| Indoor Tanning Tax Starts July 1 |
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| Written by The Progressive Accountant | |||
| Monday, 14 June 2010 15:10 | |||
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WASHINGTON — A 10-percent excise tax goes into effect on July 1 and the Internal Revenue Service has issued regulations for the new program. The tax will be paid by users at the time of purchase of tanning services with the provider paying the amounts quarterly. Providers will file IRS form 720, Quarterly Federal Excise Tax Return, along with the payments. Licensed medical professionals who provide phototherapy services on their premises are exempt as are certain physical fitness facilities that offering taning to members without a separate fee . | |||
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About the Author: Brett Owens is CEO and Co-Founder of Chrometa, a Sacramento, Calif.-based provider of software that records activity in real time. Previously marketed to the legal community, Chrometa is branching out to accounting prospects; gains include the ability to discover previously undocumented billable time, save time on billing reconciliation and improve personal productivity. Brett is also blogger and founder at CommodityBullMarket.com and ContraryInvesting.com, as well as a regular contributor to two leading financial media sites, SeekingAlpha.com and BeforeItsNews.com. |