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| October 21, 2018

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P&G Posts Strongest Sales Growth in Five Years

October 19, 2018 |

Procter & Gamble reported stronger sales in the latest quarter, driven by gains in the beauty segment, as the consumer-products giant seeks to snap a stretch of lackluster growth.
WSJ.com: US Business

PR: True Flip Opens for b2b Sales with the Launch of Magic Dice

October 3, 2018 |

True Flip Opens for b2b Sales with the Launch of Magic Dice

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

Curaçao True Flip, the blockchain fair games developer, opens a business-to-business service with the launch of its new game, Magic Dice.

Magic Dice is exactly as simple as it looks: five number ranges, five magic dice, a 100% safe algorithm of winning combinations, bets starting from 0,00004 BTC, and the chance of winning up to 12 BTC.

Magic Dice was developed to be playable on any iframe-supporting platform or casino. With this game, True Flip is finally launching its long-awaited b2b product, which will begin serving its first customers in late 2018.

Further developments will include refactoring of existing games to match iframe integrations, as well as the creation of new games for commercial use every two months.

“Based on a centuries-old concept, Magic Dice continues our tradition of offering unique, beautiful graphics in a user-friendly interface. We hope this product will gain fans from a variety of audiences due to its simple, yet captivating gameplay” — CMO, Konstantin Katsev.

“We’re happy to offer True Flip’s games to the broader market. Beginning this fall, we will undertake our first integrations and we welcome everyone to partner with us. We believe there is still huge demand for fresh visuals and gameplay in today’s gaming market.” — COO, Nikita Parkhomenko.

About True Flip
True Flip is an iGaming developer that has released five games, with more in development, and has attracted more than 200,000 registered players to date to the trueflip.io platform.

True Flip benefits from the advantages of distributed ledger technology. These include the overall transparency of processes, such as random number generation, ticket purchases and prize distribution.

Sales:
business@trueflip.io

True Flip is the source of this content. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.

Contact Email Address
business@trueflip.io

Supporting Link
https://dice.trueflip.io

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

The post PR: True Flip Opens for b2b Sales with the Launch of Magic Dice appeared first on Bitcoin News.

Bitcoin News

Nike’s Sales Rise 10% on Higher Spending on Sneakers and Apparel

September 25, 2018 |

Nike posted a 10% increase in sales during the summer quarter, riding strong consumer spending in the U.S. and healthy demand outside its home market for the brand’s sneakers and athletic apparel.
WSJ.com: US Business

Sears Reports Widening Losses and Tumbling Sales

September 14, 2018 |

Sears Holdings Corp. is limping into the critical holiday season, after the struggling company reported its quarterly sales fell 26% and it continues to close dozens of stores.
WSJ.com: US Business

Sales Tax and Bitcoin in the United States Can Be Confusing

September 13, 2018 |

Sales Tax and Bitcoin in the United States Can Be Confusing

Over the last two years in the US, the federal government and states have been trying to grasp the concept of cryptocurrencies and apply them to traditional finance laws like taxes. The task has proven to be extremely difficult for federal agencies and officials however. One confusing issue is the application of state sales tax towards a purchase made with bitcoin. A great majority of states across the US have zero guidance on this issue and some states like New York, New Jersey, and California have entirely different ways of handling digital currency purchases and sales tax.

Also read: Bitcoin Cash Hard Fork Debate Reconvenes After the Stress Test

Sales Tax and Bitcoin 

Bitcoins and taxation is not the most popular topic, and both topical conversations seem to mix like oil and water these days. In the US, most cryptocurrency enthusiasts understand that according to the Internal Revenue Service (IRS), digital currencies like bitcoin are considered property for Federal tax purposes. Essentially this means that current property transaction laws apply to transactions using virtual currencies. The US taxpayer is required to report the character of gains or losses from the sale or exchange of a cryptocurrency from the value it was acquired for at the time and for the value of the final sale. Additionally, the IRS treats cryptocurrencies like a ‘convertible virtual currency’ (CVC) which means theoretically if merchants accept a currency like bitcoin the state tax could be applied to both the merchant and customer.

Sales Tax and Bitcoin in the United States Can Be Confusing

However, only a few states offer clarification on the issue of sales tax and bitcoin purchases. Most US states have absolutely no guidance whatsoever on how a merchant and customers should handle sales tax. The few states that do offer some descriptive laws on state sales tax and cryptocurrencies also provide two different methods of applying sales tax to digital currency purchases. The subject was covered in a recent BNA tax report this week and the topic has been discussed in great detail over the last five years.

New Jersey’s Technical Assistance Memorandum

Sales Tax and Bitcoin in the United States Can Be ConfusingFor instance, back in 2015 the state of New Jersey published a Technical Assistance Memorandum (TAM-2015-1 -R) which explains bitcoin and other cryptocurrencies are to be treated as a CVC. If a customer purchases an item from a New Jersey merchant who accepts bitcoin, the purchase or use is not subject to the state’s sales/use tax. Merchants in New Jersey, on the other hand, are subject to sales tax laws and the percentage of sales tax is based on the fair market value of the cryptocurrency used. Of course, the merchant is required to pay the tax in US dollars as well. According to New Jersey law merchants must:

  • Register for sales tax purposes;
  • Record in their books and records the value of the convertible virtual currency accepted at the time of each transaction, converted to US dollars;
  • Record in their books and records the amount of sales tax collected at the time of each transaction, converted to US dollars; and
  • Report such sales and remit any sales tax due in US dollars when filing their periodic sales tax returns.

The New York State Department of Taxation and Finance Rules

Sales Tax and Bitcoin in the United States Can Be ConfusingThe State of New York’s law towards bitcoin and sales tax is quite similar to New Jersey’s sales tax guideline. New York defines bitcoin sales tax the same way by finding the value of the cryptocurrency or CVC used at the time of purchase and applying that to the value of the CVC amount spent determines the tax. Because the prices of digital assets fluctuate so much, merchants will have a difficult time formulating their revenue books with New York and New Jersey’s sales tax perspective.

“If the party that gives convertible virtual currency in trade receives in exchange goods or services that are subject to sales tax, that party owes sales tax based on the market value of the convertible virtual currency at the time of the transaction, converted to US dollars,” explains the New York State Department of Taxation and Finance.

If the party that trades property or services in exchange for receiving convertible virtual currency gives the other party a sales slip, invoice, or receipt, the first party must separately state the sales tax due in US dollars on the sales slip, invoice, or receipt.

Sales Tax and Bitcoin in the United States Can Be Confusing

California Uses the Advertised Selling Price of the Product for Sales Tax

Sales Tax and Bitcoin in the United States Can Be ConfusingHowever, another state with a powerful economy like New York has an entirely different way of handling state sales tax and bitcoin. The state of California has applied a sales tax law to virtual currencies as well, but instead of using the CVC value, the sales tax is only applied to the products sold. The California Board of Equalization explains that sales tax applies to bitcoin just like fiat and a tangible item of personal property. However, the measure of sales tax stems from the price of the product at the time of sale and has no correlation to the CVC’s value at the time. Just like New York and New Jersey, sales tax in California must be paid in US dollars.

“The measure of tax is the total amount of the sale or lease, whether received in money or other consideration,” the California Board of Equalization details.

Therefore, if a retailer enters into a contract where the consideration is virtual currency, the measure of tax from the sale of the product is the amount allowed by the retailer in exchange for the virtual currency (generally, the retailer’s advertised selling price of the product.)

There are a few other states in the US including Vermont, Illinois, Arizona, Wyoming, and Georgia that have cryptocurrency laws either being drafted or being reviewed by governors, senators and house representatives in those regions. Internationally sales tax law in other countries such as Germany, Denmark, Belarus, and Slovenia are far friendlier than the US but also use entirely different methods of taxation. Then there are a few regions that don’t apply a capital gains tax to virtual currencies like Mauritius, Hong Kong, New Zealand, Switzerland, and Barbados.

It doesn’t seem like the US or the IRS will be defining bitcoin in a different way and will continue to be treated as a property rather than a currency. As far as state sales tax is concerned, a large majority of merchants from different states are still very much in the dark when it comes to sales tax and bitcoin.

What do you think about applying sales tax to bitcoin and how each state is taking different measures? Let us know what you think about this subject in the comment section below.


Images via Shutterstock, Bitcoin.com, and Pixabay.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH, and other coins, on our market charts at Satoshi Pulse, another original and free service from Bitcoin.com. 

The post Sales Tax and Bitcoin in the United States Can Be Confusing appeared first on Bitcoin News.

Bitcoin News

TMZ

Nicki Minaj Says Cardi B Fight Has Made Her the Winner in Album Sales and Radio

September 12, 2018 |

Nicki Minaj thinks Cardi B took a giant L in their war that almost erupted in hand-to-hand combat, because Nicki’s business empire has gotten even bigger, her radio show has shot to #1 and all Cardi got was a lump on the head. Sources connected…

TMZ.com

Global Car Sales Hit Speed Bump

August 28, 2018 |

After nearly a decade of growth, new-vehicle sales in the world’s largest auto markets are entering their first sustained slowdown since the global financial crisis as uncertainty around the U.S.’s trade policies looms.
WSJ.com: US Business

Gap’s stock tumbles after namesake brand’s sales decline worsens

August 24, 2018 |

Old Navy has been Gap Inc.’s savior in recent quarters, but its strength — along with a companywide jump in profit — wasn’t enough to quell investors’ concerns about Gap’s namesake brand.

The San Francisco company announced Thursday that its profit rose nearly 10% to $ 297 million for the quarter…


L.A. Times – Business

Alibaba Sales Jump 61%, Fueled by Online Spending

August 23, 2018 |

Chinese e-commerce titan Alibaba reported a 61% increase in sales, as Chinese consumers continued to spend on the internet despite slowing economic growth.
WSJ.com: US Business

Target records best sales gain in more than a decade as new brands draw shoppers

August 23, 2018 |

Target Corp. kept pace with rival Walmart Inc. by posting its best sales in 13 years, sending its shares to a historic high.

Same-store sales rose 6.5% in the latest quarter, the company said Wednesday, beating analysts’ average prediction, according to Consensus Metrix. Web revenue growth also…


L.A. Times – Business