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KBF-Logo_color
  • SERVICES
    • TAX
      • Accounting for Income Taxes
      • Income Tax Planning
      • International Taxation
      • State & Local Tax (SALT)
      • Sales & Use Tax
      • Expatriate Tax & Global Mobility Solutions
      • Payroll & Employment Tax
      • SEC Registrants & Venture-Backed Entities
      • Emerging Growth Companies
      • Research & Development Credits
      • Transfer Pricing
      • Closely Held Businesses
      • Private Client Services
      • U.S. Greater China & APAC Services
    • ASSURANCE
      • Middle Market & Venture-Backed Entities
      • Best Practices & Technology Tools
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      • Employee Benefit Plan Audit
    • ADVISORY SERVICES
      • Managed Accounting Services
      • Accounting & Reporting
      • Technical Consulting
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      • Tax & Accounting Due Diligence
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      • Debtor Services
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  • ABOUT
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General

No Sales Tax on Manufacturing Test Equipment in Virginia

By KBF Editorial | November 19, 2024

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…

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Tennessee Adopts Streamlined Sales Tax Sourcing Rules

By KBF Editorial | November 19, 2024

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…

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North Carolina Repeals Sales Tax Transaction Threshold

By KBF Editorial | November 19, 2024

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…

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Electric Vehicle Charging Considered Taxable Service in Jersey

By KBF Editorial | November 19, 2024

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…

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Massachusetts Announces Tax Amnesty Program

By KBF Editorial | November 19, 2024

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…

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Illinois Updates Destination Sourcing Rules

By KBF Editorial | November 19, 2024

Effective January 1, 2025, retailers who have a place of business in Illinois and sell personal property from a location outside Illinois will be required to collect state and local…

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Vendor Discount Capped in Illinois

By KBF Editorial | November 19, 2024

Effective January 1, 2025, the sales tax vendor discount will be capped at $1,000 per month. The discount is provided to taxpayers that file and pay their vendor’s use tax…

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Lease Transactions Now Subject to Tax in Illinois

By KBF Editorial | November 19, 2024

Effective January 1, 2025, Illinois will begin taxing lease transactions. Prior to January 1, 2025, personal property was subject to tax at the time of purchase instead of during a…

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Alaska Repeals Sales Tax Transaction Threshold

By KBF Editorial | November 19, 2024

Effective January 1, 2025, the Alaska Remote Seller Sales Tax Commission will no longer use the number of transactions as a factor in determining economic nexus in the state. Remote…

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KBF State Income Tax Newsletter – 3rd Quarter 2024

By KBF Editorial | November 14, 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…

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Recent Posts

  • KBF Sales and Use Tax Newsletter – 1st Quarter 2025
  • KBF State Income Tax Newsletter – 1st Quarter 2025
  • Michigan Enacts Refundable R&D Tax Credit
  • Navigating State Tax Nexus in the Digital Age
  • R&D Tax Credit Reporting: New Rules, New Requirements

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“KBF” is the brand name under which KBF CPAs – Audit, LLP (“KBF Audit”) and KBF CPAs LLP (“KBF Advisory”) provide professional services. KBF Audit and KBF Advisory practice in an alternative practice structure in accordance with the AICPA Code of Professional Conduct and applicable law, regulations, and professional standards. KBF Audit is a licensed independent CPA firm that provides attest services to its clients, and KBF Advisory provides tax and business consulting services to its clients.

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