The OCPA includes the usual items under the umbrella of sensitive data, but also includes data types like an individual’s status as transgender or nonbinary, citizenship or immigration status, and more. Enforcement falls under the state attorney general, with potential fines up to $7,500 per...
Inheritance taxes are only collected in a handful of states, but if they apply to your inheritance, you're going to want to know the basics—and possibly how to avoid these taxes.
Some excise taxes are known as “sin taxes,” in which certain jurisdictions levy a higher tax rate on items such as alcoholic beverages or cigarettes. For example, a federal excise tax adds $1.01 to the cost of a pack of 20 cigarettes. In New York, there is an additional state excise...
This is not a complete list, so keep in mind that some states may exempt other types of items. In addition, to avoid double taxation, many business-to-business purchases are tax-exempt. If a business purchases an item specifically to resell it, they can use a resale certificate to avoid...
During a salestaxholiday, retailers who normally collect salestaxare exempt from doing so on eligible items. This exemption applies to purchases made in-store, online, by mail, or through other methods. Retailers are generally prohibited from collecting salestaxon qualifying sales during this peri...
A corporation is a type of business structure formed at the state level. In order for a nonprofit organization to file for tax-exempt status at the federal level, it must become a corporation. In that sense, all tax-exempt 501(c)(3) nonprofit organizations are also nonprofit corporations ....
In many states, these items are subject to ad valorem taxes. How tangible personal property is taxed can vary considerably, not just by state but also by city. Some places rely heavily on this tax, whereas others have completely banned it or offer various exemptions....
Iowa: Spouses, lineal ascendants (parents, grandparents, and great-grandparents), and lineal descendants (children, stepchildren, grandchildren, and great-grandchildren) are exempt; charities are exempt up to $500. The tax rate on others ranges from 2% to 6% of inheritance. Iowa's inheritance t...
a tax-exempt security may be free from all taxes. An in-state resident will usually receive a state and federal tax exemption ongeneral obligation bondsfrom his or her home state. While municipal bonds are the most common references of
However, Congress has not raised tariffs through legislation in almost 100 years — through the Smoot-Hawley Tariff Act of 1930 — and that has led to some confusion over how lawmakers should handle the issue as part of a broader tax package, the people said. ...