States are struggling to keep up with business innovations. The process of doing business has changed in recent years. Over the last few decades more and more business transactions are occurring online, causing the states to question when a business operates within its borders and is subject to state taxes.
The internet - and the burgeoning digital marketplace it has created - has broadened horizons and opened doors that wouldn't have been imagined just a generation ago. With just a few clicks of a mouse, you can do business with companies across town or across the globe. This brave new world of e-commerce had originally created difficulties for brick and mortar businesses and for taxing authorities alike.
Top tennis players usually earn income in several different countries during the year. Minimizing their tax liabilities requires some creative planning, including changing their residence to a tax friendly country.
The SEC ended its formal investigation into Sprint Corp.'s sales tax practices without taking action. This decision comes as the New York Attorney General continues to move forward with a case that Sprint failed to collect and pay sales taxes. Sprint says that the SEC opened an investigation in July 2012 and let the company know last month that it has closed the investigation and had no intentions for further action.