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Supreme Court Overturns Quill’s Physical Presence Requirement

June 22, 2018
The U.S. Supreme Court on June 21 held that states can assert nexus for sales and use tax purposes without requiring a seller’s physical presence in the state. The decision in South Dakota v. Wayfair, Inc., et al, No. 17-494 (U.S. 6/21/2018), overturns prior Supreme Court precedent in Quill Corp. v. North Dakota, 504 U.S. 298 (1992), and National Bellas Hess, Inc. v. Department of Revenue of Ill., 386 U.S. 753 (1967), both of which had required retailers to have a physical presence in a state beyond merely shipping goods into a state after an order from an in-state resident before a state could require the seller to collect sales taxes from in-state customers.

Responding to Pressure to Provide CPA-to-Lender ‘Comfort’ Letters

April 17, 2018
CPAs at times come under fire from banks and other lenders pressuring them to provide assurances regarding their clients’ financial strength. Many CPAs have shared their frustrations and concerns with CAMICO regarding veiled threats from aggressive brokers and lenders alleging that their clients will not qualify for a loan without receiving a letter from the CPA supporting the client’s loan qualifications. Some brokers have even suggested that the client should seek a “more cooperative” CPA.

Legislative and Accountancy Board Update – April 2019

April 16, 2018
This month’s update includes information on the repeal of auditor rotation/restrictions, information on Arizona’s universal recognition of occupational licenses, our Operation Conformity updates, an Accountancy Board update and a PAC update.

Legislative and Accountancy Board Update – March 2018

March 21, 2018
This month’s update includes examples of how members make a difference, information about a ballot to ban services tax, the CPA Bill, Mobile Workforce State Income Tax Simplification Act, a Democratic political party event and a reminder on the March CPA license renewal due date.