TaxConnex

MARCH 1, 2022

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. 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.

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TaxConnex

JUNE 9, 2022

States’ sales taxes account for almost 30% of state tax revenue, but most sales taxes are imposed on narrow and still-narrowing bases, according to a new report from the Tax Foundation. Sales taxes have become less neutral, less equitable, and less economically efficient over time,” the Foundation said.

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CPA Practice

MAY 17, 2023

Most states tax personal property owned by businesses and require businesses to complete and file a personal property rendition every year. The exceptions to that rule are Delaware, Hawaii, Illinois, Iowa, Minnesota, New Hampshire, New Jersey, New York, North Dakota, Ohio, Pennsylvania, and South Dakota.

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ThomsonReuters

FEBRUARY 1, 2021

States like California, Hawaii and Nevada registered unemployment rates at or above 9% in December 2020 and throughout the pandemic many other states suffered record-high unemployment rates rendering the state’s unemployment trust fund insolvent.

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ThomsonReuters

FEBRUARY 15, 2023

Accountants who help clients effectively manage property taxes can further strengthen their role as a trusted advisor. As a significant source of state and local revenue in the United States, the importance of property taxes is not to be underestimated.

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