News
Washington State Enacts Comprehensive Tax Reforms for 2025-2027
On May 20, 2025, Washington Gov. Bob Ferguson signed multiple tax bills into law as part of the biennial budget passed by the state legislature on April 28, 2025. The intent was clear: to balance the budget and help reduce growing projected deficits. This was done through the adoption of both tax increases and new…
KBF Sales and Use Tax Newsletter – 1st Quarter 2025
Here are recent court rulings, legislation, and administrative changes that have significantly impacted sales tax landscapes across the country. In Indiana, online video game subscriptions, in-game items, and virtual currency are now officially not taxable. Meanwhile, Maryland is introducing a new 3% sales tax on technology-related services, such as cloud storage and IT consulting, effective…
KBF State Income Tax Newsletter – 1st Quarter 2025
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. Idaho has retroactively reduced its corporate and individual income tax rates to 5.3% and enacted exemptions for certain military benefits and precious metal…
Michigan Enacts Refundable R&D Tax Credit
On January 13, 2025, Governor Gretchen Whitmer signed bipartisan legislation re-establishing a refundable Research and Development (R&D) Tax Credit as part of the Michigan Innovation Fund initiative. Primarily through House Bills 5100 (Public Act 186 of 2024) and 5101 (Public Act 187 of 2024), this aims to foster innovation, stimulate job growth, leverage Michigan universities,…
Navigating State Tax Nexus in the Digital Age
In today’s interconnected world, understanding state tax nexus is crucial for businesses of all sizes. The concept of nexus, the requisite connection between a business and a jurisdiction that allows that jurisdiction to impose a tax, has evolved significantly in recent years. The rise of e-commerce, the service economy, remote workforces, and evolving state laws…
R&D Tax Credit Reporting: New Rules, New Requirements
The federal research and development (R&D) tax credit, while a valuable incentive, has long been known for its complexity. The tax return itself has historically been relatively straightforward, the IRS is introducing significant changes to Form 6765, the form used to claim the R&D tax credit. The recently released final version of Form 6765 (dated…
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…