In This Issue:

- Single Charge for Investment Management Services Found Not Subject to New York Sales Tax.

- Remote Vendor Not “Doing Business” in New York.

- Nonresident Partner’s Loss from 2005 Disposition of Partnership Interest Not Included in New York Source Income.

- Insights in Brief.

- Excerpt from Single Charge for Investment Management Services Found Not Subject to New York Sales Tax:

A financial services firm providing integrated investment portfolio management services to institutional clients in exchange for a single charge is not required to collect New York sales tax on its charge for those services. Advisory Opinion, TSB-A-13(12)S (N.Y.S. Dep’t of Taxation & Fin., Apr. 23, 2013). The Department of Taxation & Finance reached this conclusion even though it acknowledged that certain components of the services, if viewed separately, would be taxable. The Advisory Opinion is a potentially important limitation of the so-called “bundled transaction” rule under the sales tax.

Please see full issue below for more information.

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Topics:  Advisory Opinions, Bundled Payments, Click-Through Nexus, Investment Management, Partnerships, Sales & Use Tax, Vendors

Published In: Business Organization Updates, General Business Updates, Finance & Banking Updates, Tax Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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