This Week in Tax

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Income Tax

The numbers were released from the Department of the Treasury, showing a $225 billion shortfall in revenue due to the TCJA, two years in. These numbers were in line with the projected shortfalls expected from the tax

cuts. This tax law is on track to increase the budget deficit $1.5 trillion over a decade. Read more here.

Sales Tax

States are updating their sales tax rules in the new post-Wayfair decision environment. In October, many states imposed a new law for remote sellers and marketplace sellers. States now requiring remote sellers to collect and remit sales tax on goods sold into the state (subject to specific criteria) are listed here: Arizona, Kansas, Massachusetts, Maryland, Minnesota, Tennessee and Texas. States that now have a marketplace facilitator law (subject to specific criteria) are listed here: Arizona, California, Colorado, Maine, Massachusetts, Maryland, Minnesota, Nevada, North Dakota, Ohio, Oklahoma, Texas, Utah and Wisconsin. Read more here.

State Income Tax

Utah is proposing an increase on taxes of groceries and gas, and a cut to income tax. Many advocates for lower income households are concerned that the new taxes will unduly burden the underprivileged families living in Utah. Read more here.

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Liz Mason
Liz Mason is a serial entrepreneur, a giant nerd, and an involved accounting vanguard. She is the Founder of High Rock Accounting, Rebel Rock Accounting, TheDepartment.Tax, and a few other related brands. Liz speaks on a national stage, guests stars on podcasts, publishes a YouTube show (The Hot Accounts), and writes frequently. To further her passion for the advancement of the accounting profession, Liz currently serves as a Xero National Ambassador and as the Content Strategist for Tax Practice News. Liz started her career in tax at Grant Thornton (at 20) and automated a portion of her job landing her in the national tax practice. She spent a decade in large public accounting firms working on highly technical tax consulting before branching off on her own. Liz utilizes her creativity and passion at her company to uproot traditional practices and replace them with innovative concepts. She finds joy in efficient technology and her core belief is that everyone and everything can continuously improve (she says "be better" too often). When Liz isn't planning world domination in accounting, she is a die-hard skier, down for any adventure, plays the ukulele, reads everything, and has a good sense of humor. If you're looking for her, you can find her traveling the world and enjoying new food and cultures with her husband and young son. Follow Liz and High Rock Accounting on Twitter at @LizzyNorMa and @HighRockCPAs.