Tax & Accounting Blog

Arizona Rejects Permanent Sales Tax Increase

Arizona Rejects Permanent Sales Tax Increase

Voters in Arizona rejected Proposition 204, which would have permanently increased the state sales tax by 1%, and benefited the school systems.  This permanent increase would have effectively replaced the existing 1% temporary sales tax increase, which will expire May 31, 2013. Source: http://azdailysun.com/news/local/state-and-regional/sales-tax-hike-for-schools-defeated/article_3d870892-aeab-53d7-9991-3aeb14d3c893.htmlRead More

Webcast: ONESOURCE Indirect Tax: Understanding Nexus to Avoid Unexpected Liability

Webcast: ONESOURCE Indirect Tax: Understanding Nexus to Avoid Unexpected Liability

Join Nicole Huberty, Lead Legal Analyst for Thomson Reuters, on November 8th, 2012, 10AM PT / 1PM ET for this nexus web presentation. Topics include: * The legal definition & background of nexus * Types of activities and the level of activity that creates nexus * How states will monitor your nexus and what to do … Read More

Illinois Targets Gas Stations That Cheat on Sales Taxes

Illinois Targets Gas Stations That Cheat on Sales Taxes

Illinois has been investigating gas station owners who withhold sales tax revenue for multiple-years. These efforts are beginning to pay big dividends for the state.  So far, the state has collected $72 million dollars in additional sales tax revenues, as a result of this project. They are currently charging 35 different gas station owners with sales tax evasion. … Read More

MISSOURI CONSIDERS REPLACING INCOME TAX REVENUE WITH SALES TAX

MISSOURI CONSIDERS REPLACING INCOME TAX REVENUE WITH SALES TAX

The Missouri Jobs and Prosperity Act aims at replacing corporate franchise taxes, bank franchise taxes, and state income tax with a sales tax increase. The individual income tax will be phased out and corporate income tax, corporation franchise and bank franchise taxes will be terminated immediately.  State sales and use tax would replace these lost revenues by … Read More