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 »
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 »
