Tax Services Practice Managing Director Robert Peters and Director Dustin Jensen co-authored an article on Deep in the Heart of Taxes: Federal Budget Affects States in State Tax Notes.
In this article, the authors address the state tax implications resulting from President Trump's proposed federal budget, which includes substantial reductions in the funding of numerous health, education and welfare programs. The proposed reduced federal spending in those areas is likely to increase pressure on the various states to close state budget gaps through stepped up tax enforcement efforts and continued expansion of the state sales tax base of goods and services subject to tax.
Read the full article for recommendations on how businesses can prepare themselves to limit potential liability resulting from heightened audit practices and expansion activities that previously thought to be exempt, may now find are considered within the web of taxable goods and services.
