9% individual tax and a 9% national sales tax. It would also eliminate the mortgage interest deduction.]

November 1, 2011

The following are responses to an HCN Daily item about Herman Cain's 9-9-9 tax plan, built around a 9% business tax, a 9% individual tax and a 9% national sales tax. It would also eliminate the mortgage interest deduction.] 

October 24, 2011

Cleveland-based Sherwin-Williams reached a settlement of the Internal Revenue Service's audit of Sherwin-Williams' employee stock ownership plan ("ESOP") that will lead to a charge of $75 million.

Sherwin-Williams has fully resolved all IRS issues for the 2003 through 2009 tax years, the company said. 

Sherwin-Williams received a Notice of Proposed Adjustment from the IRS on May 20, 2011, challenging the ESOP-related federal income tax deductions claimed by Sherwin-Williams and proposing substantial excise taxes and penalties.

August 25, 2011

Luxury home builder Toll Brothers reported mixed results for its third fiscal quarter, with profits up but revenues down as cancellations increased and orders for new homes slowed.

Net earnings for the third quarter, which ended July 31, were $42.1 million, a 54% increase, but they included a one-time tax benefit of $38.2 million. This compares with net income of $27.3 million in the same period a year ago, which included a $26.5 million tax benefit. 

August 2, 2011

EPA lead rule suffers setback
 “There is no need for a better ‘test kit,’ as highly reliable and affordable X-Ray Fluorescence technology has been in use for decades. There are many consultants who have XRF machines, and lead inspections are inexpensive. XRF testing produces no damage, while ‘test kits’ and chip sampling involves producing widely scattered damage (12 to 15 sample locations for a typical room in a house).


July 19, 2011

Brick-and-mortar retailers pay taxes. Online retailers often don't. That scenario along with a recent story about the online taxation debate raging in California led to the following reader comments about the relative fairness of sales tax rules in our increasingly digital world. 

July 12, 2011

The Los Angeles Times reported that Amazon.com will continue to fight against a California law passed July 1, which requires the company to collect a 7.25% sales tax. Amazon said that the law is unconstitutional, and has now announced that it will make the case against the sales tax to voters, in hopes that they will vote to overturn it.

July 7, 2011

A 162,340-sq.-ft. Menards has received final approval in Howard, Wis., outside of Green Bay, in a controversial deal that included $1.6 million in tax incentives, according to an article in the Green Bay Press Gazette. 

June 6, 2011

Winchester, Va.-based American Woodmark Corp., a manufacturer of kitchen cabinets and other home products, reported sales increases for the fourth quarter ended April 30, as well as the full year. But earnings declined.

In the fourth quarter, the company reported a 10% sales gain to $124.2 million, up from $112.4 million in the same quarter last year. For the full year, sales increased to $452.6 million, up 11.3% from $406.5 million in the prior year. 

May 25, 2011

Luxury home builder Toll Brothers reported a net loss of $20.8 million for its second fiscal quarter, which ended April 30, compared with losses of $40.4 million in the same quarter in 2010.

December 5, 2010

After dramatically losing control of the House on Election Day, the Democrats are finally coming...

November 22, 2010

Following two consecutive months of increases, existing-home sales declined in October to a seasonally adjusted...

September 5, 2010

Forces armed with common sense appear to be making a courageous stand against a provision...

September 5, 2010

Is the customer always right?...

September 5, 2010

What happened to existing-home sales? In three words: tax credit expiration....

June 22, 2010

When the health care reform debate raged earlier this year, House Speaker Nancy Pelosi made this comment: “But we have to pass the [health care] bill so that you can find out what is in it.”

December 9, 2008

An increase in international sales helped offset weakness in domestic business....

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