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KBF Sales and Use Tax Newsletter – 4th Quarter 2022
KBF’s quarterly newsletter updates clients on sales and use tax news, developments, and trends from around the country. This edition includes important filing deadlines for businesses, changes in tax rates, tax requirements on digital services and remote sellers, and more. Learn more about these developments by downloading the newsletter here.
Read MoreDoing Business in the City of San Francisco: Meeting Your Regulatory Requirements
Companies doing business in San Francisco (the city) are required to register and pay an annual registration fee. The general deadline for paying license fees for the 2023-2024 period is May 31, 2023. Furthermore, general businesses may be subject to up to four city taxes: the San Francisco Gross Receipts, Homelessness Gross Receipts, Commercial Rents,…
Read MoreLos Angeles City Business Tax: What You Need To Know
Companies and individuals doing business in the City of Los Angeles and its neighboring cities may find themselves subject to the annual Los Angeles City Business Tax (LACBT), due on February 28, 2023. With work-from-home arrangements becoming more common, along with broad nexus standards, companies may find themselves unexpectedly triggering a filing obligation or increasing/decreasing…
Read MoreNew Portland Tax Alignment for City, County, and Metro Approved
The Portland City Council recently voted to simplify the sales factor apportionment for businesses in the area. These approved changes would allow Portland, Multnomah County, and Metro taxing authorities to use the state’s sales factor apportionment starting on or after January 1, 2023. The update aims to reduce the differences between jurisdictions and enables them…
Read MoreKBF Sales and Use Tax Newsletter – 3rd Quarter 2022
KBF’s quarterly newsletter updates clients on sales and use tax news, developments, and trends from around the country. This edition features updates on marketplace seller clarifications, the tax treatment of digital goods and digital advertising, and tax treatment of IT as a service and other information services. Learn more about these developments by downloading the…
Read MoreKBF Sales and Use Tax Newsletter – 2nd Quarter 2022
KBF’s quarterly newsletter updates clients on sales and use tax news, developments, and trends from around the country. This edition features updates on the tax treatment of digital goods, interstate transactions, and lease of equipment. Learn more about these developments by downloading the newsletter here.
Read MoreU.S. Withholding Taxes for Payments to Foreign Persons
Whilst the United States (“U.S.”) taxes its citizens, residents, and domestic corporations on their worldwide income, nonresident individuals and foreign entities (collectively, foreign persons) are generally taxed on only four categories of income. The U.S. may impose a tax on a foreign person without legal jurisdiction over that foreign taxpayer sufficient to fully enforce compliance…
Read MoreKBF Sales and Use Tax Newsletter – 1st Quarter 2022
KBF’s quarterly newsletter updates clients on sales and use tax news, developments, and trends from around the country. For this edition, we feature updates on state rulings for which goods and services are taxable and which are exempt. Learn more about these developments by downloading the newsletter here.
Read MoreCalifornia Makes Favorable Changes to the Pass-Through Entity Tax
Summary Since the passage of the Tax Cuts and Jobs Act (TCJA) in 2017, individuals who itemize their federal tax deductions have been limited to a $10,000 deduction for state and local income taxes. A pass-through entity (“PTE”) tax is meant to be a workaround for the federal $10,000 state tax limitation. It imposes an…
Read MoreCalifornia Unclaimed Property Tax Compliance
Summary Beginning in 2022, the California Franchise Tax Board (FTB) will require most businesses to disclose the status of their unclaimed property compliance on their business tax returns. This information will be shared with the State Controller’s Office (SCO) with the purpose of increasing the awareness of, and compliance with, unclaimed property reporting requirements. To…
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