Archive for the ‘Tax’ Category

Supreme Court Ruling Opens up Internet Sales Tax Collection Laws

The U.S. Supreme Court sided, 5-4, with South Dakota in South Dakota v. Wayfair, allowing South Dakota to keep its law requiring internet retailers with no physical presence (property or employees) in South Dakota to collect sales taxes from customers and remit them to the State of South Dakota. All nine justices of the U.S. […]

Changes in Tax Law; Budget Bill Signed by Gov. Paul LePage

Personal income tax, property tax, real estate transfer tax, and hospital tax are among the categories affected by the tax law changes within the budget bill signed by Gov. Paul LePage on July 4, 2017. We advise all our friends and clients to take a look at the summary of key tax law changes below. What changes for […]

Maine Budget Enacted Containing Various Tax Changes

The Maine Legislature has overridden the Governor’s veto of the 2016-2017 budget, thus allowing the legislation to become law. The 2016-2017 budget contains various Maine tax changes. Individual Income Taxes Maine Individual Income Tax Rates remain unchanged for 2015, with three individual income tax rate brackets (0%, 6.5% and 7.95%). For a married couple filing […]

Congress Passes Tax Increase Prevention Act/ABLE Act

December 17, 2014 (Portland, Maine) — On December 16, 2014 the U.S. Senate joined with the U.S. House of Representatives to pass legislation preserving many of the tax cuts and extending other expired tax provisions. President Obama is expected to sign the legislation into law. Details of the Act are still being analyzed and publicized, […]

Auto Dealership Audits: Focus on Real Estate

For auto dealerships, building rent payments, leasing arrangements and other real estate transactions are often scrutinized by the IRS. In fact, to help its auditors with these types of issues, the IRS created the Market Segment Specialization Program (MSSP). The MSSP provides guidelines for auditors on examination issues specific to a wide variety of industries. […]

R&D and Pine Tree Development Zone Credits Amended

According to CCHGroup.com’s news update today, “Maine legislation was enacted without the governor’s signature that terminates the income tax super credit for substantially increased research and development, extends from five years to 10 years the carryover period for credits carried from prior years, and reduces the maximum credit from 50% to 25% of the tax […]

Will LD 2721 Prohibit the Use of LIFO Accounting? ARB Voices Its Opinion

On January 22, 2014, Bart Haag, CPA and Michael Niles, CPA of Albin, Randall & Bennett attended the public hearing before the Joint Standing Committee on Appropriations on L.R. 2721 “An Act Related to the Report of the Tax Expenditure Review Task Force.”  This is an extremely important bill, as it relates to revenue sharing […]

Massachusetts 2013 Legislative Session Review

Over the last couple of months the Massachusetts legislature has passed some changes for the 2013 tax year and beyond.  While there wasn’t a ton of major changes, there are still changes that will affect taxpayers, especially those in certain businesses.  The changes include: sales tax now applied to computer system design services, changes in […]

New Hampshire 2013 Legislative Session in Review

The New Hampshire 2013 Legislative Session ended recently and included some changes that affect a variety of areas that businesses in New Hampshire might need to consider. The recent legislation affected the Dealer Bill of Rights, business profits tax, business enterprise tax, tobacco tax and tax administration issues. The major changes have been summarized in […]

Maine Tax Changes from the 126th Legislature

On July 10th, the Maine Legislature adjourned after a very busy day considering gubernatorial vetoes of previously enacted bills. It was a contentious legislative session for lawmakers that included the prospect of a government shutdown. The Maine Legislature had already overridden Gov. Paul LePage’s veto of a budget bill that makes numerous changes to the […]