Tax & Accounting Blog

Goose Creek South Carolina Hospitality Tax

Goose Creek South Carolina Hospitality Tax

The city of Goose Creek, South Carolina, has enacted a new hospitality tax of 2% effective January 1, 2014.   The new tax is controversial, with many residents questioning why the city council decided to adopt a new tax without mentioning a clear objective for the new tax revenue. Others are hoping that the revenue … Read More

January 2014 Sales & Use Tax Rate

January 2014 Sales & Use Tax Rate

Rate Changes Alabama: Excel 2.0%; Excel Police Jurisdiction 1.0%; Flomation 4.0%; Flomation Police Jurisdiction 2.0%; Munford 5.0%; Munford 1.0%    (For Agricultural and Manufacturing); Coaling 3.0%; Coaling Police Jurisdiction 1.5%; Eufaula 4.0%. Alaska: Wasilla Tiered Rate 3.0% Invoiced Amount up to $500.00. Arizona:  Buckeye Graduated Rate: 3.0%; Item Amount up to $1999.99 per Item; Phoenix 1.0%. Arkansas: Barling 0.0%; … Read More

onesource

IRPAC Issues Annual Report and Recommendations to IRS

The Information Reporting Program Advisory Committee (IRPAC) has released its annual report for 2013, providing numerous recommendations to the Commissioner of Internal Revenue on new and existing issues in tax administration. IRPAC is a federal advisory committee that serves as an organized public forum for discussion of information reporting issues. IRPAC members are drawn from … Read More

Thomson Reuters ONESOURCE Indirect Tax Successfully Completes SSAE16 and ISAE 3402 Examinations

Thomson Reuters ONESOURCE Indirect Tax Successfully Completes SSAE16 and ISAE 3402 Examinations

NEW YORK, January 8, 2014 – The Tax & Accounting business of Thomson Reuters announced today that it has successfully completed SSAE16 Type 2 and ISAE 3402 examinations for its ONESOURCE Indirect Tax research and content subscriptions services, and its VAT compliance process.  Conducted by an independent CPA firm, the exams are used to establish … Read More

Do You Know Your Assets?

Do You Know Your Assets?

Did you know that some states treat your assets differently if you are in specific industries?  For example, in California, if you are in the banking industry, only your banking assets are Reportable/Taxable, while all other assets are Not Reportable/Not Taxable. There are many states or specific jurisdictions where industry-specific forms, trend factor tables, or … Read More