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Arkansas and Ohio Coin Dealers Receives Service Awards

The National Coin & Bullion Association dealer-members Dan Hedges (Auro Industries, Little Rock, Arkansas) and David Miholer (The Executive Coin Company, Stow, Ohio) have received the association’s 2021 Diane Piret Memorial Outstanding Service Award for their continuous dedication and financial contributions to obtaining a sales-tax exemption on sales of collector coins, bullion coins, bullion, and currency in the state of Arkansas and reinstating Ohio’s exemption for precious-metal and investment coins and bullion, respectively.

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New Concerned Collectors Coalition to Replace Consumer Patron Membership

join nowThe National Coin & Bullion Association is replacing our Consumer Patron-level membership with a new, FREE membership dedicated to collectors. The Concerned Collectors Coalition is specifically for individuals whose primary source of income is not generated by the sale of numismatic materials. Concerned Collectors Coalition members receive a membership certificate and the association’s quarterly digital newsletter, Member News. A member of the Concerned Collectors Coalition does not have membership voting rights.

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Tax Court Explicitly Bans Gold and Silver Coin Home Storage IRA Accounts

In a recent tax court case, Andrew McNulty et al. v. Commissioner of Internal Revenue, judge Robert Goeke ruled that the physical storage of $411,000 in gold and silver American Eagle coins in a safe at home constituted “unfettered control” of the investment and would thus be considered a taxable payout from the IRA in the amount of $411,000.

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Halstead Bead Challenges Louisiana Sales Tax System in Lawsuit

Litigation could open the door for a federal legislative response against Wayfair overreach laws in many states.

For more than two years, several groups opposed to interstate sales tax laws have been looking for an opportunity to challenge the overreach seen in some states since the Supreme Court's Wayfair decision in 2018. On Monday, November 15, 2021, Arizona company Halstead Bead, Inc., filed an action in US District Court for the Eastern District of Louisiana, asking the court to declare Louisiana's approach to collecting sales taxes a violation of federal constitutional protections against an undue burden on interstate commerce. Louisiana currently uses more than 50 different governmental entities to collect sales tax, requiring out-of-state businesses to file reports in each parish where sales are made and creating a compliance nightmare. Unlike most aggrieved parties, Halstead has the financial support of several groups, including the National Taxpayers Union Foundation, Goldwater Institute, and Pelican Institute for Public Policy. This litigation could open the door for a federal legislative response against Wayfair overreach laws in many states.

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Support Campaigns to Protect Your Business from State Greed

In light of the Supreme Court’s South Dakota v. Wayfair decision, what would it mean for your business to be free of the burden of collecting sales tax on the coins, currency, and precious-metals bullion you sell?

Even if your business is not located in one of the states below, if any of your customers—be they wholesale or retail—are located in any of these states, you may be required to collect and file state taxes on their behalf.

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