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IRS Clarifies Safe Harbor Rules for De Minimis Errors

January 12, 2017, 5:00 pm EDT in Blog, IRS Regulation Updates, Tax Information Reporting

The Protecting Americans from Tax Hikes Act (PATH Act) enacted in December 2015 creates, extends and permanently implements a number of exemptions and deductions that affect individual and business taxpayers alike. The PATH Act also contains a number of provisions intended to cut down on potential tax fraud. One of...

VAT country by country news summary for December 2016

VAT News – European Union country by country summary of December 2016

January 12, 2017, 8:00 am EDT in Blog

Here is a country by country summary of value-added-tax news that transpired during the month of December 2016.Belgium: Draft Bill on Tax Fraud Prevention On December 9, 2016, the Belgian Council of Ministers submitted to the Council of States a draft bill intended to implement tax fraud control measures. These measures...

VAT Updates - European Union tax news overview of December 2016

VAT Updates – European Union tax news overview of December 2016

January 11, 2017, 1:36 pm EDT in Blog, Value-Added Tax

Here is a summary of news and updates related to value-added-tax in the European Union during the month of December 2016.Consultations on VAT Reform On December 20, 2016, the European Commission opened public consultations on three aspects of its recently-introduced “Action Plan on VAT:”Business-to-Business (B2B) transactions involving goods Special schemes for small...

Arizona Simplifies Consolidates Sales Tax Reporting

Arizona simplifies, consolidates sales tax reporting

January 4, 2017, 10:44 am EDT in Blog, Enterprise Sales Tax

In a perpetually evolving tax landscape, tax administrators are constantly pushing the traditional bounds of the collection responsibility of taxpayer.  The most recent developments are set against the backdrop of the current “physical presence” standard and state and federal attempts to repeal or overturn the Supreme Court case of Quill...

U.S. Supreme Court lets Colorado sales tax law stand

U.S. Supreme Court lets Colorado sales tax law stand

December 14, 2016, 12:35 am EDT in Blog, Enterprise Sales Tax

Final Disposition of DMA v. Brohl Litigation Could Pave the Way for Vendor Notice Rules.On December 12, 2016 the United States Supreme Court denied certiorari to review the Tenth Circuit’s holding in Direct Marketing Association v. Brohl, No. 12-1175 (10th Cir. Feb. 22, 2016). By denying cert the Court essentially...

Criminal Finances Act Expands Scope of Corporate Criminal Liability

Criminal Finances Act Expands Scope of Corporate Criminal Liability; Has Significant Implications for Financial Services Providers

December 13, 2016, 8:00 am EDT in AEOI Reporting, Blog

Financial Institutions grappling with the advent of the Common Reporting Standard (CRS) will need to stay abreast of another important piece of new UK legislation that will come into force at the same time next year and which will be a further test of their compliance procedures and systems.The Criminal...

HMRC Updates Financial Institutions - AEOI Event

HMRC Updates Financial Institutions on Progress Made Towards Implementing Common Reporting Standard in the UK

December 9, 2016, 11:29 am EDT in AEOI Reporting, Blog

With one month to go before the Common Reporting Standard (CRS) comes into force in the UK, delegates attending the 3rd Sovos AEOI Networking Event welcomed the opportunity to question a speaker from the HMRC on the progress being made and hear what the financial regulator might be expecting from...