With the Massachusetts Sales Tax Holiday Weekend legislation recently signed by Governor Romney, the accounting team at Rodman & Rodman, P.C., of Newton, Mass. offers retailers and consumers a quick breakdown of the special rules that apply on the weekend of August 12th & 13th.

The Commonwealth of Massachusetts will not be collecting sales tax on tangible personal property sold by retailers to the general public at a price of $2,500 or less during the sales tax-free weekend.

Here's an overview:

* A single item, not exceeding $2,500 maximum, will be sales tax-free.

* When more than one item is purchased at the same time, and each item has a price of $2,500 or less, then all of the items may be rung up on one receipt and all items are tax-free.

* Bundled items, such as computer packages that include computer, monitor, keyboard and printer in a single sales price only qualify for tax exemption if the price of the entire bundle is less than $2,500.

* Prior sales and lay-a-ways do not qualify under any circumstances. The sale has to be generated during the tax-free weekend to count.

* Business purchases are excluded, which also means any purchase made with a business check or business credit card.

* Special order items such as furniture are eligible for the sales tax holiday so long as they are ordered and paid in full on the sales tax holiday weekend, and the cost of each item is $2,500 or less, even if delivery is made at a later date.

* Motor vehicles, which includes ATVs and small motorcycles are excluded.

* Motorized boats are excluded, but non-motorized boats such as canoes and kayaks do qualify for the sales tax exemption.

* Car and boat rentals are considered services and do not qualify, but golf carts are eligible because they are not considered motorized vehicles.

* Meals, telecommunication services, gas, steam, electricity, tobacco products and any item in excess of $2,500 remains taxable.

* All services are excluded. Only tangible purchases are eligible. Airline tickets and sporting events are considered services.

Rodman & Rodman, P.C.

Founded in 1961, Rodman & Rodman, P.C. provides accounting, tax and business services to small and medium-sized companies throughout New England. With a focus on strategic planning, Rodman & Rodman goes beyond traditional accounting services and takes a proactive approach when serving clients to increase, preserve and sustain clients' financial net worth.

From business valuations, taxation, audits, fraud detection and prevention services and succession planning to a variety of accounting IT services including software selection, implementation and training, the team at Rodman & Rodman serves as comprehensive advisors to clients. For individual clients, the company offers personal advisory services such as planning for real estate transactions, obtaining financing, estate planning and retirement planning as well as planning for college education.

Rodman & Rodman Certified Public Accountants are located at 3 Newton Executive Park, Suite 101 in Newton, Mass.

For more information, visit their website at www.rodmancpa.com or contact Jen Reading at (617) 965-5959.

CONTACT:

Steven V. Dubin

PR Works

(781) 582-1061

sdubin@prworkzone.com

Source: theopenpress