Tax & Accounting Blog

Nebraska Governor calls for elimination of individual income tax, including no taxation of retirement distributions

Nebraska Governor calls for elimination of individual income tax, including no taxation of retirement distributions

Nebraska Governor Dave Heineman, in his State of the State speech, proposed the elimination of the Nebraska individual income tax, including no taxation of any retirement income. His tax proposals also include elimination of Nebraska corporate income tax. As an offset, he proposes to end numerous sales tax exemptions. The key points made by the … Read More

St. Louis Hot Air Balloon Provider Liable for Sales Tax

St. Louis Hot Air Balloon Provider Liable for Sales Tax

In a recent decision by the Missouri Administrative Hearing Commission, Balloons Over the Rainbow, INC., vs. Director of Revenue, No 11-1342RS (11/27/2012), the Commission found Balloons Over the Rainbow liable for sales and use taxes assessed by the Department of Revenue based on the gross receipts from hot air balloon rides. The state of Missouri … Read More

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

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FATCA Final Regulations issued, provide rules for new tax documentation and withholding regime

The Final Regulations for Chapter 4 of the Internal Revenue Code, sections 1471 through 1474 known as the Foreign Account Tax Compliance Act or “FATCA,” have been issued. The official date of publication in the Federal Register is scheduled to be January 28, 2013. The IRS has made the complete text, TD 9610, available at … Read More