Tax & Accounting Blog

Kentucky Imposes State Property Tax on Motor Vehicle Inventory

Kentucky Imposes State Property Tax on Motor Vehicle Inventory

Kentucky has announced that for any motor vehicle held for sale in the inventory of a licensed motor vehicle dealer, whether or not that vehicle is titled and registered in Kentucky and whether or not ownership has been transferred to the dealer, the state shall impose a property tax of 5¢ for every $100 of … Read More

Wind Energy Conversion Property now taxable for ad valorem tax purposes in Maui County

Wind Energy Conversion Property now taxable for ad valorem tax purposes in Maui County

Recent tax changes in Maui county will effect companies that possess alternative energy equipment. Maui County had adopted Ordinance No. 4013, Bill No. 9, which will be effective January 1, 2014, where it redefines “property” to include any and all wind energy conversion property to be taxable for the ad valorem tax purposes. Examples include, … Read More

ONESOURCE Property Tax Announces February 2013 Release

ONESOURCE Property Tax Announces February 2013 Release

Thomson Reuters is pleased to announce the February 2013 release of ONESOURCE Property Tax. A few of the enhancements included in this release are: • Sum Tool: o The legacy Asset Manager Sum tool is now available for most Centers as a tab in the navigation panel. • Tab Filters: o The ability to include … Read More

New Law in Maine Includes an Attack on Sales Tax Cheating Software

New Law in Maine Includes an Attack on Sales Tax Cheating Software

Maine is changing its laws to create new penalties for several different legal infractions.  One of the groups targeted by the law are sales tax cheats, who use software programs known as “tax zappers.” These tax-evading software programs are installed through flash drives in order to  falsify electronic sales records, so cash-heavy businesses can under-report their total … Read More

ONESOURCE Property Tax September 2012 Release

ONESOURCE Property Tax September 2012 Release

Thomson Reuters is pleased to announce the September 2012 release of ONESOURCE Property Tax. Changes include the second phase of the new Appeal Center, new features focusing on the overall expansion of the four centers comprising ONESOURCE Property Tax and new tabs within the Tax Center detail screen. Appeal Center The centerpiece of this release … Read More

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Kansas Department of Revenue announces changes to 2013 property tax interest rates

Tax payers in the state of Kansas will see changes in interest applied to various underpayments or late payments of property tax next year. Starting in 2013, the interest rate applied when a county collects interest on a taxpayer’s late payment of real or personal property taxes will decrease from 7% to 6% according to … Read More