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SCOTUS Wayfair Decision: What You Don't Know Can Hurt You
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: $60 – $105*
(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 with the 2018 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 Maryland, Pennsylvania, and Washington state 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!
* Gold Price: $1,500

 

What You Don't Know about the Supreme Court's Decision in the South Dakota v. Wayfair Case Can Significantly Damage Your Business

The Court’s decision makes it likely that if you meet certain minimum state-tax law requirements, you may now, or soon (depending on the state), be required to register and collect sales-taxes on all coins, currency, and precious-metals sales to buyers in any state without full numismatic and bullion exemptions.

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American Numismatic Association Donates $55,000 to Fight Counterfeiting

The American Numismatic Association (ANA) has reaffirmed its commitment to supporting efforts to fight coin and bullion counterfeiting with a $55,000 contribution to the Anti-Counterfeiting Educational Foundation (ACEF), the non-profit organization that receives contributions to fund the work of the Industry Council for Tangible Assets’ Anti-Counterfeiting Task Force (ACTF). The donation was made during the August 18 ANA board of governors meeting at the Philadelphia World’s Fair of Money.

ACTF’s mission is to mobilize law enforcement to protect the integrity of U.S. coinage by educating officials about the growing threat that counterfeit circulating, collectible and bullion coins pose to the collecting community and the public and moving them to act.

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ACEF Receives IRS Approval, Now Public Charity

The IRS has granted the Anti-Counterfeiting Educational Foundation final approval as a 501(c)(3) non-profit organization and designation as a public charity.

“IRS final approval allows ACEF to move forward in many different directions to raise funds,” said ACEF President Scott Spitzer, CEO of Manfra, Tordella & Brookes.

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Three Receive 2018 ACTF Al Kreuzer Memorial Award

Nicholas L. Tranchitella, Richard Weaver, and Doug Davis received ACTF’s annual Al Kreuzer Memorial Award.The Industry Council for Tangible Assets recognized three individuals Aug. 15 for their outstanding work in combating counterfeiters and those who traffic in counterfeit coins and currency in the United States.

Doug Davis, Nicholas L. Tranchitella, and Richard Weaver received ACTF’s annual Al Kreuzer Memorial Award presented during ICTA’s annual banquet held in Philadelphia during the American Numismatic Association’s World’s Fair of Money.

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ICTA Celebrates 35 Years of Business

The Industry Council for Tangible Assets (ICTA) is incredibly proud to have turned 35 in July—but we’re even more proud of how we achieved it. ICTA is governed by a volunteer Board of Directors elected by the membership. The list of the association’s past chairmen reads like a “Who’s Who” of the rare-coin / precious-metals industry: the first chair was Luis Vigdor, followed by ICTA leaders Jesse Cornish and Joseph Povey (co-chairs), Jesse Cornish, Henry Beckler, Bruce L. Kaplan, Stan Medlar and John Norris (co-chairs), John Norris, Mike Clark, Tom Noe, Don Doyle, Terry Hanlon, Mal Varner, Paul Montgomery, Todd Imhof, Steve Ivy, Fred Weinberg, Gary Adkins, Bob Greenstein, Harry Miller, Philip Diehl, and currently John Fisher.

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