By John Villavicencio for the Gold & Silver PAC ……
Gold & Silver News From the Political Coordinator
April showers bring… taxes
The tax filing deadline for 2018 has come and gone, but what do you need to know for your 2019 taxes? If you sell on eBay or do business in California, keep reading to find out how your sales may be impacted. Plus, Europe steps up their anti-counterfeiting efforts, but can the U.S. follow suit?
In 2019, eBay will collect sales tax on sales to select states.
After the United States Supreme Court’s decision in Wayfair, states have taken the initiative to draft their own out-of-state sales tax rules, sowing confusion in online sellers from coast to coast. As part of the response to this continually evolving sales tax environment, eBay has begun collecting sales tax on behalf of sellers on sales made to certain states. Sales made to Minnesota, Washington, Iowa, and Connecticut have already been impacted, with New Jersey, Alabama, Oklahoma, Pennsylvania, South Dakota, and South Carolina set to join them later this year.
To help the Industry Council for Tangible Assets (ICTA) better represent the numismatic industry on this issue, please take this survey.
California set to pass new use tax bill
Thanks to a concerted effort by many parties, California is set to pass a new law that would erase their recent changes to use taxes on out-of-state sales to the state, raising the minimum sales threshold from $100,000 to $500,000, and eliminating the provision requiring two hundred separate transactions. The bill has been passed by the California legislature and is currently on Governor Newsom’s desk awaiting his signature.
Europe taking counterfeiting seriously
On March 30, Europol and the Spanish National Police raided Spain’s most active counterfeiting operation. This joint operation reflects a unified and cohesive approach to combatting counterfeiters from our friends across the pond. Over here, the Anti-Counterfeiting Educational Foundation and the Professional Numismatists Guild (PNG) are leading the fight, but they can’t do it alone! When you are making your charitable giving decisions for the 2019 tax-year, don’t forget that the ACEF is a 501(c)(3) charitable organization, which makes donations eligible for a tax deduction!
PNG makes its stance on counterfeiting clear.
For more on the ACTF, or to donate: icta.memberclicks.net/actf
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If you have any questions or comments, please feel free to contact me at [email protected]. “Letters to the Editor” are appreciated and may appear in a future newsletter.
John Villavicencio, Political Coordinator for the Gold & Silver PAC
Barry Stuppler, Chairman Gold & Silver Political Action Committee