News

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…

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…

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…

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…

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…

Here are recent court rulings, legislation, and administrative changes that have significantly impacted sales tax landscapes across the country. Remote Seller Nexus Thresholds Several states simplified their remote seller nexus…

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,…

Effective July 1, 2024, the state’s sales and use tax exemption for remotely accessed prewritten computer software is repealed.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…

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”…

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…