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What’s new in sales tax?

TaxConnex

There’s always something changing in the world of tax, especially sales tax. Johns County, Florida, received a $750 credit from Amazon after discovering that the marketplace facilitator had been overcharging her for sales tax for more than a decade, news reports said. New York state sales tax collections jumped 2.5%

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AICPA Asks IRS for Guidance on Excess Business Losses

CPA Practice

The American Institute of CPAs has sent a letter to the Internal Revenue Service requesting guidance on section 461(l), also known as the limitation on excess business losses (EBLs) of noncorporate taxpayers, enacted under the Tax Cuts and Jobs Act (TCJA).

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Alabama Promotes the Great Outdoors with Proposed “Adventure Awaits” Sales Tax Holiday

CPA Practice

There are currently two annual sales tax holidays in Alabama: A severe weather preparedness tax-free weekend in February and a back-to-school tax-free weekend in July. A new tax holiday will join them starting in 2025 should House Bill 257 become law: The twice-yearly Alabama Adventure Awaits sales tax holiday.

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IRS Announces Annual PCOR Fee Adjustment

ThomsonReuters

However, legislation enacted at the end of 2019 reinstated the PCOR provision, continuing the fee requirements through plan years ending before October 1, 2029 (see our Checkpoint article ). See also EBIA’s Self-Insured Health Plans manual at Section VI.H (“Additional Taxes Under Health Care Reform”).

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What are countries doing to implement OECD’s BEPS Pillar 2.0?

ThomsonReuters

As the Organization for Economic Co-Operation and Development’s (OECD) ground-breaking Base Erosion Profit Shifting (BEPS) framework for taxing the digital economy is being implemented, countries around the globe are beginning to roll out the second of the OECD’s two BEPS pillars—Pillar 2.0. Unlike the OECD’s Pillar 1.0,

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A Comprehensive Overview of Energy Tax Credits Under the Inflation Reduction Act of 2022

Cherry Bekaert

The Inflation Reduction Act (IRA) includes a range of energy tax credits designed to encourage transitioning to clean energy production, advanced manufacturing, adoption of clean vehicles (CVs) and reduced greenhouse gas emissions through alternative fuels and energy-efficient technologies. Section 179D is a permanent tax deduction.

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IRS Announces Annual PCOR Fee Adjustment

ThomsonReuters

However, legislation enacted at the end of 2019 reinstated the PCOR provision, continuing the fee requirements through plan years ending before October 1, 2029 (see our Checkpoint article ). See also EBIA’s Self-Insured Health Plans manual at Section VI.H (“Additional Taxes Under Health Care Reform”). Contributing Editors: EBIA Staff.

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