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The Unintended Consequences of Tax Regulations

The Unintended Consequences of Tax Regulations
cpapracticeadvisor.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from cpapracticeadvisor.com Daily Mail and Mail on Sunday newspapers.

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Sovos Issues 2021 Sales and Use Tax Annual Report, "The Continuing Evolution of Sales Tax"

Sovos Issues 2021 Sales and Use Tax Annual Report, "The Continuing Evolution of Sales Tax"
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As Of July 1, Florida Will Require Online Sellers To Collect 6% Sales Tax From Residents

As Of July 1, Florida Will Require Online Sellers To Collect 6% Sales Tax From Residents
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State Economies Weathered the Coronavirus Storm but the Damage Lives On

State Economies Weathered the Coronavirus Storm but the Damage Lives On
Tim Smart
© (APU GOMES/AFP/Getty Images)
A woman holds a child as she waits in line at a Food Distribution Center
Wisconsin got lucky.
The state s projected tax revenue fared better in 2020 than had been expected at the start of the coronavirus pandemic a year ago and the Badger State is now expecting to have $1.2 billion more in tax revenue during the 2021 to 2023 budget years than was projected in November.
Then there s California, which has been at the epicenter of the COVID-19 outbreak many times. In May 2020, Gov. Gavin Newsom forecast the Golden State would suffer a $54 billion revenue shortfall, following a $21 billion surplus from the previous year. Fast-forward to January and the state says it has $34 billion more than it needs to balance its budget. ....

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The Supreme Court Decision That Saved States Billions

The Supreme Court Decision That Saved States Billions
States and localities tried for years to figure out ways to tax online sales, without success. The Supreme Court gave them a green light in 2018, which has proven key to surviving the pandemic financially.
Alan Greenblatt, Senior Staff Writer
|
January 22, 2021
| Analysis
Glenn Hegar had some good news to share earlier this month. Texas faces a shortfall of nearly $1 billion not great, but a lot healthier than the $4.6-billion budget hole the state s comptroller projected back in July.
One big reason for the relative recovery, Hegar says, is online sales taxes. By July, collections from remote and online retailers were higher than they’d been during the previous holiday shopping season. ....

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