Tax & Accounting Blog

Illinois Targets Gas Stations That Cheat on Sales Taxes

Illinois Targets Gas Stations That Cheat on Sales Taxes

Illinois has been investigating gas station owners who withhold sales tax revenue for multiple-years. These efforts are beginning to pay big dividends for the state.  So far, the state has collected $72 million dollars in additional sales tax revenues, as a result of this project. They are currently charging 35 different gas station owners with sales tax evasion. … Read More

MISSOURI CONSIDERS REPLACING INCOME TAX REVENUE WITH SALES TAX

MISSOURI CONSIDERS REPLACING INCOME TAX REVENUE WITH SALES TAX

The Missouri Jobs and Prosperity Act aims at replacing corporate franchise taxes, bank franchise taxes, and state income tax with a sales tax increase. The individual income tax will be phased out and corporate income tax, corporation franchise and bank franchise taxes will be terminated immediately.  State sales and use tax would replace these lost revenues by … Read More

IRS Electronic Tax Administration Advisory Committee Report – 2012

IRS Electronic Tax Administration Advisory Committee Report – 2012

Early this summer, the Electronic Tax Administration Advisory Committee (ETAAC) presented its 2012 Annual Report to Congress. The report discusses prior year recommendations and milestones before stressing significant inefficiencies caused by late legislation (often retroactive to the beginning of the year). There is not only a negative impact on tax compliance and e-filing administration, but also … Read More

The City of Moore Tries to Add a Major Destination Park

The City of Moore Tries to Add a Major Destination Park

Moore residents will have the opportunity to approve two ballot measures on November 6th that would create a major park transformation that could redefine how tourist would look at their city. The first proposition authorizes $25.1 million in funding to enhance a current park, which would essentially create a new major destination park. This enhanced park would feature a new … Read More

Medical Device Excise Tax: Achieving Compliance with Confidence

Medical Device Excise Tax: Achieving Compliance with Confidence

Writte by guest blogger: David Emmons, CPA, CMI at Thomson Reuters Complying with indirect taxes is a legal mandate that is not core to a business, yet the operational outlay is great. On January 1, 2013, indirect tax compliance for medical device manufacturers will get even more complicated, burdensome and expensive. Passed as part of the … Read More

onesource

FinCEN Announcement: Electronic Filing of Form 8300

On September 19, FinCEN announced that businesses may now electronically file Form 8300 using the BSA e-filing system. Businesses must file Form 8300 when they receive over $10,000 cash in one transaction, or in two or more related transactions. The filing is due in 15 days after the cash is received. Paper filings of Form 8300 … Read More