Eversheds Sutherland Tax Reform Law Blog
content top

Internet Tax Freedom Act Extension Clears Congressional Committee

On June 18, the Judiciary Committee of the U.S. House of Representatives voted in favor of H.R. 3086, the Permanent Internet Tax Freedom Act (PITFA) by a vote of 30-4. PITFA permanently extends the moratorium on state and local taxation of Internet access and “multiple” or “discriminatory” taxes on electronic commerce. Background: The Internet Tax Freedom Act’s Expiration The Internet...

The IRS: Taking the “Coin” Out of Bitcoin

The IRS released guidance on March 25 that Bitcoins and other virtual currency should be treated as property for U.S. federal income tax purposes, and not as a currency.  In addition to the determination that virtual currency is property, the IRS notice made clear that some of the typical rules on transactions in property apply to virtual currencies.  For example, the recipient of...

“Max and Dave” Road Show Hits Silicon Valley; Camp Not Running for Senate

Congress’s two top tax writers, Rep. Dave Camp (R-Mich.) and Sen. Max Baucus (D-Mont.), took their “Simpler Taxes for America Tour” to Silicon Valley on Monday, visiting chip-making giant Intel Corp. and mobile-payment innovator Square Inc. to discuss reforming the U.S. tax code.  In July, Rep. Camp and Sen. Baucus kicked off a national tour to gather feedback from Americans – ranging...