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If there’s one lesson to take from 2018, it’s that tax information reporting isn’t getting any easier. Tightened deadlines, new forms and the end of the extension of time for reporting form 1099-MISC with nonemployee compensation are sure to cause some chaos when reporting season kicks off in January. In fact, 2018 ushered in a […]
The IRS is getting ready to inundate tax professionals with guidance on taxation of cryptocurrency. When, exactly, that will happen is unclear. What is clear, however, is that the agency plans to enforce existing 1099 reporting regulations for crypto for now, something it has already shown a willingness to do. The question is how those […]
In my last blog, I discussed three additional challenges of native SAP tax management for growing companies facing multifaceted indirect tax requirements and continuous compliance mandates. These ranged from sales and use tax nexus rules to VAT requirements and filings. Additional challenges your IT, finance and tax teams face from native ERP tax management due […]
Tax compliance is moving up the priority list as companies migrate from ECC to S/4HANA and S/4HANA Cloud. Multinationals recognize the inefficiencies of SAP-native compliance as government mandates redefine sales and use tax, e-invoicing, and VAT compliance and reporting requirements. Financial systems that were originally implemented to help manage growth are now hindering it. IT […]
It’s clear that company leaders understand that digital transformation is key for their very survival in a world of constant disruption, but only a small percentage actually have finished a company-wide transformation – opening the door to potential problems from lost customers to tax compliance issues. An SAP survey finds that 84% of 3,000 executives […]
The information technology (IT) and risk departments in most organizations have generally had little to do with each other outside of specific tasks. However, now that some of the biggest potential risks companies face involve data security, a new effort seeks to help IT and risk experts speak a common language, coming together to quantify […]
Deborah Pflieger is a principal and leader of Ernst & Young’s information reporting and withholding practice. She tracks changes and trends in 1099 tax information reporting and will present on the topic at the 2018 Sovos Intelligent Reporting Summit in Denver in October. Pflieger recently spoke with Sovos about reporting trends that have caused concern […]
Candace Ewell, principal in the appropriately named Tax Controversy and Regulatory Services team at PwC, recently spoke to Sovos about form 1099-K, which has become a focal point for the IRS, states and companies in the sharing economy. She will present on the topic of the 1099-K at the Sovos Intelligent Reporting Summit in Denver […]
Christopher Emerson is founder of White Oak Security, a company that tests the security of its clients’ business-critical systems by attacking them. Emerson will speak at the Sovos Intelligent Reporting Summit in Denver in October. Here, he talks about why companies still fail to secure their most important information adequately and what they can do […]
The IRS has officially announced they are eliminating the automatic 30-day extension of time for the 1099-MISC with Nonemployee Compensation. This move forces organizations with large amounts of independent contractors to question current tax information reporting processes, ensuring they don’t endure the same challenges faced from the original PATH Act deadline changes. PATH Act History […]
The Pennsylvania Department of Revenue recently unveiled a set of 1099 reporting requirements that will alter the landscape of reporting in the Keystone State. One regulation in particular will come as a welcome relief for institutions that report large volumes of 1099-R forms. Pennsylvania will allow multiple distribution codes for one person or entity to […]
New York recently changed its requirements for validating and reconciling 1099-R data, providing another example of how states are changing regulations in order collect revenue more accurately and more quickly. Financial institutions will likely need to adjust their processes in response. Institutions must file a form 1099-R for each person who received a distribution of […]
Sovos Chief Technology Officer, John Landy, comments on the new S1 platform. Businesses now need a new approach to handling taxes. With the new S1 architecture, that’s exactly what we’ve built. Tax has changed. What used to be merely a burdensome obligation is now becoming a risky and technical part of every major business process. […]
Mary Kallewaard is co-founder of Cokala, an advisory services firm offering experienced and practical help for tax regulatory compliance for a wide variety of IRS forms. She will present on how to spot potential problems with W-8 and 1042-S forms at the 2018 Sovos Intelligent Reporting Summit in Denver in October. Sovos recently spoke with […]
The acceleration of regulatory complexity is causing unnecessary strain on IT departments within manufacturing companies, negatively impacting growth. In fact, 31% of companies report that keeping up with the volume and complexity of regulations is their number one compliance challenge, and 45% say increasing costs of compliance is their number one barrier to growth. The […]
On the heels of revealing our S1 cloud platform to drive the modernization of tax software in the face of mounting digital disruption from businesses, financial systems providers and governments, as well as announcing support and an early adopter program for SAP S/4HANA cloud, we’re excited to also announce the following key appointments to our leadership […]
Among accounts payable (AP) professionals, “B” Notices from the IRS are sometimes known as “bummer” notices. They’re a sign of missing or incorrect information on 1099 forms subject to backup withholding. For AP professionals, this usually involves form 1099-MISC, the form used to report to the IRS payment of services rendered for vendors and independent […]