Goods and Services Tax (GST) in India a Real Possibility for 2017

September 2, 2016, 10:22 am EDT in Blog

Since the beginning of the new Millennium, India has repeatedly flirted with the idea of imposing a nationwide Goods and Services Tax (GST). However, legislative activity that has taken place over the last few weeks indicates concrete momentum towards this long-standing goal. The GST Constitution Amendment Bill The GST Constitution Amendment Bill...

AEOI Report

Most Financial Institutions Plan to Implement Automated AEOI Reporting Solutions in the Next Year

August 29, 2016, 11:52 am EDT in Blog

Overview Since the United States’ Foreign Account Tax Compliance Act (FATCA) regulation first passed, many financial institutions have relied on home-grown solutions to maintain compliance. Now, with a few years of Automatic Exchange of Information (AEOI) reporting under the belt, the industry has reached a tipping point and in a recent...

Automatic Exchange of Information (AEOI) Updates

Automatic Exchange of Information (AEOI) Updates: August 15-26, 2016

August 26, 2016, 12:42 pm EDT in Blog

Overview Automatic Exchange of Information (AEOI) legislation and technical updates are top concerns for foreign financial institutions. The Sovos Compliance Research Team continually monitors new regulations and updates from around the world and publishes them in our tool, Sovos Taxport Compass. Contact us today to start your subscription and have access...

B Notice

Is Your Organization Prepared for B and P Notice Season?

August 18, 2016, 12:09 pm EDT in Blog, Tax Information Reporting

The IRS has started sending CP2100 and 972CG notices to organizations. These notices, commonly referred to as B and P notices respectively, contain incorrect name/taxpayer identification number combinations from previous years’ information returns. The landscape of B and P notices is multifaceted and managing this process to stay compliant can...

global round-up

Weekly Global Updates: August 6-12, 2016

August 12, 2016, 4:32 pm EDT in Blog, Global Information Reporting

This past week we continued to see a stream of updates to global regulations around the world. Check out our weekly roundup of global updates, straight from our Sovos Compliance tax experts.Sweden Will Use CRS SchemaThis morning the OECD’s jurisdiction page was updated to indicate that Sweden will require its Reporting...

ACA reporting

Sovos Successfully Supported 20 Million Households with 2015 ACA Reporting

August 10, 2016, 10:00 am EDT in Affordable Care Act, Blog

In less than 12 months, Sovos Compliance developed and delivered to market Sovos ACA, a software to support businesses with their ACA compliance requirements. In less than 12 months, Sovos Compliance, a global leader in tax and business-to-government compliance software, successfully delivered to market Sovos ACA, a new product to support...