Imagine Spending Thousands Registering Your Business, Collecting Sales-Taxes, and
Remitting Sales-Taxes to Dozens of States on Sales |
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1909-S VDB Lincoln Cent
State Sales-Tax Range: $168 – $294
(Imaged by Heritage Auctions, HA.com.) |
American Eagle Gold Bullion Coin
State Sales-Tax Range: $51 – $89*
(United States Mint image.) |
1881-S Morgan Silver Dollar
State Sales-Tax Range: $5 – $8
(Imaged by Heritage Auctions, HA.com.) |
| Hopefully you are aware by now that the landscape of interstate commerce was changed last summer with the Supreme Court’s decision in the South Dakota v. Wayfair case. The Court’s decision has caused many states to require dealer registration (and filing of state tax returns) by any dealer meeting state determined thresholds, whether or not the dealer has sold only state tax exempted items. Dealers are also required to collect and remit sales taxes on all coins, currency, and precious-metals sales to buyers in any state in which such purchases are not specifically exempted under the state statutes. Right now, 13 states have no exemptions, but lawmakers in Nebraska and Washington want to remove the exemption and others are expected to follow. In short, wherever there are no bullion exemptions, for example, gold or silver must increase 4% – 7% for an investor to break even. Sales will plunge! |
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| * Gold Price: $1,275 |
Membership
ICTA exists to promote and safeguard the interests of its members, serving as the industry watchdog to maintain an appropriate and favorable regulatory climate in the United States and the individual states. ICTA also offers its members assistance and information on new and existing laws and regulations, and promotes harmony and cooperation among its members to advance the welfare of the industry.
Industry Affairs
ICTA works to prevent laws and regulations that would interfere with your ability to do business, are excessively burdensome, or both. ICTA also actively proposes laws and regulations that would benefit both the hobby and the industry. Equally important, ICTA educates dealers on compliance with existing laws and regulations. Much of our effort is directed toward issues of taxation and other IRS requirements.
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