Tax & Accounting Blog

Federal per diem expense allowance updates effective October 1, 2012

Federal per diem expense allowance updates effective October 1, 2012

The federal per diem expense allowance rates for 2013, effective beginning October 1, have been issued in GSA Bulletin 13-01.  The standard lodging per diem rate of $77 will continue to remain in effect for the period of federal fiscal year 2013, October 1, 2012, through September 30, 2013.  The meals and incidental expense (M&I) … 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

IRS Issues New Guidance on Trust and Estate Administration Costs Subject to the 2% Floor

IRS Issues New Guidance on Trust and Estate Administration Costs Subject to the 2% Floor

In light of the Supreme Court’s decision in Knight v. Com., the IRS has withdrawn previously issued proposed regs and, consistent with that decision, provided new guidance on which costs incurred by estates and non-grantor trusts are subject to the Code Sec. 67(a)’s 2% floor for miscellaneous itemized deductions. In accord with the Knight decision, … Read More

Arizona Posts October Transaction Privilege Tax Changes

Arizona Posts October Transaction Privilege Tax Changes

 The Arizona Department of Revenue has posted Local Transaction Privilege Tax Rate Changes that will be effective in September and October of 2012.  These changes will be in Wickensburg, Buckeye and Williams.  For more information please proceed to the following website:   http://www.azdor.gov/Portals/0/TPTRates/TPT%20Tax%20Changes%20092012.pdfRead More

Overriding Veto Could Effect 122 Thousand Vehicle Sales

Overriding Veto Could Effect 122 Thousand Vehicle Sales

Jay Nixon, Governor of Missouri, says that more than 120,000 Missouri residents could face a retroactive tax if legislators override his veto of a bill related to local taxes on out of state vehicle purchases.  Nixon released this information in a letter sent out Monday to Missouri legislators, who convene 12 September 2012 to consider … Read More