Hui Tax Consulting

MA - Tax Amnesty Program 11/1 - 12/30/24 https://lnkd.in/g-qCPPy6

ME - Beginning 1/1/25, sales tax will be due on the rental payment vs. the current law which requires the lessor to pay tax upfront on the lessor's purhase price. https://lnkd.in/gBteekJ2

SC - Durable Medical Equipment is taxable effective 6/27/24 pursuant to the South Carolina Supreme Court decisions in Orthofix, Inc. v. S.C. Dep't of Revenue and KCI USA Inc., v. S.C. Dep't of Revenue, App. Case No. 2023-000318 (June 26, 2024). https://lnkd.in/g2kpXHhi

Reminder and FAQs https://lnkd.in/d2BMgMpS

VT - Software as a service (SaaS) becomes taxable 7/1/24! VT measures all sales (taxable and nontaxable) in determining whether a remote seller is required to collect sales tax. This determination is made at the end of each calendar quarter for the prior twelve month period. You then have 30 days to begin collecting and remitting sales tax. For example, a SaaS company who exceeded VT's economic nexus threshold in any quarter prior to and including 2Q24 will be required to begin collecting and remitting sales tax on 8/1/24. Please contact me should you have any questions.

IL - IMPORTANT CHANGE TO LEASES. Tax applies to receipts for leases of tangible personal property entered into, or renewed on or after 1/1/25. Currently, lease receipts are not taxable and the lessor pays tax on their cost of leased property. https://lnkd.in/g2dbDMDc

CO - Retail delivery fee increases from $.28 to $.29 effective 7/1/24. Small businesses with retail sales of $500,000 or less during the prior calendar year are exempt on retail deliveries during the subsequent year.

CA - Qualified Purchaser Program Effective 1/1/24 through 12/31/28, a person not required to hold a seller's permit and making purchases of more than $10,000 (in a calendar year) where the use tax was not paid to the seller, is required to register and pay such tax. Prior to 1/1/24, the requirement to register was $100,000 in gross receipts (in a calendar year) and will revert back to this measurement 1/1/29. https://lnkd.in/gWszp_UM

IN - retroactive to 1/1/24, the 200 transaction economic nexus threshold no longer applies. https://lnkd.in/gAjpmE-y

MN - Retail Delivery Fee starts 7/1/24. https://lnkd.in/d2BMgMpS