Comments on: New Mexico's new gift certificate law http://www.spaboomblog.com/2007/new-mexicos-new-gift-certificate-law Online marketing for spas, salons and massage therapists Fri, 05 Dec 2008 09:19:09 +0000 http://wordpress.org/?v=2.2.1 By: Michelle http://www.spaboomblog.com/2007/new-mexicos-new-gift-certificate-law#comment-12646 Michelle Wed, 09 May 2007 19:17:33 +0000 http://www.spaboomblog.com/2007/new-mexicos-new-gift-certificate-law#comment-12646 Thank you for this post! Please keep us up to date on what happens with NM and other states. Thank you for this post! Please keep us up to date on what happens with NM and other states.

]]> By: Larry Donahue http://www.spaboomblog.com/2007/new-mexicos-new-gift-certificate-law#comment-12637 Larry Donahue Wed, 09 May 2007 14:04:20 +0000 http://www.spaboomblog.com/2007/new-mexicos-new-gift-certificate-law#comment-12637 Debbie, we're doing more research to update our knowledge of all the state laws, and will be publishing more articles to summarize all the states and what to do about it. Thanks, Skip, for the reminder about IRS requirements for GC reporting. I'm going to do more research, and post it on the blog in short order. If we have any CPA's or tax folks who know about this, we'd love to hear what you have to say! Larry. Debbie, we're doing more research to update our knowledge of all the state laws, and will be publishing more articles to summarize all the states and what to do about it.

Thanks, Skip, for the reminder about IRS requirements for GC reporting. I'm going to do more research, and post it on the blog in short order. If we have any CPA's or tax folks who know about this, we'd love to hear what you have to say!

Larry.

]]> By: Angel http://www.spaboomblog.com/2007/new-mexicos-new-gift-certificate-law#comment-12520 Angel Tue, 08 May 2007 15:59:04 +0000 http://www.spaboomblog.com/2007/new-mexicos-new-gift-certificate-law#comment-12520 By your register receipts you are already paying taxes in some way on this money in some fashion. On top of that you pay out money to the credit card companies if that is the method of payment. The over head on a GC is not considered when New Mexico requires you to turn in all of the money. This is new law is absolutely ridiculous and unthought through. By your register receipts you are already paying taxes in some way on this money in some fashion. On top of that you pay out money to the credit card companies if that is the method of payment. The over head on a GC is not considered when New Mexico requires you to turn in all of the money. This is new law is absolutely ridiculous and unthought through.

]]> By: Skip Williams http://www.spaboomblog.com/2007/new-mexicos-new-gift-certificate-law#comment-12380 Skip Williams Mon, 07 May 2007 16:09:53 +0000 http://www.spaboomblog.com/2007/new-mexicos-new-gift-certificate-law#comment-12380 Dear Larry, Glad to see that you are on top of this. Unfortunately many Spa Owners depend on broken GC sales to provide profit, but I, like your advice, advise that we do everything we can to get recipients of GCs in so that we can convert them to long term Clients. Spas stand to make much more from a loyal Client than a broken GC. Larry could you clarify how this new law in NM conflicts with IRS (Federal) law? I believe, and you would know better, that the IRS forces us to convert the liability to revenue after a specified amount of time doesn’t it? And if it does, then doesn’t the new NM law then conflict, and which one would supersede the other? Best Wishes & Healthy Profits Skip Williams Dear Larry,

Glad to see that you are on top of this. Unfortunately many Spa Owners depend on broken GC sales to provide profit, but I, like your advice, advise that we do everything we can to get recipients of GCs in so that we can convert them to long term Clients. Spas stand to make much more from a loyal Client than a broken GC.

Larry could you clarify how this new law in NM conflicts with IRS (Federal) law? I believe, and you would know better, that the IRS forces us to convert the liability to revenue after a specified amount of time doesn’t it? And if it does, then doesn’t the new NM law then conflict, and which one would supersede the other?

Best Wishes & Healthy Profits
Skip Williams

]]> By: Debbie Hirsch http://www.spaboomblog.com/2007/new-mexicos-new-gift-certificate-law#comment-12313 Debbie Hirsch Sun, 06 May 2007 12:51:10 +0000 http://www.spaboomblog.com/2007/new-mexicos-new-gift-certificate-law#comment-12313 WOW!!! I had no idea laws like this existed. This is very anti-small business owners! I would be curious to know what the law is for the State of Georgia. WOW!!! I had no idea laws like this existed. This is very anti-small business owners! I would be curious to know what the law is for the State of Georgia.

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