DRAKE BUYS COPANION
Franklin, N.C. - Drake Software has acquired Copanion and its GruntWorx line of tax workflow software for an undisclosed sum. Drake develops its own line of tax preparation software, and plans to leverage Copanion's tax workflow product. Copanion will remain at its headquarters in Andover, Mass., and will not be moving to Drake's headquarters in Franklin, N.C., according to John Sapp, vice president of strategic development at Drake. Drake plans to retain all of Copanion's employees. "All of their people that were there during the acquisition, they're all on board," said Sapp. "We like the way they were running and we plan on keeping it running the same way."
Copanion CEO Ed Jennings will remain at least temporarily to help with the transition. "Ed is staying on board temporarily," said Sapp. "We're working out all the details on our relationship. We really, really like Ed a lot. He's staying on board temporarily during the acquisition to make sure things run smoothly."
Copanion is part of the AICPA's Trusted Business Advisor Solutions program.
BILL INTRODUCED TO COLLECT ONLINE SALES TAXES
Washington, D.C. - A group of Democratic lawmakers has introduced a bill in Congress aimed at leveling the playing field for sales tax charges between online retailers and brick-and-mortar stores.
The bill, known as the Main Street Fairness Act, has won the support of Amazon.com, which has been fighting Internet tax laws at the state level.
The act would provide states the clear authority to require retailers to collect the sales taxes they already owe. The bill would also compensate retailers for the start-up administrative costs associated with collecting sales taxes, particularly online, and treat all retailers equally regarding sales tax collection.
Taxpayers are currently required to report unpaid sales taxes for items purchased online, though few do so. The bill would release consumers from their existing sales tax remittance obligations. It would also help states and localities collect billions in taxes.
