Archive for July, 2012

Preference Claims Defense Number 3

In our last post we outlined the second of three common defenses to preference claims, the “subsequent new value” defense. Now let’s look at the third common defense, “contemporaneous exchange for new value”, in a bit more detail. Contemporaneous exchange for new value is very much like a COD transaction. For this defense, you give […]

 

Legislature Slips in a Bitter Pill

Retailers in Virginia who collect sales tax realized just a few weeks ago that, as of today, July 1, all sales tax submissions to the Virginia Department of Taxation would have to be online. Whoops. RichmondBizSense.com covered the news this morning and the leading organization for retailers, the Virginia Retail Merchants Association, identified the issue […]