DGLF CPAs & Business Advisors » Tax News

New Georgia Contractor’s License Requirement

admin — Sun, 09 Dec 2007 23:47:35 +0000

The Georgia legislature recently created the State Licensing Board for Residential and General Contractors and requires licensure to practice contracting for work of $2,500 or greater as of January 1, 2008 for three license types: residential-basic contracting; residential-light commercial contracting; and general contracting. The Board is now accepting “examination exemption” applications from residents and citizens of Georgia or business organizations that have continuously maintained an office and place of business in Georgia for the previous five years. After January 1, 2007, the Board will begin accepting reciprocity applications and applications for licensure by examination. The Board is still considering reciprocity with other states and when this is finalized, the states will be posted on this Board website. License applications, Board rules and other information are available on the Board website.

Sales Tax Decrease on Food

admin — Wed, 14 Nov 2007 23:45:56 +0000

The Tennessee General Assembly has passed legislation that would reduce the state sales tax rates on the retail sale of food and food ingredients for human consumption from 6.0% to 5.5%, effective January 1, 2008.

IRS Implements New System For Getting An EIN Instantly

admin — Thu, 27 Sep 2007 23:41:08 +0000

The IRS has announced that taxpayers can now request an Employer Identification Number (EIN) through a Web-based system that instantly processes requests and generates identification numbers in real time.

This is a vast improvement for taxpayers. In the past, taxpayers were told to file an application for an EIN four to five weeks before the number was needed.