Teri Grahn, CMI
Trump Accounts: What You Should Know About Access and Tax Treatment
Earlier this year, Congress enacted the One Big Beautiful Bill Act, a comprehensive piece of tax legislation containing numerous individual and...
Editor's note: This piece was originally published in 2020 and has been updated to reference new changes in Illinois state law.
Illinois has passed bill SB 3362, amending the Leveling the Playing Field for Illinois Retail Act and now requiring remote sellers to collect sales and use taxes based on destination rates.
Under the existing law, enacted on January 1, 2021, remote sellers with some sort of physical presence in the state were only required to collect tax at 6.25% and were not required to collect any applicable local taxes.
Effective January 1, 2025, remote sellers, with some sort of physical presence, will need to collect state and local sales tax based on the sales destination rate. In-state retailers will still collect sales tax based on the rate that the sale originated from.
If you have any questions, contact Teri Grahn at 651-407-5889 or tgrahn@redpathcpas.com.
Planning Opportunities for Qualified Small Businesses and Updated IRC Section 1202 Rules Under the OBBBA
Ashlyn Gray: January 9, 2026
For entrepreneurs, investors, and founders, recent updates to the One Big Beautiful Bill Act (OBBBA) expand one of the most powerful tax-planning...
Balancing Pre-LOI and Post-LOI Diligence in ETA: Strategy, Tradeoffs, and Winning the Auction
Entrepreneurship through acquisition (ETA) offers an increasingly popular path to business ownership. For many, it’s an appealing alternative to...