State and Local

Tax

2013 NFL Draft: Who's #1 . . . After Income Taxes?

Nobody wants to come in second instead of first. But depending on how the pieces of the tax puzzle fit together, second place could be a lot more profitable. Take a look at this recent scenario in which the number two draft choice netted well over a quarter million dollars more than the number one.
4285
Tax

Is This the Year for Tax Reform?

Is 2013 shaping up to the year of tax reform? "There are more proposals this year than we have seen in the last five years, and an unprecedented number of major state tax reform proposals," said Harley Duncan, a managing director at KPMG.
1820
Tax

Is Pole Dancing a Tax-Exempt Art Form?

If the owners of the Upstate New York strip club Nite Moves have their way, the Supreme Court will be taking up that question. They are challenging a $124,921 tax bill levied by state tax authorities and affirmed by appeals court judges.
1526
Tax

How to Prepare Clients for the Marketplace Fairness Act

The Marketplace Fairness Act gives states the authority to enforce sales tax collection requirements on most retailers for online sales purchased by residents of the state, even if the retailers have no physical presence in that state.
2936
Tax

MLB Free Agents Scramble to Minimize Tax Hit

With the election behind us and a strong probability of more tax hikes ahead, Major League Baseball free agents have rushed to the negotiating table in the hope of pulling as much of their future income as possible into 2012.
1587
Tax

Ex-Miami Marlins Face Tax Tsunami in Canada

Multimillion-dollar contracts are nothing unusual in major league baseball, and neither is trading. But the problem for five recently traded Marlins is that their remaining contracts will be paid out subject to much higher taxes.
2546
Education & Careers

IRS Needs Advisory Committee Members

The IRS is seeking applications for vacancies on the Advisory Committee on Tax Exempt and Government Entities (ACT). The committee provides a venue for public input on relevant areas of tax administration.
2873
A&A

New GASB User Guide Helps Taxpayers Understand School District Finances

How can taxpayers follow how their money is being spent on public education? What is the difference between a school district's budget and its financial statements? Answers to these questions, and many others, can be found in GASB's new user guide, What You Should Know about Your School District's Finances.
2405
Tax

Federal and State Tax Returns Due on Tuesday, April 17

Individual taxpayers have an extra day to file income tax returns, extensions, and estimated tax payments this year due to the Washington D.C. holiday, Emancipation Day, which is Monday, April 16.
6414
Practice

'Cash Mob' Sensation Reviving Local Businesses

In a retail market dominated by generic superstores, pop-up corner pharmacies, and faceless online shopping, it has become increasingly difficult for "main street" businesses - the very businesses that provide the individual stamp and distinctive character of their communities - to survive.
3359
Tax

California to tax scofflaws: Pay up or lose your driver's (or CPA) license

The California State Assembly has approved Assembly Bill 1424, the Delinquent Taxpayer Accountability Act, aimed at the state's worst tax debtors. The bill delivers a clear message: pay your back taxes or we'll suspend your driver's license and/or professional licenses.
5308
Tax

Amazon, California reach agreement in sales tax battle

Lawmakers in California say they've reached a truce with Amazon in a contentious disagreement over whether the online bookseller should collect state sales tax.
3075
A&A

NASBA, AICPA announce online mobility tool designed to help CPAs practice across state borders

The NASBA and the AICPA have launched an online tool designed to help CPAs navigate the new practice privilege requirements, commonly referred to as mobility laws, that allow CPAs to practice across state borders.
3651
A&A

With pension fund dwindling, Central Falls, RI, enters bankruptcy

The smallest city in Rhode Island has landed in bankruptcy court after making retirement benefits promises it was unable to keep, a dilemma facing many municipalities across the country.
2671
Tax

State and Local Tax: e-books are not subject to New York State sales and use tax

In an advisory opinion, the New York State Department of Taxation and Finance has concluded that a California seller's sales of e-books are not subject to sales and use tax.
3519
Tax

California tax amnesty program opens August 1

Taxpayers who have underreported their California income tax liabilities through the use of abusive tax avoidance transactions or offshore financial arrangements will be permitted to obtain a waiver of most penalties under an amnesty program beginning in August.
3595
A&A

GASB to propose changes to accounting for state pensions

The Government Accounting Standards Board (GASB) will propose changes later this month to the method used by most U.S. state and local governments when they report unfunded pension liabilities on their balance sheets. The proposed changes could result in an increase in the amount of liabilities governments will report.
4189
Tax

Tax amnesty program surprisingly successful in Washington State

Hundreds of businesses that somehow eluded detection by state tax authorities helped boost Washington’s haul from a tax amnesty program that was far more successful than envisioned.
3918
A&A

Jaw-dropping budgeting errors make headlines in Maine and Ohio

Some recent budgeting mistakes have plenty of taxpayers scratching their heads as the issue shines a spotlight on the need for efficient accounting systems.
3698
Tax

E-filing mandate tightens for firms handling fiduciary tax returns

For the Spring, 2012, tax season, any firm filing more than 10 Federal fiduciary income tax returns will be required to file electronically, as will firms filing New York State fidiciary income tax returns This change will impact thousands of firms next tax season.
4291

Pages

Voice of the Editor

Results from a recent AICPA survey disclosed the two top priorities for CPA firms as they plan for the future: bringing in new business and finding talent. Our goal at Sift Media is to help our readers deal with the issues most important to them. One way in which we are doing this is through the launch of our new recruitment/placement service, Going Concern Jobs. Check it out today for your talent needs.
Read more
Gail Perry, CPA
Publisher/Editor-in-Chief, AccountingWEB
editor@accountingweb.com
ADVERTISEMENT

Weekly video update

ADVERTISEMENT
ADVERTISEMENT

accountingweb.co.uk

More

Most read

Show more
ADVERTISEMENT