Excise Tax vs. Sales Tax: How Are They Different?

Excise taxes and sales taxes both generate government revenue, but they work in fundamentally different ways. Sales taxes apply broadly to most retail purchases at a uniform percentage rate, appearing ...
JD Supra

Another Surprise in the One Big Beautiful Bill: Excise Tax on Remittances

A proposed section in the U.S. House of Representatives version of the One Big Beautiful Bill (OBBB) would impose a 3.5 percent excise tax on a remittance of money. This proposal has wide-ranging ...
Accounting Today

Inside the IRS's guidance on the excise tax on stock repurchases

This interim guidance may be relied upon until regulations addressing the provision are issued. It is expected that the regulations will closely follow the definitions and rules in the notice. The ...
JD Supra

State Excise Tax Considerations for Tobacco and Nicotine Manufacturers, Distributors and Retailers

A couple of years ago we posted an overview of state licensing and excise tax considerations for tobacco companies. In this post, we take a closer look at state excise tax considerations. When ...
Los Angeles Times

Will California’s new tax on gun sales reduce firearm violence?

California will be the first U.S. state to charge an excise tax on guns and ammunition, starting in July. The new tax — an 11% levy on each sale — will come on top of federal excise taxes of 10% or 11 ...