Sovos State of Compliance Newsletter
OCTOBER, 2015
BEST PRACTICES AND STUDY FOR TAX INFORMATION REPORTING.
From interdepartmental dependencies to lack of expertise and error prone data, the persistent challenges of tax information reporting can fill many hearts with dread this time of year. You may find yourself wondering what everyone else out there is doing, and how you might learn some valuable insights you can use to improve your process this year and ongoing.

Sovos Compliance hosted two webinars to share insights from our latest Tax Information Reporting Market Survey featuring data from over 250 organizations—one for corporate entities and the other for organizations in the financial services industry. These webinars used the survey data to help share what peers in the industry are up to and what best practices they employ to reduce risk and improve process efficiency. These webinars will cover:
  • How your peers define the top Tax Information Reporting challenges
  • Insights into what leading organizations are doing to improve the process
  • Tips for things you can still do this year to better prepare for season
  • Longer term improvements to consider
  • Additional proactive solutions to ease the annual impact
Download the Tax Information Reporting Best Practices Smart Briefs for Corporate Entities and for Financial Services organizations.
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ACA Reporting: A New Tax Obligation for HR/Benefits Professionals.

Did you know that in this first year of mandatory ACA tax reporting there is expected to be over 700 million forms filed with the IRS? Are you prepared to do your part and report on time?

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IRS Releases ACA Reporting Forms for 2015.

The IRS has released the 2015 reporting Forms for the Affordable Care Act (ACA). These Forms include the 1094-B, 1095-B, 1094-C, and the 1095-C.

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FATCA DEADLINE PASSES, BUT WHAT DID WE LEARN?

Global Information Reporting: Key FATCA Lessons to Prepare for CDOT and CRS
Global Information Reporting has arrived, defining a new reality for financial institutions around the world in an effort to move toward creating greater transparency between countries. Financial institutions need to expand their capabilities for three different reporting regimes: the Foreign Account Tax Compliance Act (FATCA) with reporting starting in 2015; the Crown Dependencies and Overseas Territories (CDOT), with reporting starting in 2016; and the Common Reporting Standard (CRS), with reporting starting in 2017.

The first year of FATCA reporting revealed key activities and approaches that are critical for institutions to implement in order to be successful as Global Reporting expands. Institutions must take advantage of these learnings in order to be prepared to meet more complex obligations for the upcoming CDOT reporting starting in 2016. With a dramatic increase in reportable volume and complexities, CRS reporting is expected to be upwards of 100-250 times even more challenging than FATCA, with almost half the time for organizations to prepare.

Watch our On-Demand Webinar for key takeaways and how to create a three year global reporting approach will be critical in preparing your organization for success.

The IRS also announced  a key milestone in FATCA Implementation. Read the release.

UPCOMING GLOBAL INFORMATION REPORTING EVENT.

Sovos Sponsors the AEoI Congress: 10th-11th November 2015, London

The first round of FATCA reporting may have only recently passed, but now is the time to redouble your efforts. Why? CRS is coming online in 2016 with reporting beginning in 2017. It’s vital that you have the regulatory and operational know-how to turn global information reporting projects into a normalised part of your business.

Sovos Compliance is proud to announce that we are the premiere Gold Sponsor at this year’s 13th annual AEoI (Automatic Exchange of Information) Congress comprised of a preeminent collection of forward thinking speakers and organizations as they continue to prepare and execute compliance and reporting plans for FATCA, CDOT and CRS.

This globally-focused event being held in the UK will give attendees a unique opportunity to connect with industry experts and Sovos Compliance thought leaders. Through our partnership with the Congress we are able to offer leading institutions an exclusive discount to attend as well as informative materials on our industry-leading technology solution.

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WEBCAST: SALES TAX BASICS FOR THE IT PROFESSIONAL

If you are an IT professional tasked with supporting the sales tax automation function for your organization, this may be the exact session for you! Join us on Wednesday, November 11th at noon eastern as representatives from the Tax and IT departments at Sovos Compliance discuss:

  • What exactly makes sales tax so complex

  • The importance of applying regularly scheduled content updates

  • The importance of supplemental updates

Register

ENJOY SOVOS STATE OF COMPLIANCE?

 

Read back issues from Tax Information Reporting, Indirect Tax, and VAT/Global Reporting in our State of Compliance Archive.

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