The Illinois Audit Fast Track Resolution (“FTR”) program is now available for all Illinois sales and miscellaneous tax audits except for Motor Fuel Use Tax. The Department published Informational Bulletin FY 2021-01 this month highlighting the details of the program, including information on the application process, the program’s advantages, the conference process, and withdrawals. Additionally, … Continue Reading
The Florida legislature recently wrapped up its 2019 session. Of particular note, the following tax law changes were enacted. Documentary Stamp Tax – Deeds between Spouses Florida imposes a surtax – referred to as the “documentary stamp tax” – on real estate deeds based upon the consideration paid for the transfer. Mortgage indebtedness on the … Continue Reading
Illinois recently passed Public Act 100-587 which requires remote sellers with no physical presence in Illinois to register and collect Use Tax on sales sourced to the state if certain thresholds are met, effective October 1, 2018. On September 11, 2018, the Department issued an emergency regulation, Sec. 150.803 to provide further guidance on the … Continue Reading
Today, the U.S. Supreme Court issued its decision in South Dakota v. Wayfair, overturning Quill Corp. v. North Dakota, 504 U. S. 298 (1992) and National Bellas Hess, Inc. v. Department of Revenue of Ill., 386 U. S. 753 (1967), that required businesses to have a physical presence in a taxing jurisdiction in order to … Continue Reading
Sales and use tax compliance is complicated. Both sellers and purchasers are required to determine where they have nexus, where the purchased products or services should be sourced, and whether the product or service itself is subject to tax. While this sounds simple enough, in practice, it is extremely difficult.… Continue Reading
Businesses were pleasantly surprised to learn that the Illinois Secretary of State reduced Limited Liability Company (“LLC”) filing fees following the passage of Senate Bill 867. This bill was passed in both houses on November 7, 2017 and went into immediate effect upon signature by the governor on December 20, 2017. The fee reduction is … Continue Reading
The Illinois legislature recently mandated electronic filings for certain sales and use and withholding income tax filings as of January 1, 2018. H. B. 0821 was passed in both houses by May 2017 and signed into law on August 24, 2017 by Governor Rauner creating Public Act 100-0303. In September 2017, the Illinois Department of … Continue Reading
It has long been the law of the land that a taxpayer must have a discernable physical presence in a state before it can be required to collect and remit sales and use taxes. The U.S. Supreme Court reaffirmed this bright-line test in the 1992 case of Quill Corp. v. North Dakota. In Quill, the … Continue Reading
