News & Publications
In Case You Missed It: Last Week in Allyn Tax News (Week of August 29 - September 2)
Hawaii Golf Courses Assessed Below Par
The County of Kauai has issued a regulation to clarify the process of accessing golf courses for real property tax purposes. In Kauai County, real property is normally assessed based on its highest and best use. Although golf courses have many functions including preservation of open space, preservation of public views, flood management, distribution of treated wastewater, retention and detention basins, and natural habitats for flora and fauna, these functions are not factored into the assessed value of a golf course.
Leading Ways To Store Exemption Certificates In The Event Of An Audit:
- Digitally – this enables the certificates to be searchable. Do not only store paper copies of certificates as they are inefficient and unable to be used in data processing.
- Vertex O Series – works with reporting and your ERP system to apply available exemption certificates to corresponding transactions.
- Exemption certificate management software – maintains the ability to run reports on the status of certificates (expiration dates, customer numbers, etc.).
Oh, How the Tables Turn – Missouri Sales Tax Update
The Missouri Department of Revenue has recently announced that furniture purchased from a third-party is now taxable. Under Missouri regulations, a sale of tangible personal property is subject to sales tax if ownership of said property transfers within the state. Now, this is to include any furniture purchased for a client from an out-of-state third party. If the title transfer happens in Missouri, it is subject to Missouri state and local sales tax.
Exemption Certificates: When to Accept vs. When to Reject
- The form uploaded is accepted by the state the exemption is being claimed in.
- Sales Tax registration numbers are present- these are accepted in “good faith,” meaning the number does not need to be verified.
- All other relevant and necessary information is included on the form.
- An MTC or SST form has been uploaded and is not accepted by the state the exemption is being claimed in.
- A Sales Tax Permit has been uploaded, which is not the same as an Exemption Certificate (unless it is for Mississippi who, in this case, will accept a Retailer's Permit).
- There are no Sales Tax registration numbers present.
- The Exemption Certificate uploaded is expired.
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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