Coupons providing discounts off the purchase price of goods and services have long since found a permanent and important place in shoppers’ purchase planning since Coca Cola offered the first American discount coupons in 1888. From canned vegetables to golf course tee times, the lure to shoppers of using a discount coupon is that they will pay a lower price for the purchase of the named good or service. Many of these are what economists call price elastic, meaning that sales will increase when the purchase price is lowered, and decrease when the price is raised. (more…)
On Nov. 18, 2016, the Internal Revenue Service (IRS) issued Notice 2016-70 to:
- Extend the due date for furnishing forms under Sections 6055 and 6056 for 2016 for 30 days, from Jan. 31, 2017, to March 2, 2017; and
- Extend good-faith transition relief from penalties related to 2016 information reporting under Sections 6055 and 6056.
Notice 2016-70 does not extend the due date for filing forms with the IRS for 2016. The due date for filing with the IRS under Sections 6055 and 6056 remains Feb. 28, 2017 (March 31, 2017, if filing electronically). (more…)