“What’s in a name?” Juliet asks in Act II of Shakespeare’s Romeo and Juliet. “A rose by any other name would smell as sweet.” Perhaps. But when it comes to beer, a Schlafly by any other name might smell as sweet but not sell as…
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One would be hard-pressed to find someone unaware of the McDonald’s Monopoly Sweepstakes. In 1987, McDonald’s began offering Monopoly game pieces with every purchase made during the sweepstake’s period. Some game pieces were “instant winners” (entitling the customer to free menu items, like a McFlurry…
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Last week, I had the pleasure of attending the New York University 10th Annual Tax Controversy Forum and hearing Paul Mamo, Director of Collection in the Internal Revenue Service, speak on developments in employment tax enforcement. Over the past few years, the IRS initiated an…
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In a 5-4 decision this morning, the Supreme Court upheld the South Dakota law requiring certain retailers to collect and remit sales tax regardless of whether the retailer had a physical presence. The Supreme Court characterized the “physical presence” test as “unsound and incorrect”.…
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About two weeks ago, the American Institute of Certified Public Accountants – “the world’s largest member association representing the accounting profession,” – sent a letter to the Internal Revenue Service, along with a document entitled “Request for Guidance Regarding Virtual Currency”. As discussed below, in…
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On this day in 2010, the first reported purchase of a consumer product using Bitcoin took place. Organized on Bitcointalk forum, Laszlo Hanyecz, a programmer from Florida, traded a British man 10,000 bitcoins for two Papa John’s pizzas. The market value of the Papa…
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A common misconception about digital assets is that they exist in a lawless virtual Wild West. While there are not any federal regulations specifically drafted for digital assets, our existing laws were intended to be broad enough to encompass new financial instruments, and a…
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