News
KBF 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…
Read MoreNew Oregon Pass-Through Entity-Level Business Alternative Income Tax
Senate Bill 727 (SB 727) was introduced as Oregon’s response to the enactment of The Tax Cuts and Jobs Act (TCJA) and the IRS Notice 2020-75. TCJA imposed a limit on the amount of state and local taxes that an individual may deduct from federal taxable income each year. IRS Notice 2020-75 clarified that state…
Read MoreKBF Sales and Use Tax Newsletter – 4th Quarter 2021
KBF’s quarterly newsletter updates clients on sales and use tax news, developments, and trends from around the country. For our fourth edition, we feature updates on the multistate trend of taxing profits from digital advertising and data mining. We also highlight updates from more states on the classification and taxability of digital goods. Learn more…
Read MoreCalifornia Sales and Use Tax Exemption
Background California allows qualifying manufacturers and certain research and developers a partial exemption from sales and use tax on various purchases of machinery and equipment used primarily for manufacturing, research, and development activities. Additionally, the state expanded the partial exemption to certain power generators and distributors for equipment used for power generation, production, storage or…
Read MoreKBF Sales and Use Tax Newsletter – 3rd Quarter 2021
KBF’s quarterly newsletter updates clients on sales and use tax news, developments, and trends from around the country. For our third edition, we feature updates on the tax treatment of digital goods in certain states. Learn more about these developments by downloading the newsletter here.
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