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Are you afraid of Internet taxes?

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in Small Business Tax

Halloween is Oct. 31, but the real tax demons may appear the next day. Reason: On Nov. 1, 2007, a moratorium on Internet taxation is scheduled to expire. Under a provision of the Internet Tax Freedom Act, multiple states can’t tax the same online transaction if it would be unfair to the taxpayer. The law prohibits other discriminatory practices in states that aren’t grandfathered. As we go to press, Congress is considering proposals that would extend or modify the rules. Note: The moratorium already has been extended twice since 1998. Stay tuned for more developments.

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