There are four main types of state tax forgiveness. Tax forgiveness or amnesty is a limited-time opportunity for businesses and individuals to pay outstanding tax liabilities in exchange for forgiveness of the tax liability. DHJJ’s Meaghan Wingbermuehle discusses the four different types of tax amnesty. Watch The Video How DHJJ Can Help If you have… Read more »
For the first time since 2010, the state of Illinois has signed into law revisions to the Illinois Tax Delinquency Amnesty Act. From October 1, 2019, through November 15, 2019, taxpayers–individuals and businesses–will have the opportunity to settle Illinois tax debts while avoiding interest and penalties on those tax debts. Outstanding debts that are eligible… Read more »
On July 1, 2019, Illinois sales tax law changed and now expands the manufacturing machinery and equipment exemption to include production-related, tangible personal property purchased on or after July 1, 2019. Consequently, this sales tax law change will have a large impact on Illinois manufacturers. Find out what this change means for Illinois manufacturers and… Read more »
Resale certificates are a very important part of the state and local sales tax process. As a business, if you sell to another business who intends on reselling your product, you must have a resale certificate on file. Not having the correct certificates on file can land your business in hot water. Updating Resale Certificates… Read more »
Have you reviewed your business return lately to make sure you are getting all the tax credit Illinois has to offer? Illinois has two tax credits that should be evaluated on a yearly basis. The Replacement Tax Credit and the Research and Development Credit. These credits are very different but can have a large tax… Read more »
With all the major changes to tax law for both income tax and sales tax it is important to review the exposure to all taxes in your home state and surrounding states. It is also important to know what activities may create a connection with the state also known as nexus. One state we have… Read more »
In the wake of the Supreme Court ruling on the Wayfair case, The State of California has recently announced new economic nexus standards for out of state sellers. The Wayfair Supreme Court decision has paved the way for states to assert nexus for sales tax purposes on out of state sellers who do not have… Read more »
The recent Supreme Court ruling of South Dakota v. Wayfair will bring major changes to sales tax for most businesses. The case challenged South Dakota’s sales tax on internet retailers who do not have property or employees in the state. Historically, property and employee standards for taxation were part of the requirement set by the Quill Corp…. Read more »
Do you have employees or independent contractors selling on your behalf in other states? If so, do they know what forms to collect from customers or what is taxable in different states? These are important questions every business should be reviewing at least annually. States are constantly changing their rules to increase revenues. Many states… Read more »
Nexus is the minimum connection with a state and business that requires the business to file and/or pay tax. Potential taxes include income tax, franchise tax, sales tax or other local taxes. In the past, a physical presence was the sure-fire way to create nexus. Currently, as states are trying to increase tax revenue, they… Read more »
We continually hear that states are looking for new revenue sources to offset their deficits and balance their budgets. As such, they are looking for out-of-state companies that may unknowingly have had a business presence in their state for many years, yet never collected sales tax or filed income tax returns. If this applies to… Read more »
Many states are looking for new revenue sources to supplement their deficits and balance their budgets. States are now starting to look at out-of-state businesses that may unknowingly have a business presence in their state. As states begin to adopt the use of this “Economic Nexus”, it is important for companies, especially those which are… Read more »
