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Indiana Says Audit Overstated Biz’s Sales Tax Assessment

by usoftax_admin | Oct 3, 2024 | Tax News

An Indiana business was able to provide receipts, invoices and exemption certificates that proved that an audit assessment for sales tax by the Department of State Revenue was overstated, according to the department in a letter of findings.

Ind. Co. Doesn’t Owe Tax On Canceled Order, Dept. Says

by usoftax_admin | Oct 3, 2024 | Tax News

An Indiana company was able to prove that merchandise it purchased from an out-of-state seller was canceled before it arrived and that it doesn’t owe use tax on the transaction, the Department of State Revenue said in a letter of findings.

IRS Missing Out On $1.4B In Taxes On Gambling Winnings

by usoftax_admin | Oct 3, 2024 | Tax News

The Internal Revenue Service’s failure to enforce income tax filing requirements for recipients of a form to report gambling winnings has cost it an estimated roughly $1.4 billion in additional tax revenue, the Treasury Inspector General for Tax Administration...

Nev. July Sales Tax Revenue Drops 2.6% From Last Year

by usoftax_admin | Oct 3, 2024 | Tax News

Nevada’s sales tax collection in July trailed last year’s total for that month by 2.6%, the state Department of Taxation reported.

IRS Issues Part-Time Worker 403(b) Retirement Plan Guidance

by usoftax_admin | Oct 3, 2024 | Tax News

The Internal Revenue Service and U.S. Treasury Department published guidance Thursday on how long-term, part-time employees’ Internal Revenue Code Section 403(b) retirement plans will be affected by the Secure 2.0 Act of 2022, which will apply to such plans...

NJ Mogul’s Brother Says Lawyering Isn’t Racketeering

by usoftax_admin | Oct 3, 2024 | Tax News

Parker McCay PA shareholder Philip A. Norcross is urging a New Jersey state judge to toss the sweeping indictment against him, his power broker brother and others over an alleged extortion scheme to acquire riverfront property in a distressed city, arguing that none...
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