Each quarter, we highlight a different membership benefit in our newsletter. This quarter, we’d like to point out the 'Sales-Tax Status & Economic Nexus Requirements by State' quick-reference guide. 📋 Available to dealer-members only, it shows the sales-tax exemption status (complete, partial, or nonexistent exemption) of each state on in-state retail sales of coins, currency, and bullion. 💰 This guide also shows each state’s post-Wayfair economic nexus requirements. Dealer-members may download this resource from our website, ncbassoc.org, via the main menu (sign-in required): Resources > Knowledgebase > Sales and Use Taxes > Files. 🌐 #Info #Reference #Coins #Taxes

The Kentucky sales tax exemption for currency and bullion goes into effect today, August 1, 2024. 📅 However, due to Governor Beshear’s line-item veto of HB 8, there are complications. ⚠️ Despite this, the General Assembly has enrolled the exemption into law, backed by AG Russell Coleman. 📜 Retailers must decide whether to collect sales tax amidst legal uncertainties. We will continue to monitor the situation and provide our members with timely updates. 🔍 #Kentucky #SalesTax #Bullion #Currency #NCBAssoc

All NCBA members are invited to attend our Board of Directors Meeting at the ANA World’s Fair of Money at 8:00 AM on Wednesday, August 7. 🗓️✨ Member involvement and participation are crucial to shaping our future, and we look forward to hearing what you have to say. 🗣️💬 If you’ll be able to attend, please RSVP with executive director David Crenshaw at [email protected]. 📧✅

In light of the new information we've uncovered regarding Form 1099-B, we've released a new white paper to help dealer-members understand reportable items. 📄 This paper offers guidance and insights into approved brands for fulfilling precious metals contracts. While we recommend seeking professional advice from tax or legal advisors, this paper serves as a helpful starting point for dealer-members looking to better understand the current policy. 🔍 Find the paper at ncbassoc.org > Resources > Knowledgebase > Anti-Money Laundering > Files > Understanding Reportable Items and Approved Brands for Precious Metals Contracts (sign-in required). #Coins #Taxes #News #Update

Great news for dealers in precious metals! The [page:ncbassoc] has secured clarification from the IRS regarding reporting requirements on IRS Form 1099-B. Following diligent efforts led by Gary Knaus and NCBA general counsel Jimmy Hayes, it's confirmed that certain precious-metal coins and $1,000 face-value bags of 90% silver are no longer reportable items under current CFTC-approved contract requirements. Stay informed with NCBA as they continue to navigate regulatory changes in the precious-metals market. #NCBA #IRS #PreciousMetals #Compliance 📈💰

[page:ncbassoc] is taking a stand against the surge in numismatic crime by contributing $5,000 to the Numismatic Crime Information Center (NCIC). As incidents of theft and fraud rise within the numismatic community, NCBA's generous donation supports NCIC's vital efforts in investigating, educating, and preventing crime. This contribution underscores the urgent need for collective action to safeguard the integrity of the numismatic world.🛡️💰 #NumismaticCrime #CommunitySupport #NCBA #NCIC

🌟 Look at all those membership benefits! Our Gold tier is designed for large companies with 20 or more employees, and they receive multiple exciting perks, like an NCBA table runner and a complimentary meal for themselves and a guest at each of our membership dinners. Interested in joining? Email us at [email protected], and we'd love to talk to you! #NCBA #Numismatics #Dealer #PCGS #NGC 🍽️✉️👥

Our Bronze tier is designed for coin shops or show dealers with 4–9 employees. It includes all the fantastic benefits of a Copper membership, along with an advertisement featured in the 'Our Sponsors' carousel on our website. If this sounds like a fit for you, please visit ncbassoc.org and complete your application today! 🥉✨ #NCBA #Numismatics #Dealer #PCGS #NGC

The budgets of the IRS and the Financial Crimes Enforcement Network increased this year, meaning coin and bullion businesses are likely to see more audits and investigations to ensure they are complying with the law. Now is the time to make sure that you have access to Anti-Money Laundering (AML) resources and trusted service providers to ensure legal compliance and safeguard your business from financial risks. 💼💰 Looking for AML resources or service providers? Reach out to us at [email protected] or visit our website to learn more. Don't wait until it's too late! ⏳ #AMLResources #Compliance #FinancialSecurity

The Nevada statute indicates that the authors had some interest in creating a sales- and use-tax exemption for retail sales of bullion coins. 😃💰 However, there is a fundamental misunderstanding in the text about the intrinsic value of bullion coins; the statute only exempts sales of coins sold below 150% of face value. 🤔💸 Is any Nevada coin business interested in launching a campaign to clarify the statute and extend the exemption to include coins and other forms of currency, along with precious metals bullion? Let us know by reaching out to us at [email protected]. #NevadaCoins #TaxExemption #BullionCoins #Currency #PreciousMetals