Thompson Tax & Associates, LLC

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CHICAGO TAX-PAYER RELIEF NOTICE: The Chicago Annual Return due date has been extended from August 17th to October 15th, 2020 due to the ongoing Coronavirus Pandemic. If you have any questions with determining your annual obligation, contact Thompson Tax for assistance.

ALERT: Second Quarterly Payment for New Oregon CAT is due by July 31, 2020 The State of Oregon has recently reminded Taxpayers of the upcoming filing and payment deadline for 2020’s second estimated quarterly Corporate Activity Tax (CAT) payment. Taxpayers who do not make their estimated CAT payment within one month of the due date, or who underestimate their quarterly tax payment by more than twenty percent, are subject to a 20 percent penalty. Due to the ongoing Coronavirus Pandemic, however, Taxpayers who demonstrate good faith by attempting to accurately estimate and pay their quarterly CAT filing will not be assessed a penalty during the 2020 tax year. If you have any questions with determining your CAT obligations, contact Thompson Tax for assistance.

TN Sales Tax Threshold Alert! Effective October 1, 2020, Tennessee will be drastically reducing the sales threshold which requires sellers doing business within the State to register for a Sales and Use Tax permit. At that time, the current threshold of $500,000 will be reduced to a mere $100,000. Subsequently, once a seller exceeds that amount of sales to consumers in Tennessee during the prior 12-month period, they will be required to register for a permit and must begin collecting and remitting taxes no later than the first day of the third calendar month after initially meeting the threshold. The sellers will not be required, however, to collect taxes retroactively prior to October 1, 2020.

*** UPCOMING HEARING *** Oregon CAT Rules - Tuesday, June 23rd, 9-11am In order to follow COVID-19 social distancing guidelines, the upcoming Oregon CAT hearing will take place via conference call versus a live venue. If you are interested in participating in the hearing, which is being convened to review and consider a second set of permanent CAT rules, please call 541-465-2805 and enter PIN # 234470 when prompted. ... If you would like to testify at the hearing, please call in to register beginning at 8:45am on the day of the hearing. You may also send in written commentary at any time prior to 5pm on June 23rd to the following address: Katie McCann Administrative Rules Coordinator Director's Office 955 Center St NE Salem, OR 97301-2555 Direct telephone: 503-509-9787 E-mail: [email protected] FAX: 503-945-8290 The second set of permanent rules being considered during this hearing are: 150-317-1050 Sourcing of Commercial Activity for Financial Institutions. 150-317-1060 Farmers Sales to Agricultural Cooperatives. 150-317-1140 Wholesale sale of groceries exclusion. 150-317-1400 Determining property resold out of state and methods of determining. For further information regarding the upcoming hearing, or if you need to make alternate arrangements for registering, please see the administrative rules page of the OR DOR website: https://www.oregon.gov///Pages/corporate-activity-tax.aspx

Effective July 1st, Remote Sellers in LOUISIANA must register with the State within 30 days after meeting an economic nexus threshold of $100,000 in sales or 200 or more separate transactions. Once registered, state and local tax collection must begin within 60 days. Please contact Thompson Tax, your Trusted SALT Advisor, for assistance today!

** OPEN FORUM ** The State of Louisiana is planning on introducing a bill (S.B. 476), that if passed, would become effective on August 1, 2020, and would require highly specific identifying information to be provided by third-party Marketplace sellers (once a threshold of 200 or more sales a year and $5,000 or more in gross revenue is met). This identifying information extends well beyond a standard tax identification number (TIN) to include such specific details as bank a...ccount information, government-issued identification for individual representatives, and government-issued contact information. In addition, basic identifying information will need to be included on consumer product listings along with verification that intellectual property has not being infringed upon. If the bill passes, failure to comply with the new identification requirements will place Marketplace Facilitators in direct violation of Louisiana’s Unfair Trade Practices and Consumer Protection Law. Thoughts/Comments? See more