As ACMA attorneys Martin Eisenstein and Nat Bessey wrote in Part One) of their two-part Legal Corner series to members last month (unlocked version here for non-members too), a major issue for the industry was the effort of the Massachusetts Department of Taxation to apply the Supreme Court’s ruling in South Dakota v. Wayfair retroactively and assess many ACMA members and other remote merchants retroactively for sales tax liabilities for periods prior to the Supreme Court’s decision in Wayfair. Brann & Isaacson is proud to announce that today we received a favorable, and unanimous, decision of the Massachusetts Supreme Judicial Court invalidating the Department’s assessment. The Court found that absent a physical presence in Massachusetts, the Department did not have the authority to assess sales taxes based upon Internet contacts. The Court held that cookies/apps/content delivery networks do not constitute physical presence. This is a significant victory for the industry and a great holiday present. Thank you to all ACMA members and other companies for your support in this effort. link to full report: https://catalogmailers.org/member-exclusive-acmas-legal-corner-state-and-local-agencies-are-at-it-again-in-sales-tax-actions-pt-1-of-2-2/
For a CEO who saw sales drop 10% and profits fall 45% in the fiscal year ended June 30, 2023, HarperCollins’ Brian Murray sound remarkably calm in an interview with PW looking back over the past 12 months.
“It was a challenging year,” Murray acknowledged. “The numbers don’t paint a rosy picture.” But he said he is heartened by the fact he thinks the worst is over. “I’m feeling better about things,” he said. For the fiscal year ended in June, revenue dropped to $2.0 billion from $2.19 in fiscal 2022 and EBITDA (earnings before interest, taxes, depreciation, and amortization) fell to $167 million from $306 million a year ago.
much more at: https://www.publishersweekly.com/pw/by-topic/industry-news/financial-reporting/article/92952-murray-looks-for-improvement-after-a-difficult-fiscal-2023-for-hc.html