Law360 (August 9, 2019, 9:27 PM EDT) — Cloud-computing transactions should be considered services, rather than a lease of property, according to long-awaited regulations proposed Friday by the U.S. Treasury — rules that could significantly affect how the income is classified under international provisions of the federal tax code.
The rules generally confirm how companies have already been handling income from services such as digitally streamed content or web hosting, but they leave to a future regulatory package the trickier issues of how taxpayers should determine the exact sourcing. The project to update the tax rules on cloud computing and other electronic transactions was first announced in 2014….
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