IRS issues regulations regarding tax on tanning services
by AccountingWEB on
The Internal Revenue Service recently has issued regulations outlining the administration of a 10 percent excise tax on indoor tanning services that goes into effect on July 1.
In general, providers of indoor tanning services will collect the tax at the time the purchaser pays for the tanning services. The provider then pays over these amounts to the government, quarterly, along with IRS Form 720, Quarterly Federal Excise Tax Return, according to the IRS. The regulations have been published in the Federal Register.
The tax does not apply to phototherapy services performed by a licensed medical professional on his or her premises. The regulations also provide an exception for certain physical fitness facilities that offer tanning as an incidental service to members without a separately identifiable fee.
The IRS and Treasury Department invite comments.
Send submissions to: CC:PA:LPD:PR (REG-112841-10), Room 5203, Internal Revenue Service, PO Box 7604, Ben Franklin Station, Washington, DC 20044.
Submissions may be hand-delivered to: CC:PA:LPD:PR Monday through Friday between the hours of 8 a.m. and 4 p.m. to: CC:PA:LPD:PR (REG-112841-10), Courier’s Desk, Internal Revenue Service, 1111 Constitution Avenue, NW, Washington, DC.
Submissions may be sent electronically via the Federal eRulemaking Portal at www.regulations.gov (REG-112841-10).
You may like these other stories...
In the 12 years Virginia Hilton has been teaching yoga, she has heard from countless CPAs who are intrigued by the idea of practicing the ancient discipline, but think they're not flexible enough, or that yoga might be a...
On any normal day Katie Bailey, audit manager at CPA firm Dauby O'Connor & Zaleski, LLC (DOZ) in Carmel, Indiana, would definitely consider herself an active person. She runs 20-plus miles a week, logs lunch hours in...
A recent study by RAND Corporation that was published online in the January issue of the journal, Health Affairs, revealed that when it comes to workplace wellness programs, there may be a distinct difference in the type of...
Upcoming CPE Webinars
In this session Excel expert David Ringstrom, CPA introduces you to a powerful but underutilized macro feature in Excel.
This material focuses on the principles of accounting for non-profit organizations' revenues. It will include discussions of revenue recognition for cash and non-cash contributions as well as other revenues commonly received by non-profit organizations.
During the second session of a four-part series on Individual Leadership, the focus will be on time management- a critical success factor for effective leadership. Each person has 24 hours of time to spend each day; the key is making wise investments and knowing what investments yield the greatest return.
This material focuses on the principles of accounting for non-profit organizations’ expenses. It will include discussions of functional expense categories, accounting for functional expenses and allocations of joint costs.