Lamar Whitman Posts

On Tuesday, the House Ways and Means Committee approved six tax extender provisions and left 50 more on the chopping block. It’s unclear if the committee will reconvene to review the other 50, but in keeping with the desire of Rep. Dave Camp (R-Mich.) to bring certainty to the tax code, yesterday’s action would make the six extenders that did pass permanent. The extenders currently have expiration dates, which most agree hamper their effectiveness, so those supporting the six provisi ...

Last week, the Senate unanimously approved an amendment adding legislation supported by TechVoice – the “Innovation Credit Act of 2013” – to the tax extenders bill currently being debated in the Senate. This is an important milestone for TechVoice. Adding this TechVoice-supported legislation to the extenders bill is a major step on the road to its eventual enactment into law. Next up, the extenders bill, which now includes the startup R&D tax credit, will be voted on ...

Wednesday’s hearing before the House Judiciary Committee underscored the complexities of determining a solution for the Internet sales tax issue that will allow states to collect sales taxes from out-of-state vendors. While the hearing showed only minor dissent amongst the panelists about whether these taxes are payable to state treasuries, which seemed to be largely a matter of semantics, there was no clear consensus on how this could be accomplished with the least burden for sellers, ven ...

We have noted many discussions over the last few years concerning the need for tax reform. Almost everyone is in agreement that tax reform is needed, as annual additions and edits to the tax code have left us with overly complex and burdensome compliance requirements for individuals and businesses alike. However, once the conversation gets past the general agreement that reform is needed, we come face-to-face with the complexities of crafting real tax reform that can be passed by Congress. Ways ...

This week, CompTIA will urge the prompt enactment of H.R. 2992, “the Business Activity Tax Simplification Act of 2013,” legislation that modifies the way states can collect taxes from out-of-state businesses. CompTIA submitted its testimony for the hearing by the House Judiciary Subcommittee on Regulatory Reform, Commercial and Antitrust Law. Also known as BATSA, the legislation sets up a “physical presence nexus standard” for businesses: In order for a state to tax busi ...

“The Innovators Job Creation Act,” bi-partisan legislation co-sponsored by Senators Chris Coons (D-Del.) and Pat Roberts (R-Kan.), was introduced in the Senate this week. This legislation would promote innovation by making the R&D tax credit more accessible to small startup firms. Under current law, the R&D tax credit can only be offset against federal income tax liability. However, because most startups do not generate net income in the early years, they have no fe ...

Last spring, we reported on a New York Court of Appeals decision that required non-resident sellers offering products through a New York-based website to collect New York sales taxes on sales made into the state. That decision will stand, as the U.S. Supreme Court has denied review of the case.  According to the initial state court decision, out-of-state sellers are required to collect New York sales tax even though the seller has no presence in New York, except for listing products and se ...

Senate Finance Committee Chairman Max Baucus (D-MT) has again noted his support for tax reform. In a statement released on October 30, Baucus emphasized the need for corporate tax reform, citing examples of companies that have re-incorporated in lower tax jurisdictions such as Ireland. He stated that he would work on parallel tracks with both the newly formed Budget Conference Committee, as well through the Finance Committee. Similarly, House Ways and Means Chairman Dave Camp (R-MI) has continue ...

Please join us on Wednesday, November 6, at 2:00 p.m. ET to learn more about the new crowdfunding rules just released by the SEC. These new rules will implement the crowdfunding provisions of the “JOBS Act,” which permits a company to raise up to $1 million during a 12-month period. Generally, investors who have an annual income and net worth under $100,000 would be allowed to invest the greater of $2,000 or 5 percent of income during a 12-month period. Investors who have either net ...

The Securities and Exchange Commission has re-opened the comment period through November 4 for regulations issued under “the JOBS Act” concerning crowdfunding. Since its release of amendments to Regulation D, Form D and Rule 156 on July 24, concern has been growing in the startup community that the SEC rules go against the spirit of the JOBS Act by requiring additional compliance steps not envisioned in the law. More specifically, the SEC’s rules implementing removal of the ban ...