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Importers that have suffered “significant financial hardship” due to COVID-19 may qualify for a 90-day pay extension for certain tariffs. On April 19, 2020, following calls for trade liberalization to ease economic pressures, the Trump administration issued an executive order, along with a temporary final rule by the US Department of Homeland Security’s Customs and Border Protection, which postpones the time to deposit certain duties, taxes and fees. However, the 90-day pay extension is limited in scope and certain goods are not eligible for the extension.
Continue Reading 90-Day Tariff Relief Provides Retailers with Much-Needed Liquidity

In a 5-4 decision with major implications for e-commerce retailers, the Supreme Court has closed the “online sales tax loophole” by holding that a state may collect sales tax from out-of-state sellers that do not maintain a physical presence in the state.
Continue Reading Supreme Court Decision Closes Online Sales Tax Loophole, Implications for E-Commerce Retailers

Businesses, financial institutions and governmental entities are required to file tax information returns with the SSA or IRS. Some organizations file hundreds of thousands of these forms on a regular basis. The IRS imposes penalties for information returns that are incorrect. In some cases, the IRS identifies the issue and imposes penalties.
Continue Reading Incorrect Tax Information Returns: IRS Penalties

Recently, Virginia passed an amendment to its data breach notification law that adds state income tax information to the types of data that require notification to the Virginia Office of the Attorney General in the event of unauthorized access and acquisition of such data.
Continue Reading Virginia Adds State Income Tax Provision to Data Breach Notification Law