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Hawaii to Offer Tax Amnesty to Switch Short Term Rentals to Long Term

CPA Practice

Hawaii has some of the highest median home prices and rents in the country — and a persistent housing crisis. Could tax incentives geared toward turning Hawaii short-term rentals (STRs) into long-term housing increase housing stock and decrease rents for Hawaiians? By Gail Cole. Governor Josh Green thinks so.

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Betting on the Super Bowl? Don’t Forget About Taxes

CPA Practice

States with legal sports betting Legal sports betting, including online betting, has expanded across the United States in the last few years. Supreme Court decision that allowed states to decide whether to legalize sports betting. Reuters has reported that the Chiefs are slight underdogs to the 49ers.

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What’s new in sales tax?

TaxConnex

The five states with the lowest average combined rates are (the still technically NOMAD state of) Alaska (1.82%) as well as Hawaii (4.5%), Wyoming (5.44%), Maine (5.5%) and Wisconsin (5.7%). BOI oh boy. The much talked-about new Beneficial Ownership Information (BOI) requirement for millions of small companies under the U.S.

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The Benefits of Delayed Business Filings

CPA Practice

A delay allows business owners to specify a future effective date on their registration forms, granting them control over when their company officially becomes a legal entity. In a delayed filing, the business controls when the company officially becomes a legal entity. Let’s look at both options.

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

TaxConnex

Among other findings: Sales tax bases range from 19.32% of personal income in Massachusetts to 93.89% in Hawaii; the Massachusetts base is extremely narrow, while the Hawaii base features significant tax pyramiding. Opponents promise legal challenges. Additional updates.

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5 Common Sales Tax Mistakes That Can Put You At Risk for Non-Compliance

TaxConnex

SaaS for example is subject to sales tax in many states and many services are taxable in states like Hawaii, South Dakota, and New Mexico. For tax purposes, it is the jurisdiction (state, county and city) that has the legal authority to tax a transaction. If your business sells?software software or software-as-a-service?(SaaS),

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How Biden’s Proposed Wealth Tax Would Work

CPA Practice

Additionally, lawmakers in California, Connecticut, Hawaii, Illinois, Maryland, Minnesota, New York, and Washington have recently proposed wealth taxes. Hawaii’s Wealth Asset Tax would apply to taxpayers with assets over $20 million in assets in Hawaii. Washington is a state that doesn’t have income taxes.)

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