State and Local

Auditing Clarity Project, XBRL headline Ohio Accounting Show

The Ohio Society of CPAs kicked off its expanded schedule of highly popular Ohio Accounting Shows last week in Dayton featuring nationally renowned accounting and business leaders addressing major issues such as the Auditing Standards Board's (ASB) Clarity Project, XBRL, financial statement fraud, IFRS, and fair value. Nearly 500 accounting professionals heard keynote speakers and attended sessions across eight targeted information tracks. The Ohio Accounting Show schedule remaining this year includes Cleveland, Cincinnati, and Columbus.
Tax

Overstock drops Web affiliates in fallout over NY sales tax law

On the heels of Amazon.com suing the State of New York over a new tax law aimed at online retailers, Overstock.com has cut its ties with New York affiliates, saying it will no longer do business with Web site owners in the state who get commissions for referring customers to its site.

CPA mobility legislation gains national momentum

Twenty-three states have approved laws to make it less burdensome for certified public accountants to represent clients across state lines.The American Institute of Certified Public Accountants is seeking enactment of similar laws in every state so that a national uniform mobility system will become a reality for CPAs, CPA firms, and the state boards of accountancy that regulate them.
Tax

Business Tax Index 2008 ranks state tax systems

With April 15, "Tax Day," just behind us, the Small Business & Entrepreneurship Council (SBE Council) has published the "Business Tax Index 2008: Best to Worst State Tax Systems for Entrepreneurship and Small Business," ranking the states according to the costs of their tax systems for small business start up and growth.SBE Council President & CEO Karen Kerrigan said, "Entrepreneurs and small businesses have to struggle every day with the costs of taxation, which affect a wide array of decisions, including hiring, investment, expansion, and location.

Maryland becomes 18th state to enact CPA mobility legislation

The Maryland General Assembly last week passed a CPA mobility bill that will make it easier for CPAs to do interstate business.
Tax

Indiana homeowners benefit from new tax law while sales tax increases

A new tax restructuring plan in Indiana cuts property taxes for homeowners while giving them more control over the rates of increases in the future.Gov. Mitch Daniels signed the tax package on Wednesday to lower property taxes and raise the sales tax from 6 to 7 percent effective April 1. Homeowners will get an average 30 percent property tax cut, starting with May bills.House Speaker Pat Bauer told the Louisville Courier-Journal that millions of people were afraid of property taxes costing them their home.

ASPPA opposes Connecticut 401(k) legislation

The American Society of Pension Professionals & Actuaries (ASPPA) opposes legislation in Connecticut that would create a state 401(k) plan for small businesses. Michael E. Callahan, a past ASPPA president and founder of Pentec, one of the largest pension firms in the state, said legislators should not kill a robust 401(k) system in Connecticut by creating an expensive state bureaucracy. "A free and competitive market is the best system for 401(k) plans in Connecticut or any other state," Callahan said.
Tax

Pennsylvania diverts gambling revenue to tax rebates for seniors

Pennsylvania Governor Edward G. Rendell is encouraging senior citizens and residents with disabilities to apply for Property Tax/Rent Rebates of up to $650. Application forms have been mailed to nearly 550,000 residents who received a rebate last year."Revenue from slots gaming provided desperately-needed property tax relief to nearly 550,000 seniors last year," Governor Rendell said. "Nearly half of those seniors would not have received the rebates without slots gaming revenue.
Tax

State tax comparison seen as key factor in choosing a retirement destination

With tax season rapidly approaching, many people planning their retirement are wondering how their retirement income will be taxed if they move. Also, what other taxes will they have to confront in their new location.Depending on where you choose to live, your tax bill may affect your ability to enjoy the lifestyle you are seeking. Some states are more tax-friendly to retirees than others.Helping to sort all this out is a Web site run by the Retirement Living Information Center.
Tax

Tax breaks attract movie makers - and Johnny Depp? - to Wisconsin

Generous tax breaks that took effect at the start of this year are already attracting attention from movie and television companies looking to film in Wisconsin, officials say.The state enacted incentives of up to 25 percent of production costs incurred while shooting in Wisconsin, prompting the Hollywood Reporter to ask, "Is a filmmaking 'third coast' one step closer to happening?' "The incentives apparently put Wisconsin on competitive footing with California and New York, and Milwaukee-based Marcus Theatres has also agreed to "provide the foundation bookings" for movies filmed

Children's investment account proposed

Mississippi State Treasurer Tate Reeves, the Aspen Institute Initiative on Financial Security, and Enterprise Corporation of the Delta/Hope Community Credit Union (ECD/HOPE) have proposed the creation of a $500 investment account for all children born in the state of Mississippi. This first-in-America program could mean billions of dollars in economic growth for the state while encouraging savings for college, home ownership, and entrepreneurship for the next generation of children.The unique initiative would establish child accounts under a five-year public-private demonstration project.
A&A

Small Business Survival Index released

The Small Business & Entrepreneurship Council (SBE Council) has released its twelfth annual rankings of the states according to their public policy climates for small business and entrepreneurship in the Small Business Survival Index 2007. According to SBE Council chief economist Raymond J. Keating, author of the study, "We're in a period of questions and uncertainty when it comes to the economy.
Tax

AICPA supports uniform state withholding bill

The American Institute of Certified Public Accountants has endorsed legislation that would create a uniform national standard for state withholding of nonresident income tax, claiming that the legislation would be especially helpful to small businesses, as well as larger businesses.The bill, H.R.
Tax

IRS teams with states to share employment tax information

Officials from the Internal Revenue Service and more than two dozen state workforce agencies have announced they have entered into agreements to share the results of employment tax examinations.The agreements, part of the Questionable Employment Tax Practice (QETP) initiative, provide a centralized, uniform means for the IRS and state employment officials to exchange data, thereby leveraging resources and encouraging businesses to comply with federal and state employment tax requirements.So far, 29 states have entered into individual information-sharing agreements with the IRS.
Tax

Tax comparison: Best states for business

The Tax Foundation has released its 2008 State Business Tax Climate Index. The Index ranks how "business friendly" the 50 state tax systems are, providing a roadmap for state lawmakers concerned with keeping their states tax competitive.Keeping a state competitive in today's global market can be difficult, but there is one factor lawmakers have direct control over: the quality of state tax systems.
Tax

Texas legislature passes revised "margin" franchise tax

Sweeping changes in the tax base and the tax rate of the Texas franchise tax passed by the state legislature in 2006 and modified in 2007 are scheduled to go into effect for reports originally due on or after January 1, 2008, extending coverage to an estimated 200,000 entities doing business in Texas, including partnerships.
Tax

"Show Me" state's taxpayers fascinated with seeing how their tax money is spent

The Missouri Accountability Portal launched by Gov. Blunt by executive order on July 10, 2007 has generated great public interest. The governor's office reports that since its inception, there have been over one million visits to the site. Over 21,000 visits per day have been recorded on the website that allows taxpayers to track government expenditures by broad categories such as budget category, vendor and contract.One of the first comprehensive state expenditure databases in the country, MAP is being updated on a daily basis.

Illinois passes CPA mobility legislation

The Illinois CPA Society has been successful in working with the Illinois legislature to achieve passage of a bill in 2007 that increases the ability for CPAs to serve their clients and organizations across state lines without having to file a request for temporary practice and pay a fee. Unanimously passed by both chambers of the state legislature, SB745 was sent to the governor on June 27, 2007 and awaits his signature.
Tax

States quick to take advantage of new nexus non-rules

It was only a couple of weeks ago that we reported the U.S. Supreme Court had refused to hear two cases that would have addressed the issue of substantial economic presence in a state being enough to constitute nexus. In Lanco, Inc. v. Director U.S. and FIA Card Services N.A. f/k/a MBNA America Bank, N.A. v. Commissioner, U.S., NJ and West Virginia chose to apply income taxes on corporations that had no physical presence in the state. In Lanco, A Delaware-based company licenses trademarks to women's apparel stores in New Jersey.
Tax

Cigarette taxes go up while gas and sales tax rates remain stable

Many smokers are feeling a greater squeeze on their wallets as more states increase cigarette taxes, while most states have held the line on gas and sales tax rates over the last year, according to CCH, a Wolters Kluwer business and a leading provider of tax information, software and services. As part of its annual survey of consumption taxes, CCH takes a look at gasoline, cigarettes and sales tax.

Pages


Already a member? log in here.