News & Publications
In Case You Missed It: Last Week in Allyn Tax News (July 4-8)
3 Steps to Managing your Exemption Certificates
An exemption or resale certificate is a form or document issued by a business to ensure sales tax is not applied to their invoice because they are an exempt organization, intend to use the purchase for an exempt purpose such as resale or manufacturing, or for other less common reasons. Sales tax is not applied to these purchases because the applicable sales tax will be applied on the final sale of the exchanged tangible property. This practice ensures states do not collect sales tax twice on the sale of the same piece of property.
The process can be confusing as it varies within each state, and the required information to make the certificates valid will differ. Each state will dictate specific rules within its respective jurisdiction regarding the use of these certificates. There are three steps to managing your exemption certificates: determine the applicable state, choose the correct form, and provide all required information.
Fate for The Late – Kansas Property Tax Interest Rates
The Kansas DOR has announced the calendar year 2023 property tax interest rates for late taxpayers. The interest rates are as follows:
9% for a late payment (real property taxes)
4% for late payments (personal property taxes)
15% for late or underpayments of $10,000 or more (real property taxes)
10% for late or underpayments of $10,000 or more (personal property taxes)
Arkansas Manufacturing Repair Parts Tax Rescinded
Effective July 1, 2022, the state manufacturing repair parts sales tax has been rescinded according to Arkansas Department of Finance and Administration. The tax was first enacted in 2014 and has steadily decreased since then.
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.
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