VRBO parent company sues the state of Michigan over $18.8 million tax bill - MLive.com
Summary
VRBO's parent company is in a legal battle with the state of Michigan over an $18.8 million tax bill. This highlights the complex relationship between STR platforms and state revenue, specifically regarding tax compliance. Hosts should understand that platform tax obligations can be substantial and lead to significant financial risk. Staying current with STR tax laws is crucial.
Key Insights
- •VRBO's parent company is facing an $18.8 million tax bill from the state of Michigan.
Action Items
- ✓Hosts should review their tax obligations and ensure compliance with both local and state regulations.Effort: lowImpact: high
Common Mistakes
- ⚠Failing to understand and comply with tax regulations can result in significant financial penalties for hosts.
More from Regulations & Compliance
Arizona Rep. Bliss's bill regarding short-term rentals has passed, signaling potential changes to the regulatory landscape for hosts in the state. This legislative development could impact operational requirements and potentially the profitability of short-term rental businesses within Arizona. Hosts should stay informed about the specifics to ensure compliance.
Annapolis, MD, is experiencing a surge in short-term rental license applications, indicating increased interest in the STR market. This rise follows efforts to improve compliance with local regulations. Hosts should familiarize themselves with new permit requirements to avoid potential penalties and ensure smooth operations.
This article discusses the construction of more rental homes near transit in Burnaby. The focus is on increasing housing supply near public transportation. While specific STR implications are not detailed, it implies a changing landscape for residential real estate and potentially offers insights into future housing trends that may affect hosts in areas around Burnaby.
Curated by Learn STR by GoStudioM