1. Articles in category: State and Local Taxes

    1-24 of 34 1 2 »
    1. Why States Are Struggling to Tax Services | CPA Practice Advisor

      Why States Are Struggling to Tax Services | CPA Practice Advisor

      As states struggle to align their tax codes with the modern service economy, expanding sales taxes to include activities like personal care, home repair, funeral services, computer maintenance and similar enterprises would seem to be a logical move. But states are finding it's not so easy. Twenty-three state legislatures considered proposals this year to impose taxes on at least some services. But so far, none has made it into law intact -- and most died outright.

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    2. Lots of Employees Get Misclassified as Contractors. Here’s Why It Matters

      Lots of Employees Get Misclassified as Contractors. Here’s Why It Matters

      Worker misclassification — when employees are classified erroneously as independent contractors — has been widely discussed when it comes to Uber and other platforms. But Uber is not unique. The misclassification of employees pervades the modern economy and can be devastating to workers in the form of lost wages and little bargaining power. While the Obama administration issued guidelines for companies about how to interpret existing law, the Trump administration recently rescinded them.

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    3. Trump’s tax reform priorities unveiled - Journal of Accountancy

      Trump’s tax reform priorities unveiled - Journal of Accountancy

      The White House on Wednesday issued President Donald Trump’s goals and key features for tax reform, including slashed corporate tax rates, flattened individual marginal income tax brackets, and repeal of the estate and alternative minimum taxes. Trump outlined his proposals in a one-page sheet of bullet points headed “2017 Tax Reform for Economic Growth and American Jobs” and “The Biggest Individual and Business Tax Cut in American History.” Speaking to reporters at the White House, Treasury Secretary Steven Mnuchin and Trump economic adviser Gary Cohn described the president’s priorities, but repeatedly rebuffed requests for details, saying those would ...

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    4. New Yorkers pay highest state-local tax in US, report finds

      New Yorkers pay highest state-local tax in US, report finds

      12.7 percent of all income in New York went towards state and local taxes in 2012, according to the annual State-Local Tax Burden Rankings released on Wednesday by the nonpartisan Tax Foundation. The report highlights the state-local tax burden in each of the country's 50 states, detailing how much residents pay to their state and other states, and illustrates tax burden trends over time and within each state.

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    5. Year-End Tax Tips for Individuals

      The National Society of Accountants has released some suggested year-end tax tips for individuals, courtesy of Wolters Kluwer Tax & Accounting US. Individual income tax rates of 10, 15, 25, 28, 33, 35 and 39.6 percent remain in place for filing next April. (The more you made, the greater your percentage. ) The standard deduction for 2016 income will stay the same: $6,300 if you file your taxes using the status single or married filing separately.

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    6. Year-End Insights for State and Local Taxes | CPA Practice Advisor

      Year-End Insights for State and Local Taxes | CPA Practice Advisor

      Usually, taxpayers who itemize their deductions can write off most of the state and local taxes they pay in 2015, providing an opportunity to lower their federal income tax bill. In fact, you might even accelerate payments so you can increase your current deduction. But one year-end tax planning strategy remains in limbo: Until Congress moves to reinstate the alternative deduction for state sales taxes – if it ever does -- this option is not available.

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    7. Good Records Are Critical When Claiming Tax Deductions for Charity

      Good Records Are Critical When Claiming Tax Deductions for Charity

      Planning to claim tax deductions for charitable donations? The IRS is reminding taxpayers to make sure they have the records they need before filing their 2014 tax returns. For any taxpayer, keeping good records is key to qualifying for the full charitable contribution deduction allowed by law. In particular, this includes insuring that they have received required statements for two contribution categories—each gift of at least $250 and donations of vehicles.

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    8. Georgia Tax Reform Bill Introduced

      Georgia Tax Reform Bill Introduced

      On February 23, 2015, State Representative John Carson of Marietta introduced a comprehensive tax overhaul plan as House Bill 455 (HB 455). The bill has the initial backing of the General Assembly’s leadership and contains many of the recommendations of the 2010 Special Council for Tax Reform and Fairness for Georgians. HB 455 shifts state revenues in a meaningful way from income to sales taxes with significant rate and base changes. The bill also provides for a flat rate income tax structure, repeals many income tax credits and sales tax exemptions, increases the tobacco tax, and implements a comprehensive ...

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    9. Will Like-Kind Exchanges Survive Tax Reform? | CPA Practice Advisor

      Will Like-Kind Exchanges Survive Tax Reform? | CPA Practice Advisor

      According to Thomson Reuters, a new study by the Treasury ‘s Office of Tax Analysis reveals the dramatic tax benefits of a like-kind exchange of property. The study shows that taxpayers using this technique in 2007 (apparently the last year for which figures were available) deferred the tax on a total of $82.6 billion in gain, due mainly to swaps involving real estate and vehicles. But legislative proposals to curtail or eliminate the tax benefits of like-kind exchanges are in the works.

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    10. 2015 State Business Tax Climate Index

      2015 State Business Tax Climate Index

      The Tax Foundation’s State Business Tax Climate Index enables business leaders, government policymakers, and taxpayers to gauge how their states’ tax systems compare. While there are many ways to show how much is collected in taxes by state governments, the Index is designed to show how well states structure their tax systems, and provides a road-map to improving these structures. The 10 best states in this year’s Index are: 1. Wyoming 2. South Dakota 3. Nevada 4. Alaska 5. Florida 6. Montana 7.

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    11. Edit Post ‹ Windham Brannon — WordPress

      Could Georgia be the First State to Cap Income Taxes?

      Benjamin Franklin once said, “In this world nothing can be said to be certain, except death and taxes.”  While that saying rings loud in the ears of taxpayers, Georgia voters will be given the opportunity to at least avoid an increase in the state income tax rate.

      On November 4, Amendment A will ask the question, “Shall the Constitution of Georgia be amended to prohibit the General Assembly from increasing the maximum tax rate?”  The income tax rate currently imposed by the state of Georgia is 6% for all income ...

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    12. SALT for Businesses Hit $671 bn in 2013

      SALT for Businesses Hit $671 bn in 2013

      U.S. businesses paid $671 billion in total state and local taxes in fiscal year 2013, according to an annual study prepared by Ernst & Young in conjunction with the Council on State Taxation that was released today. State business taxes grew 4.7 percent compared to local tax growth of 3.7 percent, representing the third consecutive year of growth for both categories, according to the study, which was released today.

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    13. House Passes Bill Permanently Banning Internet Access Taxes

      House Passes Bill Permanently Banning Internet Access Taxes

      The House has approved by voice vote legislation permanently banning states from taxing Internet access or imposing multiple or discriminatory taxes on e-commerce. H.R. 3086, the Permanent Internet Tax Freedom Act, makes permanent earlier legislation banning Internet access taxes, the Internet Tax Freedom Act, which was first enacted in 1998 and extended three times with enormous bipartisan support.

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    14. In the Blogs: Poker and Taxes

      In the Blogs: Poker and Taxes

      Backtaxeshelp: They may have pitched the king’s tea into Boston Harbor and stood like a rock on Lexington Green, but two and a half centuries later, Tax Freedom Day still arrives three days later this year, according to the Tax Foundation. Estimates have Americans paying a total of $3 trillion in federal taxes and $1.5 trillion in state taxes, this year – almost a third of the average yearly income through the first 111 days of 2014.

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    15. Georgia No 35 for tax burden

      Georgia No 35 for tax burden

      Georgia taxpayers carried a lower-than-average tax burden in 2011, the nonpartisan Tax Foundation reported April 2. To find tax burden, the organization totaled the amount of state and local taxes paid by state residents to both their own and other governments and then divided the totals by each state’s total income. Georgia ranked No. 35 with an 8.8 percent state-local tax burden as share of state income for 2011, the most recent year data is available. The Peach State’s state-local tax burden…

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    16. How Ready Are Your Clients for a SALT Exam?

      How Ready Are Your Clients for a SALT Exam?

      During a recent sales tax exam, one of our clients received an information document request that contained a written notification that the state’s tax provision governing what constitutes adequate books and records required that a taxpayer under exam provide “complete electronic sale and purchases data in a standard record format for all transactions nationwide.” This notification indicated that such information included, but was not limited to, “accounts payable, accounts receivable and journal entries” for the entire three year period covered by the exam. After we reviewed the statute the state cited in its request, we found ...

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    1-24 of 34 1 2 »
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