![]() ![]() Vermont will require marketplace facilitators to collect and remit the universal service charge on sales of prepaid wireless telecommunications services. Louisiana’s taxes on sports betting will take effect. South Carolina and Virginia’s motor fuel taxes will increase. Virginia will authorize all counties to levy cigarette taxes. Utah will collect taxes on additional nicotine products. Several changes to New Mexico’s sales tax, known as its “gross receipts tax,” will take effect. New Jersey will continue removing medical marijuana from its sales tax base. Two states, Florida and Kansas, have sales tax economic nexus statutes taking effect. Illinois will begin shifting revenue from its sales tax on motor fuel to the road fund. (That same law reduces the state’s individual and corporate income tax rates, retroactive to January 1, 2021.) Idaho will offer a one-time individual income tax rebate. Montana will begin using a corporate income tax apportionment formula with a double-weighted sales factor. Indiana has the lone corporate income tax rate change, with the rate decreasing from 5.25 to 4.9 percent. Thirteen states have notable tax changes taking effect July 1, 2021. Notable Tax Rate Changes Retroactive to January 1, 2021.Sales and Use Tax and Gross Receipts Tax Changes.You may also visit the Minnesota Department of Revenue Tax Law Changes webpage. Look for this communication later this summer.īoeckermann Grafstrom & Mayer (BGM) will continue to monitor this issue and keep you apprised of any changes. We will let you know whether your return will be adjusted or if you need to amend. ![]() MDOR:If you will need to amend, wait until you hear from us before filing.We are committed to adjusting as many returns as we can. MDOR:If we can adjust your return, you will get a letter from us describing what we changed and any refund you may receive as a result.MDOR:Depending on your return’s complexity, we will either adjust it and issue you a refund, or we will ask you to amend your return.What if I received unemployment compensation or PPP loan forgiveness in a taxable year beginning in 2020? You do not need to take any action at this time and should not file any amended returns relating to retroactive provisions in the tax bill until forms are updated. Now that a tax bill was signed into law, the Minnesota Department of Revenue will update tax forms and work with tax software providers on updating their systems to reflect these tax law changes. MDOR: Preparations for these tax law changes have been underway for several weeks.The Minnesota Department of Revenue (MDOR) has Answered the Following Important Questions: What happens next? Authorization of 21 new local option sales taxes.Conformity for retirement plan distributions for tax year 2020.The fix eliminates the state addition for Section 179 carryovers for property placed into service prior to tax year 2020. A technical fix to the Section 179 legislation passed in 2020.Passthrough entities are allowed to file as C Corporations as a SALT cap workaround.Exclusion for SBA loan repayment assistance. ![]()
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