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Overview: Sovos AEOI Event in New York City Sovos recently hosted its AEOI Global Compliance Series event in New York with an event focused on Automatic Exchange of Information (AEOI) reporting. Speakers for the event included Jennifer Sponzilli from KPMG, Darren Rykers from Ernst & Young, Chris Orchard from Hansuke and Lanu Chou from Pricewaterhouse […]
What began as an e-invoicing mandate in Brazil just over 10 years ago has significantly transformed the way businesses operate – not just in Latin America, but across the globe. Governments are progressively turning to technology to close tax gaps, crack down on tax evasion and gain visibility into transactions that happen within – and […]
Note: This blog was updated on September 3, 2021. According to the Treasury Department’s American Families Plan Tax Compliance Agenda, the most recent assessment of the gross tax gap for tax year 2019 is approximately $580 billion. Recently, Treasury Deputy Assistant Secretary Mark Mazur testified before Congress that the projected tax gap could balloon to […]
Note: This article on 1099 B and P notices was updated on September 14, 2021. Sovos recently held a webinar on best practices for dealing with “B” Backup Withholding and “P” Penalty notices related to name and taxpayer identification number mismatch errors in 1099 reporting. Here, Sovos regulatory experts answer questions from webinar viewers on IRS B […]
Two years ago, a small number of forward-looking enterprises issued RFPs requesting ‘end-to-end invoice compliance automation services’. These RFPs requested all VAT-related compliance decisions to be managed through a single SaaS platform which integrated with the requesting company’s invoicing engine. In this article, we’re exploring the background and implications of this apparent evolution in market […]
Despite multiple repeal attempts, the Affordable Care Act (ACA) is alive and well. Employers still have to report ACA information or face increasing penalties. With ACA reporting still on HR professionals’ agenda, Sovos regulatory experts answer selected questions posed by viewers during a recent Society of Human Resources Management (SHRM) webinar. Their answers are here, […]
Keep current with VAT news without having to sift through the news every day. Here are the most significant happenings in the world of VAT reporting from August: International News OECD: OECD Publishes Comments on Model Tax Convention On August 11, the Organisation for Economic Co-operation and Development published comments to its newly-released 2017 Model […]
Anyone who travels for work knows the pain of sorting through weeks’ or months’ worth of receipts and completing clumsy spreadsheets. If you work in a company’s financial administration and are on the receiving end of these messy expense reports, you’re not much better off. It should not be a surprise that the market for […]
After 8 years of voluntary e-invoicing, Costa Rica has begun its transition to mandatory e-invoice submissions. The first 10 companies began compliance in March 2017 as a pilot, and the DGT, Costa Rica’s tax authority, will continue to roll the program out to additional enterprises over the next two years via email notifications. Like other […]
Managing an organization’s unclaimed property can be a full-time job. With the complexities of regulatory requirements, the numerous due diligence and dormancy tracking rules by property type and state, along with due diligence requirements, also varying by state, record retention needs in case of an audit, as well as reporting to multiple states, the process […]
Norway will soon require SAF-T (Standard Audit File for Tax), electronic submissions of transaction-level accounting records, joining a growing number of European countries that are adopting eAccounting. Across the world, the wave of change continues to sweep over more countries, as governments move to require real-time or near-real-time transactional reporting. Tax administrators in 69 countries […]
Recently, most medium and large retail businesses across Russia shifted to internet-connected cash desks that every day, in real-time, report to the Federal Tax Administration approximately 70 million B2C transactions. According to official sources, since July 1st 2017 when the mandate entered into force, over 6 billion B2C electronic receipts have been issued so far […]
The Affordable Care Act (ACA) is still the law of the land, having survived attempts to both repeal and replace the legislation. It now has real teeth, with the dollar amounts of financial penalties having doubled in recent years. Here is what HR professionals need to know to prepare for the upcoming filing season and […]
The current regulatory environment for manufacturers is laden with risk. In a recent Aberdeen Group survey, 50 percent of manufacturers indicated they saw a significant increase in audit scrutiny and frequency over the past two years, with another 60 percent believing audit frequency and scrutiny will continue to accelerate over the next three to five […]
A Closer Look at NFe 4.0 Nota Fiscal (NFe) version 4.0 marks the first new release of Brazil’s e-invoicing schema in two years, and companies can expect a major change from their previous compliance processes. NFe 4.0 requires a new XML structure, new fields, new data, new communication protocols and new web services, impacting both […]
If you don’t know much about the dark web, you’re not alone. Maybe 5 percent of internet users are on it (at a stretch), but it’s anywhere from 6 to 500 times larger than the consumer web. And it can definitely affect your job as a tax professional. Anything and everything is for sale on […]
Already known as a worldwide leader in technology-driven tax compliance, Brazil has announced several changes and additions to its requirements starting in 2017. These changes, designed to close reporting loopholes and gather even more information to improve validations, affect Brazil’s e-invoicing and transportation tracking processes, as well as introduce new measures to monitor social security […]