Teri Grahn, CMI
3 Questions to Find the Right Accounting Partner for Your Construction Business
This article was originally written in October 2020. It has been updated with new references and information.
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.
Business Valuation Approaches: Asset, Income & Market Approach
Emmett Mulcahy, CPA, CVA: March 26, 2025
Editor's note: this blog was updated in 2025 with additional resources for business owners.
FinCEN Eases BOI Reporting Rules for U.S. Businesses
John Kammerer, CPA: March 25, 2025
In a significant shift on Friday, March 21, the Financial Crimes Enforcement Network(FinCEN) has revised its Beneficial Ownership Information (BOI)...