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New Mexico Lawsuit Sparks Marijuana Business Tax Debate

PYMNTS

A lawsuit in New Mexico is reigniting the debate over marijuana business taxes, only this time, the controversy surrounds how to classify these companies under state tax code. government collected approximately $4.7 million refund. The company’s case is now pending in the Court of Appeals.

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IRS Shoots Down Rumors of More Stimulus Checks

CPA Practice

Three rounds of stimulus checks—known officially as Economic Impact Payments—were sent by the federal government to income tax filers between March 2020 and March 2021 as a way to offset some of the hardships of the COVID pandemic. “There is no fourth round of [stimulus checks] from the Treasury Department,” he said.

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What's New in Sales and Use Tax?

TaxConnex

Anecdotally, sales tax revenue for local governments in the state of New York state rose 49.2% In New Mexico , most businesses will now pay destination-sourced Gross Receipts Taxes. Those with at least $100,000 of taxable gross receipts in New Mexico in the previous calendar year have a tax collection obligation.

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Love is in the air. and so is sales tax

TaxConnex

In New Mexico, the method of delivery can dictate the taxability. Some have no definition of “digital” product or goods; others use the Streamlined Sales Tax definition from the Streamlined Sales Tax Governing Board. This can depend on details: For example, tax in California depends on the temperature of the food.

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2024 Guide to State Sales Tax Holidays

CPA Practice

for local sales taxes only) in certain home rule states where local governments levy and administer local taxes. However, local governments sometimes offer tax-free periods for local sales tax. More details can be found at the New Jersey Division of Taxation and in P.L. Tax holidays can also exist at the local level (i.e.,

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What’s new in sales tax?

TaxConnex

Times : “Next week’s installment of Connecticut’s annual suspension of sales taxes on clothing and shoes may be a reminder that government is very good at bribing people with their own money.” New Mexico updated its description of the gross receipts tax collection responsibilities for online marketplace providers and sellers.

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On Event of 250th Anniversary of Boston Tea Party, U.S. Tea Merchants and Small Businesses Find Taxes too Complex

CPA Practice

As a result, 76% of tea merchants would urge the government to consider ways to reduce sales tax complexity with 42% considering lobbying decision makers and half (50%) even contemplating a legal challenge. For example, a U.S. and 9%, respectively). As an alternative, 90% would look to reduce the burden of complexity with automation or AI.

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