News & Publications
In Case You Missed It: Last Week in Allyn Tax News (August 8-12)
To Exempt or Not To Exempt
The Mississippi Attorney General determined the manufacturing exemption and the free port warehouse exemption for personal property that can be granted is at the sole discretion of the governing authorities of the county. If an entity is eligible, the governing authorities can grant both exemptions. Whether entities qualify for the tax exemption for property at various stages of the manufacturing process is for the board of supervisors to decide. Free port warehouses must be licensed by the governing authorities of the county where the warehouse or storage facility is located.
What a relief!—KY Disaster Relief Eligibility
The Kentucky Department of Revenue has updated the list of counties eligible for the sales and use tax disaster relief refund. The statute provides a refund of Kentucky sales and use tax paid for building materials permanently installed in the repair or replacement of structures damaged in specified counties. Beginning July 26, 2022, certain counties are eligible for relief resulting from severe storms, flooding, landslides, and mudslides. Refunds apply to purchases made on or after the date of July 29, 2022. The legal building owner of each establishment may receive 100% of the Kentucky sales and use tax actually paid for building materials up to a maximum refund of $6,000.
It's Not Too Late to Fix Use Tax Mistakes
Audits are often met with discomfort but performing a reverse tax audit can always prove to be rewarding. Oftentimes, companies can end up making double payments of sales/use tax because their vendors may already be charging them sales tax. A reverse (tax) audit is an optional review of a company’s sales and use tax in order to identify potential over accruals and overpayments. A reverse audit can also draw attention to any gaps within the tax process or validate already sound accounting practices. At Allyn Tax, we act as an extension of your team by researching exemptions your business qualifies for, reviewing tax payments, and applying for any refunds on your behalf.
For More Information
If you are interested in learning more about this topic or other tax topics, please visit our Tax Publications under News & Publications at www.allynintl.com.
About Allyn International
Allyn International is dedicated to providing high quality, customer centric services and solutions for the global marketplace. Allyn's core products include transportation management, logistics sourcing, freight forwarding, supply chain consulting, tax management and global trade compliance. Allyn clients range from small local businesses to Fortune 500 firms. Allyn conducts business in more than 20 languages and has extensive experience in both developed and emerging markets. Highly trained experts are positioned throughout North and South America, Europe and Asia. Allyn’s regional headquarters are strategically located in Fort Myers, Florida, U.S.A., Shanghai, P.R. China, Prague, Czech Republic, and Dubai, U.A.E. For more information, visit www.allynintl.com.