Treasury Seeks Ideas on Rules for Taxing Cloud Transactions (1)

The Treasury Department is asking for comments on how cloud computing taxation rules should be written so that they apply to the fast-changing internet streaming industry.

“There are already areas in the regulations where existing practices don’t fit in,” Wade Sutton, senior counsel in Treasury’s Office of International Tax Counsel, said at a Washington event Sept. 19.

Comments for proposed rules under (REG-130700-14) under tax code Section 861 are due Nov. 12.

The August proposed rules substantially modify regulations Section 861-18, which were introduced in 1998 and updated in July, and introduce 861-19, which guides companies in determining ...