- As a whole, local governments have been hit hard by the Great Recession. One of the main strategies that governments have employed to address the financial crisis has been spending cuts.
- Contractors purchasing materials for use in a Minnesota construction project with an exempt entity must have detailed supporting documentation to ensure these purchases are exempt from state sales and use taxes. Without such documentation, the contractor or subcontractor that supplied the materials may be subject to back taxes, penalties, and interest due to the state.
- From The Tax Advisor: Captive insurance is insurance or reinsurance provided by a company that is formed primarily to cover the assets and risks of its parent company or companies.
- As state governments continue to deal with budget shortfalls, revenue agencies continue stepping up their efforts in raising revenue through sales tax audits. States have increased the size of their audit staff and are employing new technologies in their discovery efforts. Auto dealerships are not immune to selection and should know what to expect and how to prepare for an audit.
- The city of Rockford needed to reduce a budget deficit without significantly impacting core municipal service levels. Developing comprehensive operational assessments allows staff the flexibility to try new things and forward suggestions to management for implementation.
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