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What’s new in sales tax?

TaxConnex

There’s always something changing in the world of tax, especially sales tax. The five-letter acronym stands for the states without a statewide sales tax – New Hampshire, Oregon, Montana, Alaska and Delaware – and two of those states might be leaving the group sooner than later. billion-plus from a 4% sales tax in FY25.

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Sales Tax Highlights of August 2024 | TaxConnex

TaxConnex

There’s always something changing in the world of tax, especially sales tax. Analysis reveals that a fee in Washington of 30 cents per order could generate between $45 and $112 million in revenues in 2026, growing to between $59 and $160 million by 2030,” reads a recent report by the Washington State Joint Transportation Committee.

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Treasury Shifts SUV Definition for EV Tax Credits After Carmakers Gripe

CPA Practice

Treasury is changing how it defines a sport utility vehicle Friday after car companies lodged complaints that some vehicles were wrongfully being boxed out of new electric vehicle tax credits. Under new federal tax credits, SUVs, trucks and vans can cost up to $80,000 and still qualify for a $7,500 credit.

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Ethical Concerns in Using Tax Planning Software

CTP

What are my ethical responsibilities when I use software to produce a tax plan? In the world of taxes, there are many ethical issues that can come into play. And according to the same research firm, the use of AI in the accounting and tax industry will likely grow more than 50 percent by the year 2030.

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California Gas Tax Increases

CPA Practice

Monday marked the start of the new fiscal year and California’s state excise tax on gasoline increased 1.7 The excise tax rose on July 1 from 57.9 Last summer, the excise tax jumped 4 cents per gallon from the previous year because the rate of inflation was higher. cents per gallon. Jerry Brown signed into law in 2017.

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Required Minimum Distributions | Canopy

Canopy Accounting

Today, there are more than 54 million adults aged 65 and older, but by 2030, that number is expected to rise to 74 million. While this trend will create a number of social issues, one thing we tax preparers know is; helping our clients deal with retirement accounts is going to become an increasingly large part of our practices.

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Massachusetts risks $1B in lost tax revenue as rich flee

Accounting Today

billion in adjusted gross income are set to leave the state annually by 2030. If the current trend continues, more than 96,000 residents making a combined $19.2