Sovos State of Compliance Newsletter
NOVEMBER, 2015
 
FREE WEBINAR: CHANGES FOR THIS TAX SEASON AND WHAT TO EXPECT NEXT WITH CHERYL RIEDLINGER.

Wednesday. December 2nd: 11AM PST/1PM CST/2PM EST for 1 hour

This complimentary webinar presented by attorney and tax expert Cheryl Riedlinger will cover the latest changes that financial institutions need to know for this upcoming 2015 Tax Information Reporting Season and what to expect next.

Topics covered include:

  • New penalty increases this year (From $100 to $250 per form and from a $1.5M cap to $3M cap)
  • New Form 1098 mortgage interest reporting requirements
  • Reporting for abandonments and foreclosures on Forms 1099-A and 1099-C
  • Backup withholding,including B-Notices and C-Notices
  • Form 1042-S for Nonresident Aliens and FATCA
  • Proposal (H.R. 3856) to simplify information reporting
Cheryl Riedlinger is an attorney concentrating in the taxation of financial institutions. She is a frequent speaker and author of numerous articles on information reporting and withholding issues published in The Independent BankerBank Personnel News, Journal of Bank Taxation, Bank Compliance Magazine, Journal of International Banking Law, Trust & Investments, Bank Marketing, and various other trade association publications.  She authors the Information Reporting Bulletin, Fast Facts, and A Guide to IRS Information Reporting for Financial Institutions, a complete guide to the IRS Information Returns Program.  She is an alumni member of the IRS Information Reporting Program Advisory Committee (IRPAC) representing financial institutions.
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SOVOS FEATURED IN RISK & COMPLIANCE MAGAZINE.

With such limited time to prepare for Global Information Reporting including the next phase of FATCA, CDOT, and CRS, technology is at the forefront of this discussion, and Sovos Compliance’s Chief Marketing Officer Troy Thibodeau, was recently featured in Financier Worldwide in an issue focused on technology risk management.  

To view this full article click here. For more information on FATCA, CDOT, and CRS, click here.

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NEW ACA AND 1099 REPORTING RESOURCES FROM SOVOS.

With ACA Reporting top of mind for so many businesses, Sovos has developed new resources to support your compliance efforts.

  • Video: Taxport ACA
  • Infographic: Taxport ACA Ultimate Reporting Solution
  • Blog: The IRS Has Changed the TIN Matching Process – A Quick Recap
  • Blog: AIR Testing and ACA Reporting: Additional Important Information

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RECAP: OF THE 13th AUTOMATIC EXCHANGE OF INFORMATION CONGRESS IN LONDON.

Sovos Compliance was the premier gold sponsor of The 13th Automatic Exchange of Information (AEoI) Congress held on November 10th and 11th in London. This conference was well attended by compliance leaders for some of the largest financial services organizations in the world.

The 2015 AEoI Congress was dedicated to achieving compliance for Global Information Reporting regulatory obligations consisting of the Foreign Account Tax Compliance Act (FATCA), Crown Dependencies and Overseas Territories (CDOT), and the Common Reporting Standard (CRS).

Both days of the Congress were full of thought provoking content. Presentations and discussion groups included global reporting experts from PwC, Deloitte, EY, and KPMG as well as experts within global organizations like RBS, Barclays, BNY Mellon, Santander, Black Rock, and Northern Trust.

With over 30 global financial services organizations represented by attendees, this event highlighted the incredible complexities and challenges global reporting will present to every organizations as deadlines draw near and these new global reporting regimes come online. Since strategic preparations will be critical in minimizing the impact to overall business, the following are some of the key takeaways the Sovos team learned from attending the AEoI Congress.

Bookmark our blog page to read the upcoming 5 key takeaways every organization should be considering as they prepare for global reporting (FATCA, CDOT, and CRS).

EVENT: IMPLEMENTING AFFORDABLE CARE ACT REPORTING WEBINAR.

December 2nd, 2015 @ 2-3pm EST and December 15th, 2015 @ 12-1pm EST

Under the Affordable Care Act (ACA), employers with 50 or more full-time employees have a new set of tax information reporting obligations they must meet per Internal Revenue Code (IRC) 6055 & 6056 guidelines. This ACA reporting is required for Tax Year 2015 and, for most organizations, the requirements of this tax obligation has fallen on HR & Benefits departments. In this program, Sovos Compliance will cover critical topics HR needs to know as they work toward meeting the ACA’s requirements for the 2015 tax year and beyond.

Join our ACA webinar to hear more about:

  • Overview of the new reporting obligations and what is required for the current tax year
  • Common challenges employers will face in implementing this new reporting process
  • ACA and IRS updates: Where we are now and how employers are doing
  • An overview of a proven solution that can help your organization efficiently meet these complex new information reporting requirements

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ON DEMAND: 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. Hearing key takeaways and how to create a three year global reporting approach will be critical in preparing your organization for success.

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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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