article thumbnail

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.

Hawaii 116
article thumbnail

IRS Offers Tax Filing Extensions to Hawaii Wildfire Victims

CPA Practice

The Internal Revenue Service will allow Hawaii taxpayers in Maui and Hawaii counties extra time – until February 15, 2024 – to file various federal individual and business tax returns and make tax payments that would have been normally been due before then.

Hawaii 97
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Vitamins, supplements and sales tax – the latest

TaxConnex

Vitamin and supplement labels can also have “drug facts” that would likely trigger tax as a prescription or nonprescription drug – though if prescribed by a physician vitamins and supplements are exempt from sales tax in Alabama, Indiana, Iowa, Maine, and possibly Hawaii.

Sales 264
article thumbnail

Why are some states’ sale taxes higher than others?

TaxConnex

The lowest state-level sales tax (aside from the NOMADs) is in Colorado, Alabama, Georgia, Hawaii, New York and Wyoming. The highest state-level rates are in California, Indiana, Mississippi, Rhode Island and Tennessee.

article thumbnail

Excise Tax versus Sales Tax

TaxConnex

Excise taxes vary widely from state to state, but in recent years states collecting the highest per-capita excise taxes include Vermont, Nevada, Hawaii, Minnesota, and Maryland. Excise tax” can also mean slightly different things in different states: Hawaii's general excise tax (i.e.

Sales 189
article thumbnail

IRS Again Extends Income Tax Deadline For Hawaii Wildfire Victims

CPA Practice

8, 2023, wildfires in Hawaii. The news release said this tax relief is available to individuals and households that live in or have a business in Maui or Hawaii counties, as designated by the Federal Emergency Management Agency’s disaster declaration. 15 , which did not cover federal income tax filings for tax year 2023.

Hawaii 59
article thumbnail

Sales tax and accounting services

TaxConnex

Several states levy their sales tax or its equivalent on services, among them Hawaii (which has a general excise tax, or GET), and New Mexico. As our economy becomes increasingly service-based, this is seemingly changing as states and other tax jurisdictions realize they’re missing a potentially big tax revenue stream. Sourcing is huge.