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Trump’s Big Bill Boosts Micron’s Tax Break for Chip Plants by About $5 Billion

CPA Practice

Micron has already started building a new chipmaking plant at its headquarters in Boise, Idaho, where it is in the middle of a $15 billion expansion. Construction, labor and material costs increased by an average of 10% in the past year as chipmakers began work on more than 120 expansion projects in the U.S.

Tax
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Billy Long Sworn in as 51st Commissioner of the IRS

CPA Practice

Mike Crapo, an Idaho Republican who chairs the Senate Finance Committee, called on Long to prioritize taxpayers. Crapo said his conversations with Long had assured him he would focus on improving taxpayer services and enforcing tax laws with fairness. I don’t want either one of that equation to be intimidated by the other side.”

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State CPA Society News & Updates – June 2023

CPA Practice

Idaho Society of CPAs hosts 2023 tax updates for CPAs The Idaho Society of Certified Public Accountants (ISCPA ) is offering tax updates to CPAs for both personal and business clients. Best Individual Tax Update 2023 , which takes place December 14 from 8:00 AM – 3:45 PM. Register for this class here.

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

TaxConnex

95 , beginning July 1, 2023, local tax collectors have to provide notice of their intent to audit that also “advise[s] the taxpayer that the taxpayer may request a multi-parish audit.”. Several states tinkered with their sales tax exemptions this summer. Among them, alphabetically: Idaho will exempt qualified?semiconductor

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Chief Tax Writers Working to Broaden Appeal of Tentative $70 Billion Package

CPA Practice

By Caitlin Reilly, CQ-Roll Call (TNS) A bipartisan, bicameral $70 billion tax agreement taking shape on the Hill is drawing mixed reviews, pointing to potential challenges ahead for Senate Finance Chair Ron Wyden and Ways and Means Chairman Jason Smith. Crapo, R-Idaho, on board. Wyden, D-Ore., Elizabeth Warren, D-Mass.,

Tax
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Can The Senate Finance Committee Save U.S. Research And Innovation?

Withum

Crapo continued the discussion by praising the panelists for their examples of why extending the three business tax provisions from the Tax Cuts and Jobs Act is so critical. The immediate deduction of research expenditures is imperative for the growth of business. Supporting immediate research expensing to foster U.S.

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Lodging Tax Insanity — So Many Ways to Tax Accommodations

CPA Practice

States typically take one of five different approaches to taxing accommodations: A single, statewide tax on accommodations but no additional local taxes (e.g., Connecticut, Maine, New Hampshire) A combined state/local sales tax on accommodations and local jurisdictions can impose an additional local accommodations tax (e.g.,

Tax