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Ariz. Panel OKs Bill To Clarify Sales Tax Sourcing Location

by usoftax_admin | Feb 3, 2025 | Tax News

Arizona would clarify that the location of a transaction for sales tax purposes is the seller’s business location if that seller receives the order in the state under legislation approved by a House panel Monday.

Iowa Justices Decline To Hear Capital Gains Deduction Case

by usoftax_admin | Feb 3, 2025 | Tax News

The Iowa Supreme Court will not review an appellate court ruling that found two business partners were not eligible to claim a capital gains deduction for gains resulting from their individual sales of goodwill.

Senate Tees Up Vote On Trump’s Pick To Lead OMB

by usoftax_admin | Feb 3, 2025 | Tax News

The U.S. Senate set the stage Monday to proceed with a vote on President Donald Trump’s pick to be the new chief of the Office of Management and Budget.

Calif. Couple Can’t Claim Biz Loss, OTA Says

by usoftax_admin | Feb 3, 2025 | Tax News

A California couple cannot claim a business loss deduction for the company they were partners in because they were calendar-year taxpayers and the loss occurred in the wrong year, the state Office of Tax Appeals said in a ruling released Monday.

Ill. Bill Seeks Tax Break For Megaproject Building Materials

by usoftax_admin | Feb 3, 2025 | Tax News

Illinois would provide an exemption from any state or local use tax or retailers occupation tax for building materials incorporated into real estate at what are known as megaproject sites as part of a bill filed in the state House of Representatives.
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