Following a slew of penalty assessments by the California Department of Tax and Fee Administration (CDTFA) against bullion dealers, the California Coin and Bullion Merchants Association (CCBMA) is calling for clarification on state tax changes. California raised its exemption threshold for use and sales tax on bulk sales of non monetized silver or gold billion numismatic coins and monetized bullion after a review of data on inflation last October. Effective Jan. 1, 2023, the exemption threshold for the aforementioned taxes increase from $1,500 to $2,000.
However, several bullion dealers did not adjust to the new rates, primarily due to limited communication from the agency. This resulted in the dealers receiving penalty assessments when they...
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