Search Results for: sales tax

‘Wayfair’ Sales Tax Compliance Burden Grows

I doubt that many—if any—coin dealers know the answers to all of the following questions. Can you name the U.S. state where the governor and the revenue department have declared that a single sale by an out-of-state business to a … Continue reading

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Three States Considering Repeal Of Coin/Bullion Sales Tax Exemptions

In recent years, state, county, and local governments were finally required to include on their financial statements the net present value of unfunded liabilities for employee pensions and retiree health care and other retirement benefits. Michigan’s state government now discloses, … Continue reading

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Slight Progress on Ebay Erroneous Sales Tax Charges

By Patrick Heller  Two weeks ago, I wrote about the growing problem of how sales facilitators (referred to by many states as “market providers”) such as Amazon and eBay are now required to collect and remit the sales taxes applicable … Continue reading

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Coin Dealers Face Oncoming Post-Wayfair Sales Tax Compliance Nightmare

All business owners–including coin dealers–should get ready for the government paperwork nightmare resulting from last year’s Supreme Court decision in South Dakota v. Wayfair. State governments are on the verge of notifying out of state businesses of the possibility that … Continue reading

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Will Some Precious Metals IRA Purchases Be Subject To Sales Taxes?

There will doubtless be a number of unintended consequences arising out of the June 2018 Supreme Court decision in South Dakota v. Wayfair. The issue in this court case was whether the South Dakota government could require some out-of-state sellers … Continue reading

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Ohio Nixes Coin/Bullion Sales Tax Exemption—Reducing Future Tax Collections

The Ohio legislature, after going back and forth on the issue, sent a fiscal 2020-2021 budget bill to Governor Mike DeWine’s office that eliminates that state’s existing sales tax exemption on precious metals bullion and bullion-priced gold and silver coins, … Continue reading

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New Kansas Bill Provides Sales Tax Exemption

On Thursday, May 16, 2019 Kansas governor Laura Kelly signed into law House Bill 2140, which provides a sales-tax exemption on sales of gold and silver coins and on all gold, silver, platinum, and palladium bullion. “The outcome is not … Continue reading

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Existing Coin/Bullion Sales Tax Exemptions Under Attack

Right now, five states do not impose any state sales taxes (Alaska, Delaware, Montana, New Hampshire, Oregon) and 32 have complete or partial sales tax exemptions on the in-state retail sales of precious metals bullion and rare coins. On July … Continue reading

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West Virginia to end sales taxation on gold and silver

By unanimous vote on March 8, the West Virginia Legislature approved Senate Bill 502, originally introduced by Sen. Craig Blaire (R-Martinsburg), which called for the exemption of taxation on sales of investment metal bullion and investment coins. On March 27, … Continue reading

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Update on coins, precious metals sales tax exemptions

As of right now, 37 states have either no state sales taxes at all (Alaska, Delaware, Montana, New Hampshire, and Oregon) or have complete or partial sales tax exemptions on the in-state retail sales of coins and precious metals bullion. … Continue reading

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