Tax & Accounting Blog

Maryland Celebrates Presidents Day Weekend With Tax Holiday

Maryland Celebrates Presidents Day Weekend With Tax Holiday

 From Saturday, February 16 through Monday, February 18, shoppers in Maryland will be able to keep an extra 6% in their pockets when they purchase certain qualified Energy Star products.  Among the types of products that would qualify for this exemption include air conditioners, washers, furnaces, heat pumps, standard size refrigerators, compact fluorescent light bulbs, … Read More

Tax Leaders from Global 2000 Companies Say VAT and Sales and Use Tax Compliance Will Be Top Issues in 2013 and Beyond

Tax Leaders from Global 2000 Companies Say VAT and Sales and Use Tax Compliance Will Be Top Issues in 2013 and Beyond

According to a recent Thomson Reuters poll, 88 percent of indirect tax executives have seen an increase in activity by tax authorities in the last two years.  In addition, nearly two-thirds (63 percent) of respondents are spending more time on tax compliance strategy and planning. The poll was conducted in Q4 2012 at the annual … Read More

Florida Governor to Propose Exemption of Sales Tax on Manufacturing Equipment

Florida Governor to Propose Exemption of Sales Tax on Manufacturing Equipment

 Florida Governor Rick Scott announced his proposal to exempt sales tax on manufacturing equipment during a visit to the Vistakon manufacturing plant in Jacksonville Wednesday.  While he did not give an idea of how much the state would lose in tax income if the legislature approves the bill, others have estimated it would be in the … Read More

Virginia Governor Proposes Gas Tax Cut, In Favor of Higher Sales Tax

Virginia Governor Proposes Gas Tax Cut, In Favor of Higher Sales Tax

 Tuesday (1/8/13), Virginia Governor Bob McDonnell proposed cutting the state’s 27-year-old $0.175 per gallon gas tax, which would make Virginia the first state in the country to do so.  His proposal also  increases the general sales tax from 5% to 5.8%.  The gas tax currently accounts for 30% of the state’s transportation revenues, but with the … Read More