George Spencer: Professional Services Tax Proposals Discussed in Multiple States (June 21, 2021)

George Spencer has made available for download his article, “Professional Services Tax Proposals Discussed in Multiple States”, published in the Journal of Accountancy. The abstract is as follows:

Taxation of CPA services was a hot topic in several state legislatures this year as states sought to fix expected revenue shortfalls.

“Some states will be dealing with some sort of budget difficulties going into 2021 and 2022,” said Megan Kueck, lead manager–State Regulation & Legislation at the AICPA. “They are looking at expanding their tax base, and that expansion of the tax base may include taxes on professional services.”

States have debated for years whether to broaden their sales tax base to include professional services, typically those offered by CPAs, attorneys, real estate agents, and architects. In recent years, legislatures have become more creative in their consideration of these taxes, according to Kueck, as increased state budget deficits have put more pressure on legislators to find ways to fund transportation needs, education, and other social services.

Click here to view George Spencer’s summary of “Professional Services Tax Proposals Discussed in Multiple States”

Posted by Marin Larkin, Associate Editor, Wealth Strategies Journal.

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