News
Illinois Remote Retailer Amnesty Program: Penalties Waived Through October 31, 2026
What Is the Illinois Remote Retailer Amnesty Program? Remote retailers that sell into Illinois without a physical presence in the state have a limited window to clean up past sales tax exposure at a favorable cost. As part of the budget legislation Governor Pritzker signed in 2025 (House Bill 2755), the Illinois Department of Revenue…
KBF’s R&D Tax Credit Study: A Five-Step Process for Audit-Ready Claims
Claiming the research and development (R&D) tax credit isn’t just about filling out a form. It’s about building a defensible, dollar-maximizing R&D tax credit claim that holds up long after it’s filed. Our five-step process turns your innovation into a documented, audit-ready R&D tax credit. 1. Discover: R&D Tax Credit Eligibility Screening Before we invest…
KBF Advisory Launches Real Estate Advisory Practice
Real estate decisions rarely happen in isolation. An acquisition, disposition, financing decision, or ownership transition can have implications across a broader portfolio, tax strategy, and long-term wealth goals. KBF Advisory’s new Real Estate Advisory practice is designed to help clients connect those decisions rather than evaluate each one separately. Led by Scott Fouser, who brings…
Prop Regs Allow Election to Exempt CFCs from 987 Gains and Losses on Remittances from QBUs
On Thursday, August 13th, the Treasury released proposed regulations under section 987 (the “Prop Regs”) that would permit CFCs to elect out of section 987 (a “CFC Exemption Election” and, once elected, an “Exempt CFC”) as it applies to determine gains and losses on remittances from the CFC’s qualified business units (“QBUs”), except for in…
Q2 2026 State Corporate Tax Update: OB3 Conformity, Rate Reductions, and Key Court Decisions
This edition of our state and local tax updates covers the second quarter of 2026, dominated by states responding to conformity with the federal “One Big Beautiful Bill” (OB3) legislation. More than a dozen states — including Arizona, Florida, Hawaii, Kentucky, Maine, Massachusetts, Minnesota, New York, Oregon, Rhode Island, and Vermont — enacted legislation addressing…
KBF Advisory Joins Praxity Global Alliance
KBF Advisory has joined Praxity, a global alliance of independent audit, tax, and advisory firms spanning more than 110 countries. This new membership strengthens KBF’s global reach while allowing clients to continue working directly with their trusted KBF engagement team. As businesses continue to expand internationally, access to experienced advisors across multiple jurisdictions is increasingly…
Form 6765 Section G Becomes Mandatory in 2026: What It Means for Your R&D Tax Credit Documentation
The IRS has finalized major updates to Form 6765 (Credit for Increasing Research Activities), the form used to claim the R&D tax credit. The headline change, detailed project-level reporting under new Section G, becomes mandatory starting with tax year 2026 (returns filed in 2027). Section G has been optional throughout 2024 and 2025 while the…
SB 122 Is Not Just a Sales Tax Story: What California’s New Law Means for Income Tax Nexus
Our earlier piece on SB 122 covered the sales tax side of California’s new SaaS tax: starting January 1, 2027, the law requires many software sellers to register, collect, and remit California sales tax once they cross $500,000 in California sales. That threshold does not directly apply to California income tax nexus, which runs on…
Washington Millionaire Tax Repeal Is on the November 2026 Ballot — Here’s What’s at Stake
On March 30, 2026, Governor Bob Ferguson signed SB 6346 into law. The new law imposes a 9.9% tax on households earning annual income that exceeds $1 million (see our prior discussion). The law takes effect January 1, 2028, with initial payments due April 2029. The State expects that the “Millionaire’s Tax” will raise more…
IRS Automatic Penalty Relief 2026: AEP Replaces First Time Abate
For businesses and individuals with a timely compliance history, IRS penalty relief has always come with a catch: you generally had to ask for it. That is about to change. On July 8, 2026, the IRS announced a new Automatic Exemption from Penalty (“AEP“), a systemic relief program that applies penalty relief automatically to taxpayers…
California SaaS Sales Tax 2027: A Compliance Checklist for Sellers and Buyers
Starting January 1, 2027, California will tax prewritten software no matter how it’s delivered – ending the exemption that SaaS, downloaded software, and cloud-based access have relied on for years. Here’s what’s changing, who it affects, and what to do before enforcement begins. What SB 122 Changes: SaaS and Cloud Software Now Taxable SB 122…
Global Tax Planning Through Value Chain Management: A Guide for Multinationals
Introduction For many multinational enterprises, the most significant international tax planning opportunities do not arise from a particular Code section, treaty provision, or tax election. Rather, they emerge from a thoughtful evaluation of how the business creates value and how its legal, operational, and tax structures align with that value creation. This broader discipline, often…