The New York State Department of Taxation and Finance issued an advisory opinion regarding whether three different financial advice services are subject to New York sales and use tax. Section 1105(c)(1) of the New York Tax Law imposes sales tax on receipts from the “furnishing of information” by printed matter, including the collection, compilation, or analysis of information of any kind or nature and furnishing reports on the same. However, the statute excludes from the scope of “furnishing of information”:
- Information that is personal or individual in nature; and
- Information that is not or may not be substantially incorporated into reports furnished to others.
New York courts have further qualified the first criterion by requiring that an information service be “uniquely” personal or individual in nature.Continue Reading New York Issues (Another) Advisory Opinion on Taxability of Financial Advice Services