Blog

Italy to Introduce Pre-Completed VAT Returns by July 2020

The Italian government has introduced an ambitious new program for collecting VAT, under which the tax authorities will pre-populate VAT returns on behalf of taxpayers. This program is aimed at reducing the VAT gap in Italy, which reached 33.5 billion Euros in 2017 – in absolute terms, the largest loss of revenue in the European […]

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The Top 5 Most Common Unclaimed Property Compliance Mistakes

Full compliance when it comes to unclaimed property requirements can be difficult to determine. For many businesses, it isn’t until they are audited and fined that they find out they made a mistake. Below are the most common mistakes businesses make when complying with unclaimed property requirements. 1. Reporting is mandatory Reporting unclaimed property is […]

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Revisiting the EU VAT “2020 Quick Fixes”

Part 3:  Chain Transactions This is the third in a series of four blogs providing explanatory detail to the EU’s “2020 Quick Fixes” that aim to standardise certain VAT rules throughout the EU. Part one of this series focussed on VAT Identification of the Customer, whilst part two provided guidance on the Exemptions of Intra-Community […]

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Will the myDATA Project be Delayed in Greece and Mandatory E-Invoicing be Introduced?

Two months after closing the public consultation on the myDATA scheme, the Greek tax authority, IAPR, has yet to share the feedback received from the industry on the proposed scheme or make any official announcement in this regard. However, local discussions indicate that, the IAPR may reintroduce its initial agenda proposed back in August 2018, […]

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IRS Tax Gap Data Previews the Future of 10-series Reporting Requirements

A recent fact sheet released by the IRS shows the latest tax gap estimates and overall taxpayer compliance and demonstrates why the IRS is likely to strengthen its tax reporting enforcement policies. The findings are based on data from tax years 2011, 2012 and 2013. The purpose of this document is to let the public […]

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Improving Sales Tax Automation in Manufacturing

Managing manufacturing sales tax is complex for a number of reasons. You may have thousands of SKUs with taxability rules that differ across states, as well as hundreds, if not thousands, of exemption certificates to track and keep up to date for your customers. Additionally, tracking your own inventory for materials used internally that are […]

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Revisiting the EU VAT “2020 Quick Fixes”

Part 2: The Exemptions of Intra-Community Supplies of Goods This is the second in a series of four blogs providing explanatory detail to the EU’s “2020 Quick Fixes”. This article focuses on updated guidance around the Exemption of Intra-Community Supplies of Goods coming into effect on 1 January 2020.    The EU Implementing Regulation contains a […]

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Central Asia’s Adoption of E-Invoicing Mandates Grows

It’s no longer controversial to say that real-time VAT control initiatives such as e-invoice clearance or real-time reporting are becoming increasingly popular with governments and tax authorities across the world. Such initiatives, commonly referred to under the umbrella term CTC, or Continuous Transaction Controls, are now largely considered to be the new normal as governments […]

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Crypto Exchange and Custodian Gemini Chooses Sovos as its Tax Reporting Solution Provider

Gemini, one of the world’s most trusted cryptocurrency exchanges and custodians, has selected Sovos, the largest private filer of 10-series tax forms, to automate Gemini’s 1099 forms and filings. Sovos will enable Gemini to eliminate potential errors and get automatic regulatory updates on the everchanging cryptocurrency compliance landscape.   The growing confusion related to crypto tax […]

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Unclaimed Property: “Good Escheat” Ingredients

Nice job on getting your fall filing done! You deserve a reward! Take the rest of the day off and make yourself a drink I like to call ‘Good Escheat.’ 1-part orange pop, 1-part lemonade, 1-part rainbow sherbet. Mix it together and enjoy! And remember, just as it takes multiple different items that alone might […]

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This Week in Sales Tax News

According to the October 29 Worcester Business Journal, a group of legislators and policy advocates is looking for ways to modernize Massachusetts state tax code, potentially taxing digital goods and services like music downloads or Spotify. Gov. Michael Dukakis attempted to tax services in the early 1990s, only to see his successor, Gov. William Weld, […]

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Revisiting the EU VAT “2020 Quick Fixes”

Part 1: VAT Identification of the Customer We recently wrote about the EU’s latest report on the “VAT Gap” – the overall difference between the expected VAT revenue and the amount collected by each Member State. It is hoped that the VAT Gap will be substantially reduced by the introduction of a new definitive VAT […]

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VAT Gap: EU Countries Lost €137bn in VAT Revenues in 2017

In September, the European Commission released its latest study on the so-called ‘VAT Gap’. The VAT Gap is defined as the difference between the amount of VAT collected and the VAT Total Tax Liability (VTTL), in absolute or percentage terms. The VTTL is an estimated amount of VAT that is theoretically collectable based on VAT […]

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VAT Mini One Stop Shop – Part 3

What to Expect Next In Parts One and Two of this series on the VAT MOSS scheme for digital services we provided a background, considerations for applying and a recent update on the existing MOSS scheme. This recent update is the first stage that will pave the way for a smooth transition to the new VAT […]

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Withholding State Reporting Beyond an Organization’s Physical Presence

Introduction Tax information reporting and withholding at the state level is often a complex undertaking for organizations to manage. With 43 states now requiring income tax withholding and reporting, and each state having its own specific requirements, compliance can be a logistical nightmare. To add to the mounting complexities of state reporting, organizations need to […]

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Ensuring SAP Tax Compliance and Data Purity in AP E-invoicing Processes

About a decade ago, countries in Latin America, led primarily by Mexico, Brazil and Chile, stepped up their efforts to close the VAT gap by requiring companies to move away from paper-based invoicing processes and toward electronic methods of billing and completing payments. The idea was that a tax administration could more easily and effectively […]

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States Crack Down on Unclaimed Property

Recently, a landmark ruling in New York shed light on a nationwide trend in the world of unclaimed property compliance. State governments across the U.S. and Canada are cracking down on businesses that fail to report their unclaimed property accurately and on time. And, as proven by the case in New York, no business, no […]

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Whose Responsibility Is It to Report Unclaimed Property?

Unclaimed property results from the everyday functions of a company’s operations. As state budget deficits continue to grow, companies should expect unclaimed property compliance and related audits to continue and possibly increase. So, who is responsible for handling the process of Unclaimed Property management and escheatment to the state and keeping their company compliant? Tax […]

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