When New York first passed its law defining what constitutes a “vendor” subject to collecting sales tax in the 1980’s, the idea of online shopping sounded like science fiction. In retrospect, NY may have effectively enacted the first “economic nexus” law when they drafted their definition of “vendor” to include a person who regularly or […]
[Infographic] Making Light Work of Making Tax Digital
In December 2015, Her Majesty’s Revenue & Customs (HMRC) in the UK produced its Making Tax Digital (MTD) roadmap, the pathway by which it would reach its ambition “to become one of the most digitally advanced tax administrations in the world.”
MTD becomes a reality on 1 April 2019 for all VAT registered business with a taxable turnover above the threshold of £85,000. Businesses will need compatible software that meets the specification requirements to handle the VAT return files, demonstrate a clear electronic audit trail and connect to the HMRC systems through an Application Programming Interface (API).
The Sovos VAT Reporting Cloud solution is MTD-ready and ensures a seamless digital journey for all UK and international VAT filings.
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With recent enforcement measures, the IRS has offered definitive proof that the Affordable Care Act (ACA) is still alive and that the agency plans to strictly enforce ACA reporting. Last spring, the agency issued Letter 226J to Applicable Large Employers (ALEs) that failed to cover 95 percent of employees. ALEs are companies with 50 or […]
UPDATE (Jan. 8): Reporting season is moving forward according to plan. The IRS has announced that it will process tax returns on schedule and without delays. While the agency will clarify its contingency plan in the coming days, organizations should proceed as planned with 1099 reporting and other seasonal filings. The IRS will recall a […]
The South Dakota v. Wayfair decision last June has created a lot of angst for indirect tax professionals and the businesses they work so hard to protect from the burdens of sales and use tax filing. Six months later as we begin the new year, that angst has not gotten any lighter. Any federal legislative […]
2018 was a volatile year in indirect tax compliance for tax, finance and IT professionals worldwide. With an increase in globalization and tax gaps surpassing tens of billions in some countries, it’s not surprising that one of the biggest challenges governments are addressing is revenue collection. Like enterprises, governments are creating new, technology-driven processes to […]