Tax & Accounting Blog

During a recent Sales Tax Rate Update webinar given by ONESOURCE Indirect Tax the following question was submitted by an attendee. Our tax experts have submitted their response below. Questions: Is the new NC service tax n/a if the service is to production = mill equipment? Answer: North Carolina imposes a tax on sales of … Read More

Rate Changes ALABAMA: AL – Excel,  2.0%; AL – Excel,  (Agricultural Sales and Use Tax) 2.0%; AL – Excel,  (Automotive Sales and Use Tax) 2.0%; AL – Excel,  (Manufacturing Sales & Use Tax) 2.0%; AL – Excel Police Jurisdiction, 1.0%; AL – Excel Police Jurisdiction, City (Agricultural Sales and Use Tax) 1.0%; AL – Excel Police Jurisdiction,(Automotive Sales and Use Tax) 1.0%; AL – Excel Police Jurisdiction, (Manufacturing … Read More

This week, West Virginia House Delegate Jim Morgan introduced HB 4456, which would raise the state sales tax rate from 6.00% to 7.00%. This would make West Virginia’s State Sales tax rate tied for the highest rate in the nation along with Indiana, Mississippi, Read More

For tax periods beginning on or after January 1, 2014, the West Virginia Tax Department requires taxpayers remitting any single business tax of $25,000 or more during the tax year of July 2012-June 2013 to electronically file and pay their business taxes. There are, however, a few taxpayer accounts excluded from the mandatory e-filing, and … Read More

Fully depreciated assets are not reported or taxed in New Mexico. Any assets depreciated to a zero value and written off the books are not reported on the Personal Property Business Equipment Report. (NM Property Tax Code 3.6.5.16 (A)1)) If a federal depreciation deduction was taken and/or a Section-179 expense was taken and reported to … Read More

Oklahoma Tax Commission declared that, in order to claim your exemptions for intangible assets, all intangible assets must be reported. This year, the State Tax Commission created a new form, the 901-IP, for taxpayers to use for filing intangibles. Any assets that have not been reported will not qualify for the exemption. Additionally, this year … Read More