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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