Blog
On 27 September 2017, Italy submitted a formal request for derogation from two provisions in the European Union VAT Directive – a formal hurdle and legal necessity to be able to roll out the ambitious e-invoicing mandate for all domestic Italian invoices. While waiting for the decision from the EU Council, Italy proceeded with legal […]
La Dirección de Impuestos y Aduanas Nacionales (DIAN) emitió una nueva resolución 000010/2018 el 6 de febrero que requiere que los grandes contribuyentes emitan y presenten facturas electrónicas antes del 1 de septiembre de 2018. En Colombia, esta resolución era esperada ya que la DIAN había emitido un borrador de la misma en el último […]
La mayoría de los países que imponen un mandato de facturación electrónica requieren que los contribuyentes informen no solo las facturas emitidas, sino también las facturas electrónicas recibidas por parte de sus proveedores. Dado que el requisito de facturación electrónica de Colombia llega a todos los contribuyentes antes del 1 de enero de 2019 y […]
Mandatory eInvoicing in Costa Rica is becoming a reality in 2018. Initially targeted toward service providers, Costa Rica is rolling out the requirement to additional companies later this year, and they must prepare now for the change in processes and operations. Summary of the Law In late 2017, Costa Rica announced mandatory eInvoicing for service […]
Only two months remain until Hungary’s new real-time VAT reporting requirements kick in on July 1, 2018, and businesses must be prepared to comply with a fully automated process. Spain was the first country in Europe to adopt a Latin American-style VAT reporting model with its Immediate Supply of Information (SII), which requires companies to […]
Many businesses engage in special sweepstakes or other forms of promotion marketing to create more visibility to their brands. While this is a great way to improve lead generation and conversion, companies must consider the tax information reporting obligations. This is not only important so businesses avoid IRS penalties by submitting the appropriate forms, but […]
Form 1099-SA, Distributions From a Health Savings Account (HSA), Archer Medical Savings Account (MSA) or Medicare Advantage MSA, and Form 5498-SA, HSA, Archer MSA or Medicare Advantage (MA) MSA Information, are tax information reporting documents related to health savings accounts. These forms are tied together because Form 1099-SA is used to report distributions to an […]
Sales and use tax exemption certificate management is critical to creating an effective tax compliance process for manufacturers and wholesalers. As states move forward with employing technology-driven compliance requirements and enforcement measures to maximize revenues, manufacturers and wholesalers can expect an impact to their bottom lines and profitability due to penalties, interest and fees if […]
Sovos experts will join their peers from the IRS and the tax industry at the 2018 Tax Reporting and Withholding Conference April 23-25 in Arlington, Virginia. The conference, which will take place at the Pentagon City Ritz-Carlton, will cover a wide range of issues related to tax compliance and regulations. On April 24, Sovos Solution […]
Costa Rica is currently in the process of transitioning to mandatory e-invoicing by 2019. The use of e-invoicing will help the Costa Rican government strive toward its goal of digital inclusion, but also help combat tax evasion by optimising tax controls. Its strategy will place it alongside other Latin American countries, including Mexico, Brazil, and […]
John Sileo, who has spoken at the Pentagon and to Visa, Pfizer and the FDIC – among many other institutions – will headline the Sovos Intelligent Reporting Summit in Denver in October. A leading expert on cybersecurity and identity theft, Sileo draws on his experience as a victim of identity theft to entertain and teach […]
Real-time electronic audits are increasingly common throughout Latin America, requiring companies to maintain 100% accuracy in their electronic documents and record-keeping. This process all starts with the eInvoice – audits are triggered if an invoice isn’t submitted correctly or if it is inconsistent with eAccounting reports and other electronic filings from a company’s buyers and […]
International News EU Proposes An Interim Tax On Certain Revenue From Digital Activities The European Commission recently proposed new rules to ensure the fair taxation of digital business, placing the EU at the forefront in designing tax laws aimed at the modern digital economy. The Commission is seeking to instate an interim tax to generate […]
Brazil’s eInvoicing and electronic reporting measures are undergoing a major overhaul in 2018. Companies that are not already in compliance with the new eInvoicing schema, NFe version 4.0, and REINF, a new digital bookkeeping requirement, need to update their processes immediately, as the deadlines for each are imminent. The new specifications for Brazil’s eInvoicing schema, […]
In just a few short days (on April 17) the United States Supreme Court will hear oral arguments in the case of South Dakota v. Wayfair Inc. At stake is the future of the “physical presence” standard in determining a retailer’s obligation to collect and remit state and local sales tax throughout the country. While […]
Many companies may consider government-mandated eInvoicing regulations a hassle, requiring them to revamp time-tested processes and upgrade to new technologies while adding new responsibilities and risk throughout the organization. However, eInvoicing can ultimately deliver business benefits, reducing costs, streamlining workflows and driving ROI. Consider these top 6 positive impacts of eInvoicing: Reducing costs – In […]
Allocating business profits for audit penalties because your accounts payable process has traditionally incurred sales and use tax fines and penalties is no way to grow a business. In a recent webinar, “Building a Scalable Process for Use Tax Compliance,” experts from both Sovos and Grant Thornton discussed the market trends and risks related to […]
An important part of unclaimed property compliance is sending due diligence letters. Based on your holder type, each state has a specific time window and dollar threshold above which you need to send them. Not only is this an expectation of the state, but it’s also good customer service. If you are a company who […]