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Seminar to help businesses understand sale tax impact.

Seminar to help businesses understand sale tax impact

The Illinois CPA Society Fox Valley Chapter will offer a sales/use tax seminar from 8-10 a.m. May 2 at the Hilton Inn -- Lisle/Naperville in Lisle.

The seminar will be led by Eric Fader, CPA, JD, managing director at BDO USA in Chicago,

For many businesses that make over-the-counter sales of goods, sales tax rules can be relatively easy to apply. For others, the rules can be terribly complex. Some business owners don't learn the extent of their sales tax noncompliance until they are contacted for audit and receive an assessment.

Many businesses are only now coming to grips with a significant sales tax law change that happened last summer. In June 2018, the U.S. Supreme Court held that a state may legally require a seller to collect and remit sales tax on sales shipped to a customer even if the seller has no physical presence in the destination state. With the court's Wayfair decision, many companies are finding the need to invest in a sales tax engine, such as Avalara, to properly manage sales taxes on sales shipped nationwide.

In Illinois, the sales/use tax laws are particularly complex. An Illinois service business, such as a hair salon or veterinarian, may find that its sales/use tax liability can be measured four different ways. Illinois also has unique rules concerning which local sales tax applies to a transaction.

For more information or to register, visit www.ilcpas.org/eventscalendar/ or contact Fader at (312) 730-1432 or efader@bdo.com.

Inland trust sells Maryland property for $47 million

OAK BROOK -- Inland Residential Properties Trust, Inc. recently sold The Retreat at Market Square, a 206-unit multifamily community located in Baltimore suburb of Frederick, Maryland for $47 million.

The Retreat at Market Square was acquired in September 2015 for $45.75 million, representing an increase of 2.73 percent over the original acquisition price. At the time of sale, the property was 97% leased.

The Retreat at Market Square is the second of the real estate investment trust's three assets to be sold as part of a liquidity event, approved by Inland Residential stockholders last December, providing for the sale of all assets of the REIT and the distribution of the net proceeds to stockholders.

Sevan Multi-Site expands into U.K., Europe

DOWNERS GROVE -- Sevan Multi-Site Solutions, a survey, design, program management, construction services and facility management company, has opened a new office in London, England.

The new office is in line with the vision of Sevan's leaders who started the company in Downers Grove seven years ago. The company worked under the vision to be the best in the world at delivering innovative design, program management and construction services to companies with multiple sites. The company now operates in all 50 U.S. states, Canada, Europe and the U.K.

"Expanding our company footprint into Europe is an important part of getting to be the best in the world and is another step in the right direction," said President and CEO Jim Evans.

Company officials have been visiting Europe to bring on new team members who are based in the new London headquarters.

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Title Annotation:Business
Publication:Daily Herald (Arlington Heights, IL)
Geographic Code:1U3IL
Date:Apr 6, 2019
Words:533
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