November 2023 Roundup: Tax laws you need to know 

While you focus on your business, we stay on top of legislative and policy changes that can affect your tax compliance. 

Nuts and bolts 

Targeting gun safety in Tennessee and New York. As of November 1, 2023, gun safes and gun safety devices are exempt from sales tax in the state of Tennessee. But the Volunteer State isn’t the only state making changes to the taxability of firearms and firearm accessories — New York is considering adding new taxes on guns and ammunition
 
No tax amnesty for Ohioans (this year). What does a state do when they want to collect more tax revenue? In the past, Ohio has offered tax amnesty: a period when the state reduces or waives penalties or interest for delinquent taxpayers who voluntarily step forward and pay the taxes they owe. But according to a recent State of Ohio Monthly Financial Report (which we read regularly, over coffee and buckeye candies) the state is doing just fine, tax revenue-wise.

Exciting news for parents in North Carolina. Hungry babies rejoice — starting November 1, 2023, your parents and caretakers can get breast pumps, collection and storage supplies, and other related items exempt from taxes. If you were wondering what the new taxability laws mean for retailers in North Carolina, we’ve got you covered.  
 
Real exemptions on virtual currency? The Sunshine State sure loves a sales tax holiday, but the newest proposed sales tax holiday is pretty unusual. Senate Bill 352 and House Bill 369, if passed, would establish a virtual currency sales tax holiday in Florida. Sales made in virtual currency (cryptocurrencies like bitcoin, ethereum, or dogecoin) at certain types of businesses, including bars or nightclubs, barbershops, convenience stores, and grocery stores, would be exempt from sales tax.  
 
’Tis the tax holiday season. Speaking of sales tax holidays, stay up to date on the latest tax exempt events across the United States. Learn about tax free days in Sitka, Alaska, a continuing gas tax holiday in Georgia, and a New Mexico small business Saturday tax holiday. 

New month, new tax changes. The first of the month usually means new tax changes. Read up on the tax changes that take effect December 1, 2023.

Talkin’ turkey. As it turns out, the annual tradition where the president of the United States pardons a turkey at Thanksgiving creates a number of taxability scenarios for our feathered friends (or food). Where the turkeys are sold, whether they’re cooked at home or by professionals, or if they live out their days at a petting zoo affects how they’re taxed.  
 
W-9 out of 10 accountants agree. It’s the first day at your new freelancing job, and before you can even read the style guide, you must fill out and submit tax paperwork. This post is for anyone who has ever wondered what a Form W-9 is for. And for those who are generally interested in IRS paperwork.  
 
Small businesses in the Big Apple. A proposed bill in New York would establish a reduced sales tax rate for certain small businesses. This rate change — from 4% to 2.5% — could give qualifying small businesses a competitive edge over large businesses and nonresident businesses. Learn more about the small bill that’s making big waves

From the accounting tax desk 

Accounting staffs are coming up short. Accounting firms, practices, and departments are feeling a labor shortage crunch. We look at what’s causing these challenges, how firms are changing to attract or retain talent, and how automation can help in the meantime

1099 problems. Small businesses, freelancers, and independent contractors will receive new tax forms in the mail ... eventually. On November 21, 2023, the IRS announced that they are delaying the $600 threshold for 1099-K tax forms. When the changes do take effect, it could lead to a lot of confusion for taxpayers, but accounting firms are uniquely equipped to help.  

The future is high tech. We teamed up with Hanover Research to survey accounting, tax, and finance professionals about their finance and tax departments’ top challenges and priorities and how technology is helping. Find out what we learned

From the property tax desk 

Property tax bills and you. Property taxes are complicated, and if you’re scratching your head over your latest property tax bill you’re not alone. We wrote the guide on understanding your property tax bill.

From the tap 

Reduce, reuse, recycle in the Golden State. Starting January 1, 2024, the California Bottle Bill will apply to containers containing wine and distilled spirits. What does this mean for direct wine shippers, manufacturers, distributors, and consumers in California

Check out the Avalara resource center for more helpful information. 

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