The United States Senate recently voted to approve the Marketplace Fairness Act, a proposed federal law that would allow states to compel online and catalog retailers (called “remote sellers”) to collect sales tax on purchases made by people in the state.
Anyone who follows the trends and topics in tax law, as we do here, has probably heard a great deal about online sales tax in recent months. With the growth of major online retailers like Amazon, some small businesses have a hard time staying competitive. This is exacerbated by laws that have not required entities like Amazon to collect sales tax on online purchases, often making online retailers a more affordable choice for consumers.
California's entertainment industry is no stranger to Sumner Redstone, who owns majority stakes in multiple TV production companies. Although Redstone recently made headlines, it's not for anything related to his involvement in the entertainment industry. In fact, the businessman is in the news because the Internal Revenue Service issued a tax claim against him from a 1972 transaction, which is before he even entered the media industry.