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Private Ruling Endorses Taxpayer-Friendly Reading of “Qualified Small Business” Under Section 1202

On September 5, 2014, the Internal Revenue Service (“IRS”) released Private Letter Ruling 201436001 (the “Ruling”), which found that a company providing products and services primarily within the pharmaceutical industry was a...more

MoFo New York Tax Insights - Volume 5, Issue 9 - September 2014

In This Issue: - ALJ Upholds Denial of Sales Tax Refund Because Vendor Failed to First Make Refunds to Customers - HMO Held Exempt from New York City General Corporation Tax - State Tax Department Issues...more

International Tax News - August 2014

UKRAINE: NEW ANTI-CRISIS TAX MEASURES - The Verkhovna Rada, Ukraine’s Supreme Council, has approved amendments to the country’s tax law. Among the changes are amendments affecting the corporate profit tax and excise...more

Brazil revises law on tax treatment of cross-border payments for data centers located abroad

Newly published Brazilian Interpretative Act (Ato Declaratório Interpretativo) N. 7/2014 expresses the Brazilian IRS’s view regarding the tax treatment applicable to cross-border payments for the use of data centers located...more

The BEPS Initiative: Redefining International Tax Planning?

Technology companies frequently possess an international tax footprint before expanding their domestic tax footprint. That may soon change as the Organisation for Economic Cooperation and Development (OECD) and its G20...more

Tax Reminders? Now There’s an App For That

We have previously blogged about litigation apps and the absence of Canadian litigation and tax litigation apps. Yesterday, the Canada Revenue Agency introduced a new tool for tax compliance with the release of the...more

Financial Services Update: Crypto-currencies in Australia – specifically bitcoin

While the use of crypto-currencies such as Bitcoin have increased in popularity in Australia there has very little legal clarification provided by regulators or legislators in relation to its legal status....more

CFPB Issues Consumer Advisory on the “Wild West” of the Virtual Currency Economy

The Consumer Financial Protection Bureau (“CFPB”) recently issued a consumer advisory summarizing the purported risks of virtual currencies, and announced that it would begin collecting complaints from the public regarding...more

Tax update: Australian tax and GST treatment of bitcoin and other crypto-currencies

Earlier today the ATO released its long awaited public guidance on the Australian tax and GST treatment of bitcoin and other crypto-currencies. This guidance was originally scheduled to be released on 30 June 2014. It was...more

California Tax Developments - A Reed Smith Quarterly Update (2nd Quarter 2014)

Case Updates - California’s taxing agency gets reprimanded again; ordered to pay $2.6 million in attorneys’ fees. We previously reported on the Los Angeles Superior Court case Lucent Technologies, Inc., et al. v. Board...more

New Jersey Issues Ominously Vague Guidance on New Click-Through Nexus Law

The New Jersey Division of Taxation issued a Notice last week that is hardly reassuring to remote sellers. The Notice basically paraphrases the new click-through statute, noting that the statutory definition of “seller” was...more

New York State Department of Taxation and Finance Releases Guidance on the Taxability of Computer Software

The New York State Department of Taxation and Finance (Department) has just released Tax Bulletin TB-ST-128 (Tax Bulletin), addressing how the state’s sales tax applies to sales of computer software and related services. The...more

Idaho Drafting Cloud Computing Regulation in the Wake of H.B. 598

The Idaho Sales Tax Rules Committee is currently revising Rule 027, Computer Equipment, Software, and Data Services, in response to the passage of H.B. 598. The Committee met for the last time on July 24 to discuss the draft...more

Long v. Dell and its Decoding of Rhode Island Consumer Protection Law

By erroneously taxing its Rhode Island customers for computer-related maintenance services, Dell, Inc. has triggered a decade of litigation and breathed life into what otherwise has been Rhode Island’s mostly underdeveloped...more

Cahiers de droit fiscal international: Ukraine Cross-border outsourcing - issues, strategies and solutions

Summary and conclusions - Ukraine is experiencing the fast development of outsourcing industry due primarily to IT outsourcing. This is supported by tax incentives introduced for the IT sector. Ukrainian tax...more

If At First You Don’t Succeed, Try, Try Again: Illinois General Assembly Sends Revised Version of Click-Through Nexus Law to the...

In 2011, Illinois became one of the first states to follow New York’s lead by enacting “click-through nexus” legislation. The Illinois law created nexus for any out-of-state retailer that contracted with a person in Illinois...more

New York State Corporate Tax Law Reform: The Impact on Companies Providing Digital Products

On March 31, 2014, Governor Cuomo signed into law legislation that provides for an extensive reform of the state's corporate tax regime (the "Act"), most notably for out-of-state corporations providing digital products to New...more

The Vermont Department of Taxes Begins to Take a Close Look at Cloud Computing

On June 30, 2013, the Vermont sales tax moratorium on remote access to software expired. At that time, the Vermont Department of Taxes (Department) reverted to its prior position that interpreted, without any analysis, the...more

The Buck Stops Here – Senate Bill Takes Aim at E-retailers

After more than a decade of trying to gain traction on Capitol Hill, brick-and-mortar retailers could be close to leveling the playing field with online merchants if the Marketplace and Internet Tax Fairness Act (“MITFA”)...more

International Tax News - July 2014

BITCOIN FORGES AHEAD: 3 QUICK LOOKS - Bitcoin is a decentralized peer-to-peer payment system that exists virtually and is unlimited by the constraints of countries, government or time. In an age when business leaps...more

Puerto Rico: A Haven for Manufacturers?

Perhaps not surprisingly to those familiar with the tropical island, manufacturing remains a key driver of economic activity in Puerto Rico. Indeed, manufacturing accounts for 45% of Puerto Rico’s GDP (compared to 11% in the...more

Stampeding for the Exits: Pharmaceutical Companies and the Recent Wave of Inversions

Actavis, Pfizer, Medtronic, Abbvie and Salix have all recently announced plans to merge with foreign competitors and reincorporate in the U.K. or Ireland – a strategy commonly known as an “inversion” (Pfizer’s merger plans...more

Entrepreneurial Growth and Recruitment Strategy: An Economic Development Formula for Success

Historically, most local economic development efforts, or regional efforts among a group of counties, have focused on business recruitment. These efforts have generally been focused on large business recruitment projects. ...more

Doing Business in Canada: Investment Incentives

INVESTMENT INCENTIVES - Generally, Canadian companies are expected to be self-supporting, but for companies involved in export development, there are several types of investment incentive programs which are designed to...more

Division of Tax Appeals Rules Patent License Fees Not Subject to Sales Tax in New York

A New York State Division of Tax Appeals administrative law judge (ALJ) recently ruled in favor of a medical device and technology company on the question of whether patent license fees that the company charged to its...more

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