Massachusetts – Legislation has now increased excise and sales tax on recreational marijuana. Excise tax for recreational marijuana will increase from 3.75% to 10.75% and sales tax will increase from 2% to 3%. The excise and sales tax will be in addition to the state sales tax rate of 6.25% for recreational marijuana. The bill…
Illinois- Effective July 1, 2017, there were law changes for sales and use taxes including exemptions for graphic arts machinery & equipment and increased taxes for gasohol. There are also extended exemptions for some ethanol and biodiesel fuel sales. There will now be a 100% sales tax, service occupation tax, use tax, and service use…
Texas – Effective January 1, 2018, Senate Bill 1083 amends tax code to exempt from sales and use tax insurance services performed by certified public accounting firms if services are less than 1% of the firm’s previous year’s total revenue. Additionally, insurances services are exempt if a service is performed on behalf of a certified…
Texas – Effective September 1, 2017, House Bill 4054 will amend the tax code to grant exemptions on certain bakery items. This Bill will clarify the taxability of bakery items which has caused taxpayers much confusion in the application of the law. The law was revised to exempt bakery items regardless of whether the item…
Louisiana– Effective October 1, 2017, sales and use tax is 100% excluded from the sale of silver, gold and platinum bullion. Similarly, numismatic coins priced less than $1000, sold at national, statewide, or multi-parish trade shows will now receive full exclusions. “We are very pleased that the Louisiana (sales tax) exemption is now restored,” said…
NATIONWIDE – According to the National Retail Federation, an average family spends $637.78 for shoes, supplies, apparel, and electronics for back to school. An Estimated $83.6 Billion is expected to be generated for back to school sales this year which is a 10% increase from the previous year. In 2016, back to school spending generated…
Out-of-State Dealers operating in Tennessee should register by March 1, 2017, and begin collecting Sales Tax by July 1, 2017. This rule was effective January 1, 2017, and provides that out-of-state dealers with no physical presence in Tennessee who engage in regular solicitation of consumers in Tennessee and who make sales exceeding $500,000 to consumers…
MULTI-STATE- Making extra money by renting out a spare bedroom or an entire home has gotten increasingly easier, thanks to online listing services such as Airbnb and Homeaway. The increase in popularity of such services has given rise to unforeseen tax liabilities and consequences. Homeowners are often unaware that they must collect and remit hotel…
Happy New Year from Davis & Davis LLC – Sales Tax Experts. About Davis & Davis LLC – Sales Tax Experts: Headquartered in Dallas, Texas, Davis & Davis LLC – Sales Tax Experts specializes in sales/use tax audit consulting and audit defense. Our team of consultants is comprised of former Big 4 sales tax consultants and state…
Wishing everyone a Merry Christmas from all of us at Davis & Davis LLC. About Davis & Davis LLC – Sales Tax Experts: Headquartered in Dallas, Texas, Davis & Davis LLC – Sales Tax Experts specializes in sales/use tax audit consulting and audit defense. Our team of consultants is comprised of former Big 4 sales tax consultants…
