CALIFORNIA – Beginning July 1, sales tax will be included in the price of food truck items listed. If the vendor does not indicate that sales tax is included, they would need to add sales tax to the price of the taxable item. The State Board of Equalization approved an amendment to tax rules for…
TEXAS – Compared to June 2013, state sales tax revenue was up 3.7 percent, $2.24 billion, said Comptroller Susan Combs. “Sales tax revenues continue to grow at a moderate pace. The increase was led by remittances from the wholesale trade, services and restaurant sectors. Fiscal year-to-date collections have now grown by 5.2 percent.” Cities, counties,…
TEXAS – Shoppers, upcoming break from state and local sales and use taxes on purchases of certain energy efficient products during Memorial Day weekend! Qualifying products are: • Air conditioners priced at $6,000 or less • Refrigerators priced at $2,000 or less • Ceiling fans • Incandescent and fluorescent light bulbs • Clothes washers •…
TEXAS – Welding may be taxable when it constitutes the performance of a taxable service. It is determined by the specific type of work performed and whether it’s an improvement to realty or tangible personal property. If after installation the item’s removal from the property would not cause substantial damage to the property or destroy…
MISSOURI: Starting April 19th through the 25th, all retail sales of qualifying Energy Star-certified new appliances will be exempt from state and county sales taxes. The following, providing they are Energy Star certified and up to $1,500 each, is a list of qualifying items: Clothes washers Water heaters Dishwashers Air conditioners Furnaces Refrigerators freezers Heat…
3 simple tips on preparing for an audit: ORGANIZE RECORDS. You may have underpayed or overpayed sales tax. Having your records (sales/use tax returns, federal returns, sales tax transactions, etc) organized and easily accessible will help in supporting transactions. DON’T RUSH AUDIT PROCESS. It can be time consuming because the auditor will do a thorough…
COLORADO – The numbers are in! According to data, during the month of January, the first month of recreational pot sales, the legalized industry earned more than $3.5 million in revenue. Recreational marijuana is taxed in several ways. 15% excise tax, 10% special sales tax, 2.9% sales tax. Medical marijuana has another 2.9% sales tax….
Sales tax is often not on the top of a company’s list of priorities. Making earnings projections, payroll, and IRS deadlines loom heavy on the minds of many CFOs and controllers. Sales tax is many times an afterthought, an accrual account on their balance sheet, or not even a thought at all. Often times, a…
