Daily Tax Update - March 10, 2015: Senators Introduce Revised Marketplace Fairness Act

Senators Introduce Revised Marketplace Fairness Act:  Today, Senators Michael B. Enzi (R-WY), Dick Durbin (D-IL), Lamar Alexander (R-TN), and Heidi Heitkamp (D-ND) introduced the new version of the Marketplace Fairness Act, modeled after legislation passed by the Senate in 2013.  As in the previous version of the legislation, states can require all sellers, including online retailers, to collect and remit sales and use taxes with respect to remote sales sourced to that state.  An exemption exists for sellers that have less than $1 million in total remote sales in the United States in the preceding calendar year.

IRS Releases Guidance Regarding Correction and Disclosure Procedures for Charitable Hospital Organizations:  Today, the IRS released Revenue Procedure 2015-21, which provides correction and disclosure procedures under which failures to meet the additional requirements for charitable hospital organizations added by the Patient Protection and Affordable Care Act of 2010 will be excused.  The Revenue Procedure states that charitable hospitals correcting minor omissions and errors that are either inadvertent or due to reasonable cause need not use the correction and disclosure procedures specified under the Affordable Care Act.