Blog

ACA reporting update

ACA Update: IRS Tweak to Individual Reporting – What It Means

February 16, 2017, 3:06 pm EST in Affordable Care Act, Blog

Employers are still required to file their ACA reporting forms. Beyond a potential extension of “good faith” relief to Tax Year 2017 filings, there will likely not be any IRS changes to employers’ reporting obligations.The IRS has implemented its first regulatory change in response to President Trump’s executive order. The...

Milwaukee County, Wisconsin applies exposition tax to prepared foods.

Wisconsin’s Milwaukee County Applies “Exposition Tax” on Prepared Food

February 10, 2017, 12:00 pm EST in Blog, Enterprise Sales Tax

The City of Milwaukee created the “Wisconsin Center Tax District” for the purpose of acquiring and managing exposition center facilities. This local exposition district adopted several taxes to fund these facilities.Some examples of the newly-imposed taxes include a 0.5 percent food and beverage tax, a 2.5 percent basic room...

Remote sellers can plan for pending legislation on sales tax

Remote Sellers: What You Can Do to Prepare for Pending Legislation

February 6, 2017, 4:40 pm EST in Blog, Enterprise Sales Tax

Tax reporting rules for remote sellers may change if Congress approves pending federal legislation. Sellers should prepare for the potential impacts of these changes. How Remote Sellers Can Prepare for Pending Sales Tax Legislation States are struggling to capture lost sales tax revenue, but many have made attempts to change existing rules...

India GST, tax reform

India Now Expected to Move to a GST on July 1, 2017 – Businesses Must Get Ready

February 3, 2017, 2:34 pm EST in Blog, Value-Added Tax

India has debated moving to a Goods and Service Tax (GST) for over 16 years. However, recent developments — many of which have been reported in this blog — strongly point toward the country adopting a GST in the next several months.Since the Government ratified the GST Constitution Amendment Act...

Automatic Exchange of Information (AEOI) Updates

AEOI Updates: Jan. 21 – Feb. 3

February 3, 2017, 9:18 am EST in AEOI Reporting, Blog

Automatic Exchange of Information (AEOI) legislation is constantly evolving worldwide as the standard is rolled out around the world. The Sovos research team continually monitors new regulations and updates across the globe and publishes them in our Taxport Compass tool. Here are some important changes that occurred in recent weeks: Several...

Tax Reporting Best Practices

New Report: Leading Financial Institutions Weigh in on Tax Reporting Best Practices

January 31, 2017, 4:51 pm EST in 1099, Blog, Tax Information Reporting

Tax information reporting can be tricky for businesses. Many organizations do not have the internal resources to assign a devoted team to compliance efforts, as their HR and IT teams are often tied up in other affairs.With this in mind, Sovos commissioned a survey to better understand how organizations are...

Congress considers options for the Affordable Care Act, ACA

Expert Q&A: What Does Trump’s Executive Order Mean for Employers?

January 23, 2017, 5:14 pm EST in Affordable Care Act, Blog

President Trump took immediate steps to fulfill his campaign promise to repeal the Affordable Care Act on his first day in office. The President signed an executive order on Friday, which he said was intended to “ease the burdens of the Affordable Care Act.” The broad-reaching order is the manifestation...

Automatic Exchange of Information (AEOI) Updates

AEOI Updates: Jan. 6 – Jan. 20

January 20, 2017, 3:48 pm EST in AEOI Reporting, Blog

Automatic Exchange of Information (AEOI) legislation is constantly evolving worldwide as the standard is rolled out around the world. The Sovos research team continually monitors new regulations and updates across the globe and publishes them in our Taxport Compass tool. Here are some important changes that occurred in recent weeks:IRS...