article thumbnail

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

TaxConnex

Exempting groceries from sales tax as American families struggle with inflation and other economic woes is politically tempting. Kansas and Tennessee just became the latest states to green light such exemptions. million in taxes a year on the sale of groceries. Here’s a review of some of the recent changes and updates.

Sales 246
article thumbnail

The latest on sales tax on shipping charges (part 1)

TaxConnex

When items in a shipment are exempt from sales tax in a given state, so is the cost of shipping. Connecticut, Georgia, Michigan, North Dakota, South Carolina, Tennessee, Texas, Vermont, Washington, West Virginia and Wisconsin follow this rule.

Insiders

Sign Up for our Newsletter

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

Trending Sources

article thumbnail

The latest on sales tax on shipping charges (part 2)

TaxConnex

Stating the shipping cost separately on the invoice, for instance, affects taxability in Alabama (as does how the item is delivered), Arizona, Iowa, Maryland, Massachusetts (if the shipping cost “reasonably reflects” the vendor’s real cost), Missouri and Wisconsin – but not in Tennessee.

Sales 26
article thumbnail

Tax Framework Released: Tax Relief for American Families and Workers Act of 2024

Withum

Markey (D) Markey (202) 224-2742 Tennessee Marsha Blackburn (R) Blackburn (202) 224-3344 Tennessee Bill Hagerty (R) Hagerty (202) 224-4944 Contact Us For more information on this topic, please contact a member of Withum’s Business Tax Services Team.

Tax 118
article thumbnail

IRS Provides Relief to Taxpayers Impacted by Hurricane Helene

Withum

The IRS issued a news release providing tax relief for taxpayers affected by Hurricane Helene. This includes the entire states of Alabama, Georgia, North Carolina, and South Carolina, 41 counties in Florida, eight counties in Tennessee, and six counties and one city in Virginia.

article thumbnail

Court Invalidates IRS Micro-Captive Transactions Notice: Now What?

Withum

District Court in Tennessee invalidated IRS Notice 2016-66 (November 2016) , which announced the IRS view that certain micro-captive insurance transactions are transactions of interest (essentially tax shelter transactions) and that they are subject to the special reporting regime applicable to so-called reportable transactions.

article thumbnail

Professionals on the Move – Sept. 2024

CPA Practice

Hight earned his master’s and bachelor’s degrees from Tennessee Tech University and previously served on the university’s College of Business Advisory Board. Before joining Brady Martz, he served as President of Engineered Tax Services, Inc. Todd is also a Veteran and served in the United States Air Force.

Kansas 104