Michigan lawmakers are proposing a 24 percent wholesale tax on vaping products as part of an effort to set regulatory frameworks around the industry.
A six-bill package from a bipartisan group of Michigan senators, Senate Bills 781-786, would set a tax on the products and raise the legal age for smoking tobacco and e-cigarette products to 21 to match up with the federal requirements signed into law in December.
If passed, the bills would also require vape retailers to be licensed and prevent retailers from marketing vaping products in a manner that could appeal to youth or young adults. The package would increase fines issued as penalties for people who sell tobacco or nicotine products to a minor.
Many things are taking place:
Online sales tax gets green light, candidate residency requirement increased | KDLL
The Kenai Peninsula Borough Assembly met Tuesday night for a five-hour marathon meeting in Soldotna.
A sales tax ordinance was approved by unanimous consent, which makes the borough one of 23 communities in the state that are organizing to collect sales taxes from online purchases. It has been quite an undertaking, said assembly President Kelly Cooper.
"I just have to take a minute to thank our finance director for the, I don't know how many months that this commission has been working on this. It's been extremely complex," Cooper said.
House panel to hold hearing examining GOP tax law regulations affecting corporations | TheHill
The hearing will also compare IRS audit rates of large corporations with those for low-income taxpayers claiming the earned income tax credit, Hatch said.
The hearing comes after The New York Times published an article late last year reporting that the Treasury Department issued regulations about the international provisions of the GOP tax law that will allow companies to have smaller tax bills than had been anticipated when Trump signed the law, following a lobbying blitz by corporations.
Trade Tensions Still Vex Tax Execs
January brought a truce of sorts in the U.S.-China trade war , with the signing of a preliminary agreement between the countries. Nonetheless, international trade tensions and tariffs are expected to have a greater impact on midsize companies' tax liability this year than any other issue.
That's according to a BDO survey of 151 senior tax executives at U.S. companies with revenue of $100 million to $3 billion.
It's unclear how ongoing trade negotiations between the United States and China will pan out. Most of the Section 301 tariffs remain in place pending Phase 2 negotiations, plans for which are not concrete. President Trump has suggested that he may wait until after the November election to restart talks, and, according to BDO's survey report, that's what most observers expect.
And here's another article:
Check, Please: IRS Issues Proposed Regulations On Business Meals & Entertainment
Under prior law, the rule was that you could deduct 50% of entertainment, amusement, or recreation expenses directly related to your trade or business. Under the TCJA, the meals deduction remained but there is no deduction for any item generally considered to constitute entertainment, amusement, or recreation.
The TCJA did not change the definition of entertainment. Where things get tricky, though, is whether providing food and beverages might constitute entertainment, especially if they were tied to an activity considered to be entertainment.
Weekly Wrap: Turbulence and Taxes | Morningstar
Tips to guard against identity theft and tax fraud | Local News | troyrecord.com
ALBANY, N.Y. — The New York State Department of Taxation and Finance, along with the New York State Office of Information Technology Services and the Department of State's Division of Consumer Protection shared important tips to help New York taxpayers guard against identity theft and prevent tax fraud.
"Under Governor Cuomo's leadership, New York State has taken real steps to protect online security by safeguarding personal information, minimizing risk, and preventing New York taxpayers from falling prey to cybercriminals. Tax season brings with it greater risks to individuals and families as scammers and cybercriminals look to exploit online information for deceptive purposes.
From the wealthy to Wall Street, here's how the 2020 Democrats would redraw the US tax code with
The Democratic presidential candidates have unveiled a series of tax plans that align with their political goals. Despite an ideological gulf between them, the moderate and progressive wings of the party agree on hiking taxes on the very wealthy and corporations, and providing relief to the middle class. Sanders and Warren seek to raise substantial new federal revenue to pay for sweeping government initiatives like Medicare for All and to wipe out student debt.
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