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Metaverse Economy Poses Daunting Challenges to State Tax Agencies

The week in state tax news: State tax administrators are taking a closer look at the metaverse, concerned they may be missing tax revenue from platforms brokering sales of virtual products and services. Meanwhile, some members of Congress are getting serious about boosting the so-called SALT cap, and a state appeals court ruled California can’t punish cities for imposing soda taxes.

Glut of Empty Offices Hammers Landlords After Tech Retrenchment

Tech giants, grappling with a post-pandemic slowdown, have already laid off tens of thousands of workers. Now they’re dumping millions of square feet of office space, pushing vacancies in city centers to record highs and ratcheting up pressure on the commercial real estate industry. San Francisco, Seattle and New York City are bearing the brunt of the pullback. While New York City can count on office demand from financial services and legal firms, tech-centric San Francisco has no such cushion. Seattle business groups, meanwhile, are calling for a tax holiday to keep tenants downtown.

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Tax Your Crypto and NFTs? Yes, the IRS Wants Its Cut

Cryptocurrency and NFTs continue to rise in popularity in the U.S., but many people are still confused about how they are taxed. In this video, a partner at Steptoe & Johnson who specializes in tax policy and cryptocurrency, lays out how different crypto transactions are taxed.

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