On June 30, 2022, the governor of Puerto Rico signed into law Act No. 52 (Act 52-2022), which amended the concept of “engaged in trade or business” under the Puerto Rico Internal Revenue Code of 2011, to address the...more
The Economic Substance Act 2018 (the “Act”) requires Bermuda-based entities that are carrying on a “relevant activity” in a relevant financial period and entities claiming “non-resident entity” status under the Act to file...more
At the end of 2020, only three states with a sales tax had not passed a marketplace facilitator/economic presence package: Florida, Kansas, and Missouri. After this legislative session, those final three holdouts have fallen...more
The Bermuda Registrar of Companies (RoC) has advised that it will be launching the first phase of its new company registry system on 7 June 2021. Economic Substance Declarations that have been started must be finished and...more
In June 2018, the United States Supreme Court in Wayfair held that the physical presence of the taxpayer was no longer a prerequisite for imposition of a sales tax. In so doing, the Court blessed the concept of “economic...more
On January 21, 2021, the City of Chicago’s Department of Finance issued an informational bulletin clarifying its position regarding economic nexus for Chicago’s amusement tax as applied to streamed amusements and Chicago’s...more
And then there were three . . . Florida, Kansas, and Missouri don't have economic presence or marketplace facilitator sales tax laws on the books. Will that change this session? Will sales tax nexus laws bleed over on the...more
In this light-hearted episode, Matt Hunsaker explains how Wayfair, marketplace facilitator laws, false claims acts, economic nexus, the manufacturing exemption, and other issues apply to Santa Claus....more
Sales Tax Obligations — Businesses with a Physical Presence in a State - It should come as no surprise that almost all states require businesses with a physical presence in a state and that sell goods or services in the...more
Since the United States Supreme Court issued its opinion in South Dakota v. Wayfair, Inc., 138 S.Ct. 2080, states all over the country have been imposing sales tax nexus on retailers without a physical presence under an...more
#TeamOrrick thanks the nearly 200 people who attended our webinar on Wednesday morning on the #FutureFund convertible loan notes. We tried to answer all of your questions, but they kept on coming, so here is the promised FAQ...more
We invite you to join us for our Tax in the City®: A Women’s Tax Roundtable in Seattle. We plan to discuss, among other topics, post-TCJA tax treatment of foreign branches (and disregarded entities), new BEAT guidance, an...more
Mark your calendars for our spring 2020 Tax in the City®: A Women’s Tax Roundtable in Seattle—a forum for women tax professionals to discuss technical state, federal and international tax issues in a collegial and...more
As previously reported, in Ex parte Russell County Community Hospital, the Alabama Supreme Court announced that all software, including customized software created for a particular user, is "tangible personal property" and...more
On Wednesday, Nov. 6, 2019, the Multistate Tax Commission (MTC) Uniformity Committee will consider an updated white paper on the state of marketplace facilitator sales tax collection laws. This new white paper follows up on,...more
New York State increased the sales tax economic factor presence nexus threshold from $300,000 to $500,000. The change is retroactive to June 1, 2019....more
The report highlights the recent changes to Ohio law requiring out-of-state sellers and marketplace facilitators to collect tax on sales into the state, as well as recent cases decided by the Ohio Board of Tax Appeals....more
The Virginia Department of Taxation issued guidelines for the new laws requiring remote sellers, marketplace sellers, and marketplace facilitators to register and collect Virginia sales and use taxes. (See Guidelines for...more
On April 25, 2019, California Governor Gavin Newsom signed Assembly Bill 147 into law, modifying use tax nexus thresholds for state and local district taxes, and establishing marketplace collection requirements. These...more
A recent announcement by the New York State Department of Taxation and Finance indicates that the state is about to begin a renewed effort to require out-of-state sellers to collect and remit sales tax. New York has had an...more
Earlier this year, the Supreme Court decided on the much-anticipated case of South Dakota v. Wayfair, 585 U.S. ___, 138 S.Ct. 2080 (2018). At issue was the validity of a statute applying sales tax to internet retailers that...more
The Policy Division of the South Carolina Department of Revenue has issued a final revenue ruling, SC Revenue Ruling #18-14, addressing retailers without a physical presence in South Carolina. The ruling comes on the heels of...more
The Policy Division of the South Carolina Department of Revenue has issued a draft revenue ruling addressing retailers without a physical presence in South Carolina. Comments on the draft ruling are due by August 27, 2018,...more
On March 21, 2018, the European Commission released a draft legislative package for “fair taxation of the digital economy,” which would establish new tax rules for digital business activities within the European Union. This...more
To the surprise of many, the U.S. Supreme Court granted the State of South Dakota’s petition for writ of certiorari in South Dakota v. Wayfair, Inc. et al., No. 17-494, on January 12. The case involves the constitutionality...more