Some 17 states were admitted as full or associate members of the Streamlined Sales and Use Tax Agreement's governing board by petitioning states, in the continuing effort to develop a simplified multistate sales tax collection system. According to BNA, the action means the new system could begin operation Oct. 1, as retailers would be able to register and begin collecting and remitting taxes on remote transactions using the simplified system. Under the terms of the SSUTA, the system could not take effect until at least 10 states comprising 20 percent of the total population of sales tax states, were found to be in substantial compliance with the agreement. The 17 states on the governing board represent 25.3 percent of the population of states that levy sales taxes. The states that gained full membership are Indiana, Iowa, Kansas, Kentucky, Michigan, Minnesota, Nebraska, North Carolina, Oklahoma, South Dakota, and West Virginia. The six states that are associate members are Arkansas, Ohio, North Dakota, Tennessee, Utah, and Wyoming. The Streamlined Sales Tax Project is an effort by states to implement uniform tax rules in return for retailers agreeing to collect and remit sales taxes on remote transactions.
-
Speedy sentencing; WWTF; no longer Confident; and other highlights of recent tax cases.
5h ago -
The Internal Revenue Service and the Treasury Department released final regulations on the transfer of clean energy manufacturing, investment and production tax credits, with specific rules for partnerships and S corporations.
10h ago -
Sens. Cassidy and Warren teamed up to introduce legislation aimed at making math error notices from the IRS easier to understand.
11h ago -
A recent experiment tested different generative AI models against each other on the CPA Exam and found they each have their own strengths and weaknesses.
April 25 -
Firms must transform their business models to afford the cost of multilayered retention strategies, a new report by the Pennsylvania Institute of CPAs says.
April 25 -
The IRS has long offered alternative dispute resolution, but says use has declined in recent years, and it hopes to make it more attractive and accessible.
April 24