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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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What's new in July for state sales and use taxes

TaxConnex

There’s always something changing in the world of tax, especially sales tax. State sales tax holidays fail to live up to the hype. in favor of conveniently popular yet ultimately ineffective sales tax holidays.”. Several states tinkered with their sales tax exemptions this summer. Holiday hucksterism? Free for all.

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Treasury: IRS Could Collect $561 Billion in Revenue Thanks to Inflation Reduction Act

CPA Practice

A new Treasury Department analysis says the IRS could turn the nearly $80 billion in funding it’s receiving from the Inflation Reduction Act into $561 billion in overdue and unpaid taxes collected over the next 10 years, higher than earlier estimates.

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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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More Rich Americans Will Soon Be Hit With an IRS Audit, Werfel Pledges

CPA Practice

in 2019 to 1% in tax year 2026. The IRS also said it is addressing racial disparities in tax enforcement, following an academic study last year that found Black taxpayers were three to five times more likely to be audited than other taxpayers. We highlight accomplishments rather than taking a victory lap because more work remains.

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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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New Missouri Tax Credit Incentivizes Businesses to Hire Interns and Apprentices

Anders CPA

This law provides an income tax credit for taxpayers who hire an intern or apprentice who is paid at or beyond the minimum wage. The DED will establish the procedure for claiming the tax credit and will certify eligible applicants to the Missouri Department of Revenue.