How To Solve Sales Tax Problems

How To Solve Sales Tax Problems-21
The National Council of State Legislatures estimated that Iowa lost more than 0 million in sales and use tax revenue in 2012 to Internet sales.Internet commerce no longer needs special tax treatment to survive.Game Directions: For each problem, click on the correct denominations in the cash drawer so that they add up to the sales tax. For instance, 1 dollar can be selected by clicking on the 1 dollar bill, or by chosing 4 quarters, or even 10 dimes.

The National Council of State Legislatures estimated that Iowa lost more than 0 million in sales and use tax revenue in 2012 to Internet sales.Internet commerce no longer needs special tax treatment to survive.Game Directions: For each problem, click on the correct denominations in the cash drawer so that they add up to the sales tax. For instance, 1 dollar can be selected by clicking on the 1 dollar bill, or by chosing 4 quarters, or even 10 dimes.

Require corporations to file their Iowa tax returns on a nationwide combined basis.

Twenty-five of the 46 states that have corporate income taxes require combined reporting.

Eliminate the corporate income federal tax deduction.

Iowa allows businesses filing corporate income tax returns to deduct half their federal income tax payments.

The fact that Amazon has agreed to do this means there is no longer any reason other remote sellers cannot do this as well.

Other states have been more actively enforcing their use tax laws, and Iowa should do the same.

Not requiring combined reporting puts Iowa-based corporations at a competitive disadvantage relative to large national firms.

Making this change has the potential of increasing corporate tax revenues by 0 million or more, which could be used to lower tax rates and to fund critical state needs.6.

Reducing Iowa’s top corporate income tax rate of 12 percent, which is the highest in the country, to 9 percent or less would make Iowa more economically competitive.

This would also help smaller Iowa-based corporations with most of their sales in Iowa and shift some of the tax burden to larger national companies.5.

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