Changes to technology, business, and modern life in general happen at a rapid and constant pace in the 21st Century. The law, on the other hand, often plays catch-up to these developments, with statutes or legal precedents which once made sense becoming unworkable or obsolete. The rise, power, and magnitude of the internet and online […] Read more “No Presence Required: Online Sellers Now on the Hook for State Sales Taxes”
Category: Business taxes
The Rolling Stones famously told people to get off of their cloud. The City of Chicago, on the other hand, is perfectly happy for your business to be on the cloud. But you’ll need to pay taxes to the city for the privilege of doing so. Chicago’s so-called “cloud tax” set off howls of opposition […] Read more “The Chicago “Cloud Tax”: What Startups Need to Know”
What you need to know about the Amazon FBA and Ecommerce Sales Tax Amnesty Program Many Illinois businesses that sell goods online also use third-party facilitators in far-flung states to help fulfill orders. While positioning and distributing inventory around the country certainly brings efficiencies such as reduced shipping costs, it can also create a “nexus” […] Read more “Online Sellers: Act Fast to Take Advantage of Sales Tax Amnesty Program”
Sales may be booming at your small business, but if you are not complying with your obligation to pay Illinois state sales tax, your hard-earned revenues could be at risk. Collecting and paying state sales tax is a legal requirement for many – but not all -companies doing business in Illinois. As such, it is […] Read more “Illinois Sales Tax for Small Businesses: Do You Know What You Owe?”
2016 is in the books, which means your start-up’s books are about to take center stage as tax season begins. If you launched your business in 2016, this may be your growing enterprise’s first go `round with tax preparation. As much as you would rather be focusing your attention elsewhere, spending some time getting organized […] Read more “4 Simple Ways to Prepare Your Start-Up for Tax Season”
Early stage and start-up companies can invest in crucial research and development activities while pocketing significant – and now permanent – tax credits to offset the costs of those investments. The PATH (“Protecting Americans from Tax Hikes”) Act of 2015 allows entrepreneurs to commit significant resources to innovation and receive huge tax benefits even if […] Read more “The PATH Act is a Great Step Forward for Start-Up R&D Costs”
The Chicago business scene is reeling from a new cloud tax law that requires some cloud-based businesses to pay a 5.25% fee on top of taxes already owed. As you can imagine, this is painful news to business owners and executives who haven’t accounted for such a commitment — and find themselves scrambling to reckon […] Read more “3 Facts Small Businesses Need to Know About Chicago’s Cloud Tax”