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New York State on Bitcoins: Transactions Are Barters for Sales Tax Purposes; Follow Federal Guidance for State Income Taxes

The New York State Department of Taxation and Finance has issued guidance on the sales tax, corporation franchise tax, and personal income tax implications of transactions involving convertible virtual currency, such as bitcoins.  See N.Y. TSB-M-14(5)C, (7)I, (17)S, Dec. 5, 2014. The Department’s guidance can be found here. As summarized below, the Department explains in its guidance...

President Obama Says Deal Possible on Tax Reform

Even as a veto threat derailed a large tax extenders deal, President Obama is holding out hope that Congress can move forward on tax reform.  Addressing corporate CEOs at a Business Roundtable meeting on December 3rd, the President said there was “definitely a deal to be done.”  He told the corporate leaders he may be willing to accept the short-term tax break extensions (which...

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