Cloud Tax News Today

With the recent election of Mayor Brandon Johnson, it is hard to imagine that enforcement activity of this somewhat nebulous tax will not continue to increase. Johnson’s calls for Big Banks Securities and Speculation Tax appear to have found little support at the state level

If some rights are being transferred by an entity, it constitutes royalty, according to Indian legislation. If an entity here has rights and is again distributing them, it will be considered royalty.

Choosing the right practice management solution is critical to gaining a competitive edge, but with an abundance of solutions available, what’s right for your firm?  What is practice management s

/PRNewswire/ -- Significantly expanding its national footprint ahead of the upcoming tax season, New Jersey-based Taxes Served Corp. recently acquired Cloud...

Dec 15, 2020 In late November, Chicago City Council approved a bump to its tax on nonpossessory computer leases – meaning cloud services. Effective January 1, 2021, the cloud tax increases from 7.25% to 9%, which is the rate the city taxes other leases or rents. The cloud tax is based on the idea that organizations using cloud services are essentially leasing access to a cloud provider’s hardware and software. The tax applies to organizations based in Chicago leasing cloud services elsewher...

To embed, copy and paste the code into your website or blog: Chicago is faced with a significant budget gap of $1.2 billion for fiscal year 2021, largely resulting from the economic impacts of COVID-19. In response to this budget gap, the 2021 Chicago Budget raises the tax rate on nonpossessory computer leases under the Chicago Personal Property Lease Transaction Tax (the “Cloud Tax”). Effective January 1, 2021, the Cloud Tax rate will be 9%, up from the 2020 rate of 7.25%, to equal the rat...