Restaurant delivery powered by smartphone apps has become a fiercely competitive and fast-growing business, as DoorDash, GrubHub, Postmates, and Uber Eats go head-to-head in the streets of cities like Philadelphia for market share.
But behind the scenes, some of those companies are engaged in a dance with officials in Harrisburg and other state capitals over whether they are charging enough sales tax.
As of Tuesday, the four biggest food-delivery apps were charging sales tax on food, but industry leader DoorDash (which also owns Caviar) and Postmates were not collecting the tax on service and delivery fees. Even on the food, Postmates was charging just a 6% sales tax in Philadelphia, not the required 8%.
Quite a lot has been going on:
A Carbon Tax Lies In America's Future
The chief advantage of such a tax is its reliance on the well-documented economic law that the more a society taxes something, the less it gets of it. And this society has made clear that it wants less carbon. A carbon levy would immediately encourage cutbacks on any activity that puts carbon into the environment – travel and heating, air conditioning and the like. It would also encourage innovations to get the most effective use of what is burned.
IRS SALT regulation allows loophole for pass-through businesses | Bond Buyer
A proposed Internal Revenue Service regulation may allow owners of pass-through businesses to turn a profit on donations to private school groups and avoid the $10,000 cap on state and local taxes.
Pass-through businesses would be able to profit on their donations by classifying their payments as deductible business expenses rather than charitable contributions.
Last year's regulation addressed state tax credits enacted by New York and New Jersey as workarounds for paying property taxes and state income taxes.
Major Seattle Business Group Backs County-Level Tax to Address Homelessness ― With Conditions |
State legislation introduced in Olympia recently that would allow King County to raise up to $120 million annually from businesses with highly compensated workers to pay for services and housing for the homeless has garnered the backing, with some stipulations, of a major Seattle business organization: the Downtown Seattle Association (DSA).
House Bill 2907 , now pending in the Washington State Legislature, calls for allowing counties with populations of 2 million or more, which narrows the field to King County, to impose a 0.1% to 0.2% tax on companies total payroll for employees making $150,000 or more per year, with some exemptions carved out for small companies and grocery businesses.
Quite a lot has been going on:
IRS Tax Law Guidance: Health Coverage Tax Credit Extension & more
Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of January 27 – 31, 2020.
January 27, 2020: The Joint Committee on Taxation released a report regarding an overview of selected provisions and options relating to funding and financing infrastructure investments. The report addresses the use of private activity bonds, new markets tax credits, and the opportunity zones incentive to fund infrastructure projects. The House Ways and Means Committee has scheduled a hearing entitled "Paving the Way for Funding and Financing Infrastructure Investments" on January 29,
PIMCO Closed-End Funds Declare Monthly Common Share Distributions
NEW YORK, Feb. 03, 2020 (GLOBE NEWSWIRE) -- The Boards of Trustees/Directors of the PIMCO closed-end funds (each, a "Fund" and, collectively, the "Funds") have declared a monthly distribution for each Fund's common shares as summarized below. The distributions are payable on March 2, 2020 to shareholders of record on February 13, 2020, with an ex-dividend date of February 12, 2020.
Distributions from PMF, PML, PMX, PCQ, PCK, PZC, PNF, PNI and PYN are generally exempt from regular federal income taxes. In addition, distributions from PCQ, PCK and PZC are also generally exempt from California state income taxes, and distributions from PNF, PNI and PYN are generally exempt from New York State and city income taxes. There can be no assurance that all distributions paid by these Funds will be exempt from federal income taxes or applicable state or local income taxes.
Duff & Phelps Select MLP and Midstream Energy Fund Inc.
The fund currently intends to pay its quarterly distributions out of distributable cash flow, which generally consists of cash from publicly traded master limited partnerships (MLPs) and other midstream energy companies that are not organized as MLPs. It is currently anticipated that substantially all of this distribution will be treated as a return of capital for tax purposes.
The amounts and sources of distributions reported in this notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the fund's investment experience during the remainder of the fiscal year and may be subject to changes based on tax regulations.
NY1 Political Buzz: A Tax on Both Your Houses
We interrupt your Monday-morning reflections about the Super Bowl, impeachment, and the Iowa presidential caucuses to tackle a far-sexier topic: property taxes.
Wait, hear me out! If you're really concerned about inequities in society and thoughtfully nod along with the mayor whenever he starts talking about "a tale of two cities," there's no better place to start than looking at how hundreds of thousands of New Yorkers pay property taxes on their homes, apartments and condos.
Happening on Twitter
Les sales combines des apps de livraison pour faire pression sur les restaurants https://t.co/I2dwmrYcRx Slatefr (from Paris, France) Mon Feb 03 06:19:36 +0000 2020
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