Last Week in Allyn Tax News (May 29-June 2)

Unclaimed Property Services

For many companies, a one-size-fits-all unclaimed property approach doesn’t work. That’s why our team of tax professionals use their deep expertise and innovative technology to customize, automate, and optimize your business processes to help ease the strain of your unclaimed property demands.
Our tax specialists are qualified, approachable, and committed to providing exceptional service to help you manage your company’s unclaimed property needs in a timely manner while mitigating risks and identifying potential savings opportunities. We have the expertise, specialization, and technology to help you unravel the complexities of unclaimed property processes to help keep your business moving forward. We are well-versed in technical unclaimed property tax regulations, procedures, and practices. We use that experience to your advantage.
Allyn has the experience necessary to conduct a full review of your unclaimed property obligations and develop a strong process going forward.

Our team will ensure that you are in complete compliance with applicable tax law while reducing your tax liability to your fair share - and nothing more. While we’re at it, we can conduct a review of funds escheated by others and owed to you, turning liabilities into refunds. If you would like to learn more about how Allyn can help you claim your unclaimed property, ask an expert here: https://lnkd.in/eMTnUw3y

 

On the Road Again!

The Alabama Department of Revenue has announced that, effective June 1, 2023, the Town of Lockhart will increase the sales and use tax rate for general rate items, admissions to places of amusement and entertainment, and food sold through vending machines to 3.5% from 2%. The rate for automotive vehicles, truck trailers, semi-trailers and house trailers will increase to 0.50% from 0.25%. The rate for manufacturing machinery and farm machinery will remain at 0.50%. Effective June 1, 2023, the City of Decatur lodgings tax rate will increase to 10% from 7%. The per room lodgings fee will remain at $2 per day. Lodgings offered to transients outside the corporate limits of the city but within the police jurisdiction are subject to tax at one-half of the stated rate.

 

 

Property Tax Guide

Colorado updated the practices related to property tax (effective 08/07/2023). The changes include how an assessor establishes actual value, the use of alternative protest and appeal procedures, and the information that must be provided to a taxpayer. When determining the actual value of real and personal property, the assessor must consider current use, existing zone, environmental / governmental regulations, and contractual agreements. Beginning January 1, 2024, counties with a population greater than 300,000 must use an alternative protest and appeal procedure to determine objections and protests concerning valuations of taxable property. Also, upon the request of a taxpayer for data used by the assessor in determining the actual value of the property, the primary method and rates used to value the property must be provided.

 

We’ve Got Your Back

The Washington Department of Revenue has issued an advisory addressing the application of retail sales tax on prosthetic devices sold by licensed chiropractors. Washington law provides a retail sales tax exemption for sales of prosthetic devices that are prescribed, fitted, or furnished for an individual by a person licensed to prescribe, fit, or furnish prosthetic devices. As chiropractors are health care practitioners authorized to prescribe prosthetic devices to their patients, they may sell prescribed prosthetics to their patients without charging retail sales tax. Examples of exempt prosthetic devices include ankle braces; back braces; orthopedic shoes, shoe lifts, inserts, arch supports, heel protectors; cervical collars, or compression stockings. However, licensed chiropractors may not prescribe a prosthetic device that is outside of their scope of practice such as hearing aids or other such devices.

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About Allyn International

Allyn International is dedicated to providing high quality, customer centric services and solutions for the global marketplace. Allyn's core products include transportation management, logistics sourcing, freight forwarding, supply chain consulting, tax management and global trade compliance. Allyn clients range from small local businesses to Fortune 500 firms. Allyn conducts business in more than 20 languages and has extensive experience in both developed and emerging markets. Highly trained experts are positioned throughout North and South America, Europe and Asia. Allyn’s regional headquarters are strategically located in Fort Myers, Florida, U.S.A., Shanghai, P.R. China and Prague, Czech Republic. For more information, visit www.allynintl.com