From the 1/6/17 edition of the Weekly State Tax Report:
Whatever you prefer to call it, the home-sharing, vacation rental, room renting, or ‘peer-to-peer’ short-term rental market is exploding. Leading companies like Airbnb, HomeAway and VRBO have created vast marketplaces, with huge inventories of rental properties across the globe. It is becoming increasingly simple and popular for both travelers and hosts or homeowners to connect and transact business. But this powerful tool for travelers to find accommodations—and property owners to generate income—triggers many tax and regulatory issues.
Rob Stephens, co-founder of Avalara MyLodgeTax, discusses the tax implication involved in the expanding sharing economy in this week’s BNA Insights article, available here (subscription required). Or sign up for a free trial to the Weekly State Tax Report.
Virginia Addback Ruling May Look to Alabama
“Tell me who you walk with, and I'll tell you who you are,” says the old Mexican proverb. The saying might be particularly troublesome to taxpayers awaiting the outcome of Kohl's Department Stores, Inc. v. Virginia Dept. of Taxation, a case over the safe harbor provisions in Virginia's intangible addback statute. Virginia's highest court is set to rule on it in 2017, after a lower court sided with the state based on its reliance on an Alabama ruling on the issue.
Rachel Martin from Bloomberg BNA discusses the Virginia case and the Alabama ruling in this week’s second BNA Insights article, available here (subscription required). Or sign up for a free trial to the Weekly State Tax Report.
Compiled by Chreasea Dickerson
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