News

Over the course of two decades, online sales went from fad to fortune to bust, and have now settled in as part of everyday business for a wide variety of small to medium sized companies. In fact, if you’re selling something then you most likely have an online component – and if you don’t, you’re thinking about it. The wide net that can be cast brings in more buyers from more places, giving sellers the ability to leapfrog to a new level of success. But just as online sales yield higher income for companies, the states in which they do business expect to be compensated through both sales and income tax.

Where a partnership is owned entirely by a husband and wife who file a
joint return, there has been the question of whether a Form 1065 for the
partnership is necessary. In the Small Business and Work Opportunity Tax
Act of 2007, signed into law in May 2007, Congress added section 761(f) to
address joint ventures between spouses who file joint returns, effective
for years beginning after Dec. 31, 2006.