Posts Tagged: EBay

Closet cleaning? Did you sell something online for over $600 this year? Watch out for your IRS Form 1099.

Posted by & filed under Accounting Information Systems, Accounting Principles, All Articles, Cost Accounting, Financial Accounting, Income Taxes, Intermediate Accounting, Managerial Accounting, Uncategorized.

According to the New York Times, a new change in tax law may result in Form 1099s to be sent to some small time sellers for online sales. Questions: What was the aim of this new tax law? When did the law take effect? The law is part of which congressional action? Which online marketplaces… Read more »

Italy’s new web tax

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Cost Accounting, Financial Accounting, Income Taxes, International Accounting, Video Updates.

Last week, Italy approved a new tax on giant digital companies, which President Donald Trump has threatened to retaliate against. Questions: According to draft legislation, what are some of the U.S. companies that will be obliged to pay a 3% levy on internet transactions? How much is the Italian government expected to recoup from the… Read more »

A Change in the Collection of Sales Tax

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Cost Accounting, Financial Accounting, Income Taxes, Intermediate Accounting, International Accounting, Managerial Accounting, Uncategorized, Video Updates.

According to Slate, the Supreme Court dragged a bit of American tax law into the 21st century when they ruled that states could force all online retailers to collect sales taxes, even if they lack a physical presence there. Questions: 1. Do you think the ruling will change buying habits? Explain. 2. What case was… Read more »

A Challenge for the Ages!

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Cost Accounting, Financial Accounting, Intermediate Accounting, Managerial Accounting, Uncategorized.

According to Time, Dave Alexander, a local farmer in Ontario, Canada, sent his daughter to buy a cheeseburger and fries on June 7, 2012, and started a fast food experiment to test the urban legend that McDonald’s products don’t rot. Question: 1. Describe his attempt to control the experiment. 2. Why did he decide to… Read more »