Last Week in Allyn Tax News (Week of October 21)

Allyn Tax Fun Facts

Happy Monday! Are you ready for more Allyn Tax Fun Facts?
Bottled water is taxable in Washington.  However, you can request a refund of the sales tax if the water is prescribed to you by a doctor.
To learn more, ask an expert here: https://lnkd.in/eMTnUw3y

 

Going with the Grain

The Washington Department of Revenue has enacted Wash. Admin. Code § 458-20-18201 (Warehouse and grain elevators and distribution centers exemption—Remittance) effective November 17, 2024. The regulation sets forth the qualifying criteria, application, and documentation requirements for the limited retail sales and use tax exemptions for wholesalers or third-party warehousers that own or operate qualifying warehouses or grain elevators, and retailers who own or operate qualifying distribution centers, on qualifying construction costs and qualifying purchases of material-handling and racking equipment. The regulation also provides the formula for calculating the amount of the remittance or credit available to an eligible person, which is based on the state share of sales tax or use tax paid. An application and required documentation for a tax exemption remittance must be submitted quarterly. The Department will send the approved exempted amount to the business by the end of the calendar quarter following the quarter the application was submitted.

 

Take a Chance

The Louisiana Department of Revenue has issued a revised notice to taxpayers discussing discounted and complimentary items provided by a casino, pari-mutuel facility, or gaming establishment. The prior notice did not include references to pari-mutuel facilities. The Department states that for sales tax purposes, the sales price of those items is the actual cash amount paid (if any) at the time the items are provided to the patron. The notice also gives examples of discounted and complimentary items and further discusses sales and use tax requirements on the casino's purchase and use of tangible personal property in providing a complimentary incentive.

 

Weathering the Storm: Tax Authorities Step In to Provide Relief After Helene and Milton

The federal government along with certain state taxing authorities are responding to this disaster by providing tax relief for those affected. These reliefs vary from jurisdiction to jurisdiction but mainly pertain to income tax responsibilities to alleviate pressure on those located in the affected areas. If you are an “affected taxpayer”, you will need to be aware of which states are offering relief and for what accounts, to ensure you maintain compliance in your federal and state tax responsibilities.

The IRS definition of “affected taxpayer” is: Any individual whose principal residence or any business entity or sole proprietor whose principal place of business is located in a covered disaster area, or whose records necessary to meet a deadline are maintained in a covered disaster area; any individual visiting the covered disaster area who was killed or injured as a result of the disaster; any individual who is a relief worker affiliated with a recognized government or philanthropic organization and who is assisting in a covered disaster area; or any other person determined by the IRS to be affected by a federally declared disaster.

Allyn International offers tax services for companies throughout the US and Canada and has business continuity plans in place to circumvent impediments from natural disasters. Allyn’s team of seasoned tax professionals completed every tax return and payment due within the scope of potential delays due to Hurricane Helene and Milton prior to the storm’s impact. Despite our US headquarters being in the storm’s affected path, Allyn was open and fully operational within hours of the storm’s passing. We can help your business maintain compliance with federal and state tax responsibilities and put procedures in place to ensure future disasters do not affect your tax operations. Click the link to read more about the taxing authorities offering relief: https://lnkd.in/ess4r_D8