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The FASB Emerging Issues Task Force has recently released Issue No. 06-3 entitled, "How Sales Taxes Collected from Customers and Remitted to Governmental Authorities Should be Presented in the Income Tax Statement (That Is, Gross Versus Net Presentation)."  The full text of the Issue can be found on the FASB website, where you need to scroll down to Current Meeting Discsussion Materials, Item 10.

Also, find recent Sales and Use Tax mentions on the following states in Deloitte Tax LLP's Multistate Tax Briefing:

Louisiana - Appeals Court Reverses Summary Judgment Against Dell Computers Having Third-Party Nexus

Maine - Car Dealer Ineligible for Bad-Debt Credit on Loans Assigned to Affiliate Finance Company 

Massachusetts - Finalized Information Release on Guidance for Taxation of Transfers of Prewritten ("Canned") Software

New Mexico - State Court of Appeals Issues "Corrected" K-Mart Opinion

South Carolina - Dealership and Affiliate Finance Company Jointly Qualify for Bad Debt Deduction

Tennessee - Wholesaler-to-Wholesaler Not Subject to Business Tax

 

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Last Updated: April 17, 2006

Source: Deloitte & Touche USA LLP - United States (English)