News
Choosing the Right Entity: A Guide for Emerging Growth Companies
Maximize your startup’s potential by choosing the right entity. This webinar will guide you through the process, helping you understand how different structures impact taxes, liability, and fundraising, ultimately driving your company’s growth.
KBF State Income Tax Newsletter – 4th Quarter 2024
KBF’s quarterly newsletter updates clients on state and local income/franchise tax news, developments, and trends. Please note that this information is for discussion purposes only and does not constitute specific tax advice. Here are some important updates: Louisiana Louisiana enacted sweeping tax code changes, including adjustments to corporate and individual tax rates, immediate expensing options…
KBF Sales and Use Tax Newsletter – 4th Quarter 2024
Here are recent court rulings, legislation, and administrative changes that have significantly impacted sales tax landscapes across the country. California extended the sales and use tax filing deadline for businesses in Los Angeles County impacted by wildfires. Illinois updated its destination sourcing rules for out-of-state sales and Chicago increased its personal property lease tax. Louisiana…
California Wildfire Relief: Tax Filing and Payment Deadlines Extended
In response to the devastation caused by recent wildfires, various tax agencies have implemented filing and payment extensions to support affected individuals and businesses in Los Angeles County. This relief is intended to provide time for recovery, while easing the tax burdens that may have been exacerbated by the disaster. Sales Tax Extension – CAEFTA…
Louisiana Overhauls Tax Code with Sweeping Changes
Louisiana recently enacted a comprehensive tax reform package, significantly altering the state’s tax landscape. Signed into law by Governor Jeff Landry on December 5th, the legislation includes: Corporate Tax Changes Repeal of the corporate franchise tax. (HB3) Implementation of a flat 5.5% corporate income tax rate for tax years beginning on/after Jan. 1, 2025; previously,…
Louisiana Expands Sales Tax to Digital Goods
Effective January 1, 2025, Louisiana sales and use tax now applies to digital products. The definition of “digital products” includes: Digital audiovisual works Digital audio works Digital books Digital codes Digital applications and games Digital periodicals and discussion forums “any other otherwise taxable tangible personal property transferred electronically, whether digitally delivered, streamed, or accessed and…
ASU 2023-09 New Tax Disclosure Requirements
Friday, December 13, 2024 10:30 AM to 11:30 AM PST While the guidance is to be applied on a prospective basis, retrospective presentation as well as early adoption of the standard is permitted. For those entities either considering early adoption or retrospective presentation of disclosures, the time for planning is now. Join us to learn…
No Sales Tax on Manufacturing Test Equipment in Virginia
The Virginia Department of Taxation has clarified that testing equipment used during the manufacturing process is exempt from sales tax. This exemption applies to equipment used to test products before they are completed, such as before packaging and labeling. However, testing equipment used on finished products remains subject to sales tax. Additionally, equipment used solely…
Tennessee Adopts Streamlined Sales Tax Sourcing Rules
Effective July 1, 2024, the Tennessee Legislature adopted the Streamlined Sales Tax sourcing rules for a retail sale of a product from outside of Tennessee into Tennessee. Sales are generally sourced to the location where the goods or services are delivered or used. Key changes include: Destination-Based Sourcing: Most sales of tangible personal property are…
North Carolina Repeals Sales Tax Transaction Threshold
Effective July 1, 2024, the North Carolina Department of Revenue removed the number of transactions as a factor in determining economic nexus in the state. Remote sellers exceeding $100,000 in gross sales will need to register and remit sales tax to the Department of Revenue. Previously, remote sellers had to meet either the $100,000 gross…
Electric Vehicle Charging Considered Taxable Service in Jersey
The New Jersey Division of Taxation issued guidance regarding the taxability of charging an electric vehicle. Charging an electric vehicle is considered a taxable maintenance or service to tangible personal property. This is the case whether or not the purchaser is charged a flat fee or if the purchaser is charged for exact usage via…
Massachusetts Announces Tax Amnesty Program
Massachusetts will hold a tax amnesty program from November 1, 2024, to December 30, 2024, during which time it will waive most penalties for eligible taxpayers who file outstanding returns and pay tax and interest owed for tax periods with returns due by December 31, 2024. To qualify, taxpayers must submit an Amnesty Request through…