In Case You Missed It: Last Week in Allyn Tax News (February 11-15)

Allyn Tax Fun Facts

Happy Monday! Are you ready for more Allyn Tax Fun Facts?

Norway experienced a "butter crisis" due to a shortage of butter in 2011. To address the situation, the government imposed temporary taxes on imported butter.

To learn more, ask an expert here: https://lnkd.in/eMTnUw3y

 

Did You Tax Today?

The Missouri Director of Revenue has amended 12 CSR 10-117.100 determining the applicable local sales or use tax. Currently, if an order is taken outside Missouri for a sale of tangible personal property subject to Missouri sales tax, the sale is subject to the local sales tax in effect when title to the item transfers to the purchaser. As amended, an exception would exist if the merchandise is shipped from one of the seller’s Missouri locations to the Missouri customer. In that instance, the sale is subject to the local sales tax at the location of the Missouri seller from where the merchandise was shipped. Additionally, sales made entirely at a temporary location, such as a food truck, will be subject to the local sales tax in effect at that location. Lastly, sales of metered water services; electricity; electrical current; and natural, artificial, and propane gas, wood, coal, or home heating oil for domestic use may be subject to local tax at the meter’s location even though they are exempt from state tax. The amendment clarifies that this would apply if the local government has imposed a local sales tax. The amendment is effective 30 days after publication in the Code of State Regulations.

 

Are You In Compliance?

The Rhode Island Division of Taxation has issued a tax guide to promote and encourage compliance with state tax laws for contractors doing business in the state. Contractors must pay the tax as a consumer on the purchase of all materials, supplies, tools and equipment, rentals and all replacement parts used in fulfilling any kind of construction contract. The rule is exempt when the contractor sells materials or supplies at an agreed price; or such contractor is engaged in the business of selling such materials or supplies at retail. The guide covers topics including construction equipment, use tax, exemptions, landscapers, fabricators, non-resident contractors, and recordkeeping requirements.

 

Effective for periods beginning January 1, 2023, businesses whose combined annual tax liability exceeds $5,000 in tax, or exceeds $100,000 in gross income, are statutorily required to file returns and remit tax electronically.