On October 9, 2018, the AABANY Tax Committee held its quarterly meeting and dinner at the offices of Ashurst LLP, in order to discuss the Wayfair Supreme Court decision and other state and local tax issues. Presenters Jessika Wong, of Grant Thornton LLP, and Rebecca Midori Balinskas, of Morrison & Foerster LLP, led a lively and informative discussion about the new landscape for sales taxes, particularly the issues for law firms and other service providers when they provide services to residents of other states. The discussion addressed the lack of foreign treaty protection for state sales and income taxes, which may be imposed on Asia-based foreign businesses that sell products online to U.S. residents. The group also discussed various questions related to the effects of the 2017 federal tax reform on state income taxation, such as whether state taxable income includes GILTI. Special thanks to Sharon Kim, partner at Ashurst LLP, for hosting the event.
To learn more about the Tax Committee and to contact the Committee Co-Chairs click here.