Tax & Accounting Blog

In an advisory opinion issued November 18 on the constitutionality of several provisions of the new Michigan tax law that concerns state income tax and withholding on retirement benefits, the state Supreme Court ruled that basing exemptions and deductions on “total household resources” violates the Michigan constitutional prohibition against a graduated income tax. That strikes down two subsections … Read More

The South Carolina Supreme Court is currently considering arguments in a case filed by Mathew Bodman that could eliminate the state’s 78 sales tax exemptions. The suit argues that the exemptions and tax caps contained in  S.C. Code Ann. §§ 12-36-2110 and 12-36-2120 are unconstitutional and should be removed. According to the plaintiff, the statutes’ tax … Read More

Jones Lang LaSalle was able to meet their goal of mitigating the risk of transfer pricing penalties and adjustments through a solution which enabled them to streamline the information gathering process for its transfer pricing reports. Similar to many tax departments today, Jones Lang LaSalle, a financial and professional services firm, specializing in … Read More

When Maine first approved medical marijuana, it was decided that marijuana provided for medical purposes would be subject to the 5 percent state sales tax.  Now, lawmakers have issued an opinion that  brownies including medicinal marijuana fall under the higher prepared food rate of 7 percent.  Opponents are upset, saying that medicine should not be … Read More

Washington’s Governor is asking for a vote on a temporary half-cent increase to the state sales tax rate, making the rate 7 percent.  This temporary measure would last for three years, mostly going towards education and a portion going towards public services.  Last year voters rejected several tax increases but the governor says that residents … Read More

Thursday morning, November 21, the President signed H.R. 674, which enacts repeal of Section 3402(t) of the Internal Revenue Code – that is, the requirement for federal, state and local governments and their agencies and instrumentalities to withhold 3% federal income tax from many payments for services and payments for property (tangible property such as goods, … Read More