THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.
Bulletin: NY000451
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Bulletin: NY000451
The purpose of this memorandum is to alert you of certain tax treatment of information services provided by the Title Insurance Industry. The proposed changed are scheduled, subject to further guidance by the Department of Taxation and Finance to be effective September 1, 2010. Stewart Title Insurance Company encourages you to meet with your tax professionals to guide you on the correction application and collection of the tax.
Attached is a July 19, 2010 Tax Service Bulletin TSB-M-10(7) S. The Memorandum sets forth the tax treatment of certain information services under section 1105(c)(1) and 1105 (c)(9).
Section 1105(c)(1) imposes a sales tax on receipts from the service of furnishing information by printed, mimeographed or multigraphed matter, or by duplicating written or printed matter in any other matter. Section 1105(c)(9) imposes a sales tax on the sale of an information service.
As we received additional guidance we will further advise you.
For on-line viewing of this and other bulletins, log onto www.stewartnewyork.com.
References
- Bulletins Replaced:
- None
- Related Bulletins:
- Underwriting Manual:
- None
- Exceptions Manual:
- None
- Forms:
- None