CPA Practice

MAY 1, 2024

Of course, this decision has its critics, but it’s worth noting that the change would also impact federal income tax breaks for many cannabis businesses. Biden on marijuana reclassification Under federal law, marijuana is currently classified as a Schedule I controlled substance , making it illegal to grow, transport, or sell.

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CPA Practice

JANUARY 23, 2023

Grocery taxes that remain are “there for a reason. They’re needed as part of the revenue system, or because [elected officials] would rather cut other taxes,” such as the income tax, Auxier said. Tennessee, which dropped its grocery sales tax from 5% to 4% in 2017, lifted the tax for a month last August.

Idaho 111

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Withum

NOVEMBER 17, 2022

The Wayfair case validated economic nexus for sales tax purposes and amplified economic nexus for income tax purposes, signaling to all states that economic nexus is sound law. Although many businesses might be subject to nexus, with proper planning, income tax burdens can be alleviated or reduced with sales-sourcing analysis.

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tax planning Tax income tax New York 52