Sovos State of Compliance Newsletter
SEPTEMBER, 2015

ACA – Be Prepared as Mandatory Reporting Looms on the Horizon.

With less than 100 business days until the mandatory reporting deadline arrives for Affordable Care Act (ACA) 1094 and 1095 forms, it is critical that human resource (HR) departments implement an ACA reporting solution to deal with this new and complex tax obligation. To help HR professionals with their ACA tax obligation reporting needs, Sovos Compliance has created an HR ACA Project Management checklist that outlines all the steps you need to take in order to meet this quickly approaching form submission deadline. We also recently recorded a webinar in cooperation with SHRM, “Implementing Affordable Care Act Reporting,” that is available on-demand now.

To learn more about how Taxport ACA can help you with these reporting requirements, we encourage you to contact us.

Learn More: ACA
Increased Penalty Updates and B&P Notice Best Practices.

At the end of June, an update was passed that will greatly increase the penalties all 1099 filers will be subject to for incorrectly reporting tax information. These penalties will also be applied to Affordable Care Act reporting as well. This new legislation doubles the annual maximum penalty cap from $1.5M to $3M for all 1099’s, and more than doubles the penalty per record from $100/record to $250/record for failure to file properly. The new penalties are effective for information returns required to be filed after Dec. 31, 2015, meaning this upcoming tax season! Watch our on-demand webinar to learn more.

This complimentary and CPE Eligible webinar was added due to this recent legislation to help you as an organization better understand B and P notices, their associated processes, and ways to begin preparing tax season.

Watch Now
Key FATCA Lessons: HELP to Prepare for CDOT and CRS.

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 to more complex CDOT reporting starting in 2016.

With a dramatic increase in reportable volume and complexities,
beginning in 2017, CRS reporting is expected to be upwards of 100-250 times more challenging than FATCA, with almost half the time for organizations to prepare.

Hearing key takeaways and how to create a three year global reporting approach will be critical in preparing your organization for success. Watch our on-demand webinar to learn more about these implications for compliance and reporting.

Learn More: Global Reporting
HAVEN'T SIGNED UP FOR SOVOSCON YET?

Use Promo Code SeptSOC to get 50% off the current registration fee!

SovosCon, October 28-30 in San Diego, features a wide range of CPE-accredited hands-on training classes covering multiple tax compliance issues such as Sales & Use Tax management, European compliance, ACA reporting, customer experience and more!

These 40 educational sessions will showcase the latest news and best practices as they relate to topics like:

  • Tax Information Reporting for 1099s, ACA, and FATCA
  • Sales and Use Tax Compliance, Filing, and Reporting
  • Value Added Tax Compliance, Filing and Reporting
  • Customer Experience and Technical Tax Challenges
  • Optimally Implementing and Troubleshooting Tax Technology

Combined with keynote presentations from industry experts, hands-on training, and one-on-one support, you will learn how to leverage Sovos Compliance’s technologies and tax research expertise to maximize your business’ tax reporting security while minimizing cost.

See our agenda to learn more about SovosCon sessions and speakers.

US FATCA DEADLINE: SEPTEMBER 30.

The U.S. deadline for reporting financial information on accounts in foreign financial institutions is Sept. 30. Some foreign governments and financial institutions are in varying states of readiness (or lack thereof) as they attempt to comply. 

The reporting is per the Foreign Account Tax Compliance Act. FATCA requires foreign financial institutions to report certain information on accounts belonging to U.S. citizens. For individual accounts, the minimum balance required for those institutions to report is $50,000. For entities with a majority controlling ownership by a U.S. citizen, the minimum balance is $250,000. Learn more about the upcoming preparations for FATCA, and read other Global Reporting (FATCA, CDOT, and CRS) content.

LEARN MORE: FATCA
UPCOMING EVENTS.

Sovos Events

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

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