ICTA - Your Industry Watchdog | News
Alabama Dealers Honored with Service Award

Industry Council for Tangible Assets chief operating officer David Crenshaw (left) and ICTA treasurer Patrick Heller (right), present Phil Darby (center) with the organization’s Diane Piret Memorial Outstanding Service Award at the organization’s dinner and update.

Industry Council for Tangible Assets dealer-members Phil Darby (J&P Coins and Currency, Helena, Alabama) and Steve Caiola (Alabama Gold Refiner, Homewood, Alabama) were honored during the ICTA dinner and update at FishBones, Orlando, Florida, on January 9 as the recipients of the 2018 Diane Piret Memorial Outstanding Service Award.

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PNG Leaders Step Up Fight Against Fakes With ACEF

New nonprofit entity created to accept donations for important 2019 work by Anti-Counterfeiting Task Force

Anti-Counterfeiting Task Force LogoThe Anti-Counterfeiting Task Force (ACTF) accomplished major victories combatting fakes and educating the public about counterfeits in the marketplace in 2018, according to ACTF Coordinator Beth Deisher. She envisions continued success in 2019 following the recent major reorganization of the group’s parent organization, the Anti-Counterfeiting Educational Foundation (ACEF).

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Anti-Counterfeiting Task Force Moves to Foundation

The Industry Council for Tangible Assets and the Anti-Counterfeiting Educational Foundation have jointly announced an agreement to transfer the Anti-Counterfeiting Task Force and the position of director of anti-counterfeiting from ICTA to the non-profit 501-C-3 foundation.

The transfer became effective Nov. 15.

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ICTA Names New Director and Officers and Elects New Board Members

The Industry Council for Tangible Assets (ICTA), the national trade association for dealers of rare coins, currency, and precious-metals bullion, announced that former congressman James “Jimmy” Hayes has been appointed executive director of the organization.

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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
alt_text
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!
* Gold Price: $1,275

 

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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