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The Ever-Changing State of State and Local Taxes
For tax professionals, particularly those who specialize in the area of state and local taxes, nexus is a topic that is discussed all too often. Nexus rules have lagged behind the ever-changing economic landscape, but states are beginning to catch up. Nonetheless, the nexus rules are very important for professional services firms such as law firms.
Missing Pieces of the Nexus Pie
While the federal courts have established a set of standards for determining nexus for sales and use taxes, there is no clear-cut rule that service providers can use for determining nexus for income-based tax purposes. As a result, states have started applying several new standards, such as economic nexus and factor presence (also known as bright-line nexus). Out-of-state service providers can establish economic nexus by directing consistent and substantial economic activity to the state or deriving income from a state's local market. This requirement can be met by making sales to customers in the state or receiving income from intangible property in the state — even if the business has no physical presence in the state. Massachusetts and New York have established thresholds to define substantial economic activity. See, Mass. Gen. L. Chapter 63 §39; N.Y. Tax Law §209(2). California and Connecticut have adopted bright-line nexus rules, which set forth thresholds for property, payroll and sales within a state. See, Cal. Rev. & Tax. Cd. §23101(b); Conn. Gen. Stat. §12-216a.
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Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
Legal Possession: What Does It Mean?
Possession of real property is a matter of physical fact. Having the right or legal entitlement to possession is not "possession," possession is "the fact of having or holding property in one's power." That power means having physical dominion and control over the property.
The Anti-Assignment Override Provisions
UCC Sections 9406(d) and 9408(a) are one of the most powerful, yet least understood, sections of the Uniform Commercial Code. On their face, they appear to override anti-assignment provisions in agreements that would limit the grant of a security interest. But do these sections really work?