Blog

A House Appropriations subcommittee has introduced H.R. 3280 – a draft of which was released during the July 4th Recess. This appropriations bill provides funding for government and financial services – including the IRS – for the upcoming fiscal year. As part of the IRS funding, it includes a provision that could impact the reporting […]

The Secretary of the Treasury for the Commonwealth of Puerto Rico announced that they plan on encouraging the local legislature to adopt significant tax reform measures, including a number of items that will impact sales tax (locally known as IVU). The details of the proposed reforms have not been released but the Secretary has indicated […]

I follow global tax compliance across continents closely and what can be seen is a clear trend of Tax Administrations (TAs) introducing increased technology-based real-time tax controls. Such controls include e-invoice clearance, e-ledgers and e-accounting, among others. Unfortunately, I’ve seen many real-life cases in different countries where the TAs issue a regulation that may make […]

As written, revised Better Care Reconciliation Act will not operate to eliminate either of the reporting requirements on 1094/1095 series forms. The Senate’s second draft of the Better Care Reconciliation Act would maintain employer information reporting obligations under Internal Revenue Code §§ 6055 and 6056. Changes to minimum essential coverage provisions may give rise to a potential modification of […]

July 17, 2017 — Employer information reporting remains intact under both Senate ACA replacement bills currently in play: Majority Leader Mitch McConnell has released the Senate’s second iteration of the Better Care Reconciliation Act which, as written, would maintain employer information reporting obligations under Internal Revenue Code §§ 6055 and 6056. Changes to minimum essential […]

Along with new deadlines, Mexico tax authority releases additional CRS specifications.   The Mexican Tax Administration Service (SAT) has published additional AEOI material, including a calendar with relevant deadlines and specifications for CRS transmittals. The AEOI Calendar indicates that the FATCA and CRS testing window will now end on July 14, 2017. At that time, the production period […]

Toda empresa que opere en Latinoamérica está bien familiarizada con las dificultades que involucradas en las Leyes para la facturación y notas fiscales electrónicas y las normas que rigen los impuestos. Desde cambios constantes en la legislación hasta interrupciones de los negocios y penalidades financieras, los desafíos de seguir las normas fiscales en la región […]

The IRS is stepping up reporting scrutiny, specifically focusing on tax credits. There’s no more relevant example than the 1099 reporting changes that heightened error exposure for reporting organizations during the 2016 tax season. Tax information reporting requirements are becoming more complex, with changing deadlines, enhanced tracking and stiffer penalties for non-compliance. This leaves financial […]

Four years ago, we moderated an interesting debate via LinkedIn that revolved around a simple question: what do we mean by compliance? As ever, we had an opinion and offered a detailed definition that kick-started a great discussion thread. We would like to believe that that discussion contributed to heightened awareness among e-invoicing practitioners that […]

Illinois’s Department of Revenue has lately released new tax tables and a new withholding allowance certificate in conjunction with it an increase in the state’s tax rate.  Effective July 1, 2017, the income tax rate in Illinois is 4.95%, increased from 3.75%. Booklet IL-700-T, “Illinois Withholding Tax Tables,” has been updated effective July 1, 2017.  […]

Tax compliance has evolved at a rapid pace in recent years. As governments go digital, loopholes are closing and reporting timelines are shrinking from weeks to milliseconds. The old way of doing things isn’t enough for the new world of rapid-response compliance. But these new challenges can also foster new opportunities. Businesses are taking a […]

The IRS has released ACA Information Returns (AIR) Schemas, Business Rules and Crosswalks for Tax Year 2017. The business rules, schemas and crosswalks are for Forms 1094-B, 1094-C, 1095-B, and 1095-C. There are a number of changes from last year’s with many of the changes coming in the form of name changes for certain data […]

Virginia Tax has published a revision of its eForms W-2 – 1099 Guide, which filers should utilize in order to ensure accurate and complete online submissions. The Business iFile system allows the use of eForms, which is a free, secure online service that allows employers and payers to electronically file forms W-2, 1099-R, and 1099-MISC directly […]

Belgium recently announced it will extend the deadline for CRS reporting this year.  Reporting was originally due at the end of June, but Belgium has delayed reporting until the end of July.  This delay is only for CRS and does not affect FATCA reporting which was due at the end of June.  The announcement of […]

The Idaho State Tax Commission has issued a revised Guide to Income Tax Withholding. The revision is a routine update of the tables for withholding computation methods for 2017. These tables are periodically adjusted for inflation. Although these figures are effective for 2017, withholding agents are not required to adjust the withholding amounts for the months of January […]

At last week’s G20 summit, OECD Secretary General Angel Gurría reported to world leaders that the past year has seen progress on multiple fronts in the fight against tax avoidance and evasion – thanks in large part to the Convention on Mutual Administrative Assistance in Tax Matters. The official report explores the key areas of progress, including the movement […]

The state of Jammu and Kashmir has joined the rest of India by enacting the GST, a week after it was introduced to the rest of the country. Amidst strong opposition, the government of Jammu and Kashmir passed the Jammu and Kashmir Goods and Services Tax Act on July 7th.  The Act, and related orders, can be […]

Minnesota’s Department of Revenue recently updated Minnesota Income Tax Withholding Instruction Booklet and Tax Tables as well as Fact Sheets 2 and 2a.  The Instruction Booklet provides general direction for withholding while Fact Sheets 2 and 2a provide more detailed instructions for submitting W-2 and 1099 information, respectively.  Most importantly, all three documents have advanced the […]