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What's new in state sales and use taxes

TaxConnex

The state extended its sales and use tax exemption for coal and aggregate exploration, mining, off-highway hauling, processing, maintenance and reclamation equipment to July 1, 2028. Georgia has amended the exemption from sales and use tax on the sale or lease of computer equipment to be used by qualifying Georgia high-tech companies.

Sales 246
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What’s new: state sales and use taxes

TaxConnex

The exemption, covering all common forms of bullion, now runs until 2028. has become the second state this year to expand its sales tax exemption involving gold and silver. Connecticut has ruled that online learning plans were not taxable digital goods.

Sales 242
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Report Predicts AI will Have a Transformational Impact on Professional Work by 2028

CPA Practice

A survey of more than 1,200 individuals working internationally shares the predicted impact that generative AI will have on the future of professional work. The survey showed 67% of respondents believe AI will have a transformational or high impact on their profession in the next five years.

Legal 98
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The pre-Black Friday outlook on ecommerce

TaxConnex

billion by 2028. Online retailers (71%) are among consumers’ top locations to shop due to price and convenience. Black Friday sales are projected to reach $10 billion this year and $12.3

Sales 147
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State Tax Credits in Alabama and Mississippi: New and Expanded Investment Opportunities

Cherry Bekaert

HB 241 extends the sunset date for the AJA from July 31, 2023, to July 31, 2028, and increases the annual funding cap by $25 million each year from $375 million in 2023 to $475 million in 2027. HB 241 also has favorable impacts on the Growing Alabama Act (GAA) by extending the sunset date for the GAA to July 31, 2028.

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IRS and Treasury Finalize E-Filing Rules for Businesses

CPA Practice

The IRS receives nearly 4 billion information returns per year and expects to receive nearly 5 billion by 2028. In 2021, about 82% of all corporate income tax returns were e-filed, and almost 90% of partnership tax returns were e-filed.

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New South Carolina Tax Credit to Incentivize Expanding Trail System

Cherry Bekaert

Therefore, South Carolina taxpayers who may qualify for the trails credit should plan to take advantage of the credit from tax years 2024 through 2028. The new credit is set to expire on January 1, 2029.