Gift Cards in Advertising Promotions and New York Sales Tax
Does the value of a gift card offered as part of an advertising promotion reduce the taxable receipts from a sale for New York sales tax purposes? It is an important question for advertisers. Under-collection of sales tax can leave you liable for the underpayment, while over-collection can serve as the basis for a class action. Read more.
November 20, 2018
IRS Final Regulations Clarify Charitable Contribution Substantiation Requirements
Tax deductions for charitable contributions require the satisfaction of certain substantiation requirements. Read more.
August 28, 2018
Tax Alert for Tax-Exempt Organizations
The Tax Cuts and Job Act of 2017, which was enacted on December 22, 2017 (the "Act"), contains several provisions that impact tax-exempt organizations ("EOs"). Some of these provisions impose new or additional taxes that may adversely affect an EO's ability to accomplish its exempt purposes. Read more.
January 12, 2018
Tax Cuts and Jobs Act of 2017
As you probably are well-aware by now, the U.S. Congress recently passed H.R. 1 (commonly referred to as the Tax Cuts and Jobs Act of 2017) (the "Act"), and the President signed the Act on December 22, 2017. The Act embodies the most significant and sweeping changes in U.S. tax law since 1986. Read more.
January 2, 2018
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IRS Will Treat Virtual Currencies as “Property”
In Notice 2014-21 issued on March 25, 2014, the IRS announced that it will treat virtual currencies (such as Bitcoin) as "property" for U.S. federal tax purposes. Read more.
March 31, 2014