News
Tax Benefits of Home Renovations
While home renovations aren’t typically fully tax-deductible, several strategies can help you minimize your tax burden. Here are some options: Mortgage Interest Deduction When you finance your home purchase, the interest you pay on your mortgage is typically deductible. But did you know that this deduction can extend to home improvement loans as well?…
Exemption on Cloud Software Repealed in Vermont
Effective July 1, 2024, the state’s sales and use tax exemption for remotely accessed prewritten computer software is repealed. As such, the previously exempt “cloud software” will be subject to Vermont’s 6% sales and use tax. As a result of the legislation, the sale of prewritten computer software will now be treated consistently, regardless of…
Texas Sets New Rules for Online Sales Tax Collection and Fulfillment
The new Texas regulation provides that when an order is fulfilled from warehouses or when the order is made through an automated website, the location where an order is “received” is the physical location of the seller or third party, specifically: “The location where the order is received by or on behalf of the seller…
Minnesota Retail Delivery Fee Goes Live
In 2023, the state enacted a new retail delivery fee, assessing a fee of 50¢ per transaction; the new tax was effective starting July 1, 2024. A “retail delivery” is a delivery of taxable tangible personal property or clothing to a person located in Minnesota. The fee applies to each transaction where charges for these…
Kentucky Legislation Adds Exemptions and Modifies Filing Thresholds
H.B. 8 is a broad bill that impacts various industries and tax types. While many of the changes only affected specific groups of taxpayers, there were a few broadly applicable changes. Specifically, the more broadly applicable changes include moving the sales tax filing threshold from $6,000 to $12,000 for certain service providers and establishing a…
Arizona Court Finds Online Retailer Has Substantial Nexus
The Arizona Court of Appeals determined that an online auto parts retailer that utilizes Arizona distributors for shipping, warehousing, and handling services, had substantial nexus with the state and was subject to Arizona’s transaction privilege tax. The Department of Revenue originally assessed tax on Arizona orders in an audit. The Arizona tax court later ruled…
KBF Sales and Use Tax Newsletter – 2nd Quarter 2024
Here are recent court rulings, legislation, and administrative changes that have significantly impacted sales tax landscapes across the country. State Attributes Third-party’s Activity to Taxpayer when Determining Nexus Arizona has effectively expanded the scope of its sales tax by determining that businesses utilizing in-state distributors have a physical presence and thus have sales tax obligations. This ruling aligns with a…
Common Income Tax Considerations For Early-Stage Life Science & Technology Companies
Tuesday, August 6, 2024 11:00 AM to 12:30 PM PST This webinar will delve into the specifics of tax considerations when forming your company, from choosing the right business structure to navigating the tax implications of fundraising. We’ll also explore tax planning for your day-to-day operations, ensuring you stay compliant and maximize your bottom line….
Oregon Voters to Decide on Additional Corporate Minimum Tax in November
Initiative Petition 2024-17 (IP-17) has qualified for Oregon’s November 5, 2024 General Election ballot; the measure is officially titled Oregon Measure 118, Corporate Tax Revenue Rebate for Residents Initiative (2024). If the measure passes, certain corporations will be subject to an additional minimum tax based on Oregon gross receipts. Additionally, the measure would significantly change…
Potential Minimum Tax on Large Oregon Businesses to Fund Rebates
Prospective ballot measure in Oregon (IP-17) would impose a minimum tax of 3% on the gross sales of corporations that have at least $25m in Oregon sales. The new minimum tax would be in addition to the current minimum tax levied by Or. Rev. Stat. § 317.090(2)(a)—the minimum tax which ranges from $150 to $100,000…
Understanding Advanced Estate Planning
Thursday, May 16, 2024 2:00 PM to 3:30 PM PST Advanced estate planning offers many advantages in assisting individuals with efficiently managing and distributing their assets, while also reducing tax burdens. Through tools such as trusts and charitable planning, individuals can safeguard their wealth, provide for their loved ones, and support causes they care about….
KBF Sales and Use Tax Newsletter – 1st Quarter 2024
KBF’s quarterly newsletter updates clients on sales and use tax news, developments, and trends from around the country. In Alaska, the seasonal sales tax has been reinstated, making the tax rate 6% from April 1 to September 30. Meanwhile, remote retailers in Colorado that do not collect sales tax and haven’t met the economic nexus…