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In 2016, FATCA reporting will include accounts reported in 2015, new US entities, preexisting US financial institution accounts, and pre-existing high net worth individuals. As FATCA continues to grow more complex, stay up to date on all of the latest changes summarized in our new weekly FATCA update blogs.
In other FATCA news, Sovos CMO, Troy Thibodeau, discusses the Challenges of Complying With FATCA and the Harbinger of CRS in the first quarter issue of Risk & Compliance e-magazine for 2016. Troy Thibodeau, CMO of Sovos provides an update on the progression with regards to the implementation FATCA, the challenges that the IRS has encountered, and what this could mean as CRS comes online in 2017.
ACA Deadline Extension: Webinar on Demand
As we're sure you've heard, the Internal Revenue Service announced its decision to extend Affordable Care Act reporting deadlines under IRC sections 6055 & 6056. The extended due dates will now be:
Sovos hosted a brief 30 minute webinar with an additional 30 minutes of Q&A to discuss what these deadline extensions mean and how it affects the reporting process for organizations. Watch this webinar on-demand to learn about:
1099 Best Practices for a Successful Tax Season
Tax information reporting presents many challenges for organizations due to the high demands of compliance regulations in addition to the frequent changes that need to be continually monitored and absorbed into current systems and processes. How organizations approach these challenges and the priority they place on tax compliance activity is a critical component to managing risk and building long-term, sustainable, and successful tax compliance processes.
Given these driving factors, here are some 1099 best practices that we at Sovos believe organizations should consider implementing in order to combat their reporting challenges, mitigate risk, reduce errors, and improve client experience.
ICYMI... 1098 Webinar with Cheryl Reidlinger
On February 23, tax expert Cheryl Riedlinger discussed the latest changes to the 1098 form for Tax Year 2016. The 1098 form will increase from three boxes to nine and new information will be required to complete this form including outstanding mortgage principal, origination date, mortgage insurance premium, as well as address information. The slides from the presentation are available here and a playback of the webinar will be posted on sovos.com shortly.
Don't Wait for the Extended Deadlines:
Meet Your ACA Filing Obligations Now
The Benefits to Adhering to the Original Reporting Timeline for Tax Year 2015
Although the IRS has extended the deadlines for the first year of ACA mandatory filing, it is still possible to fulfill your obligations early—and doing so will greatly benefit your employees and organization in the process. Read our recent blog post to learn more.
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