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Tax information reporting presents many challenges for organizations due to the high demands of compliance regulations in addition to the frequent changes that need to be continually monitored and absorbed into current systems and processes. How organizations approach these challenges and the priority they place on tax compliance activity is a critical component to managing […]
Aside from the landmark decision of the European Court of Justice on March 5, 2015 that ebooks cannot benefit from the same reduced rate of VAT as paper books, there have been several noteworthy Value Added Tax (“VAT”) changes in the European Union (“EU”) over the past year. Below is a synopsis of some of […]
One of the more interesting and important things in tax research is learning about the imposition of new fees and taxes on specific and somewhat unexpected items. These taxes allow us to keep our research skills sharp as well as point us in the right direction of exciting new client possibilities. Recently, we are seeing […]
CMO, Troy Thibodeau, Discusses the Challenges of Complying With FATCA and the Harbinger of CRS In the first quarter issue of Risk & Compliance e-magazine for 2016, Troy Thibodeau, CMO of Sovos provides an update on the progression with regards to the implementation FATCA, the challenges that the IRS has encountered, and what this could […]
Countries around the globe are making major movements towards FATCA compliance from Spain to Iceland to Anguilla. Check out this week’s recap from our compliance and research team of experts: Anguilla Releases Tax Information Exchange (International Co-Operation) Act of 2015 Anguilla has released the Tax Information Exchange (International Co-Operation) Act of 2015. The Act […]
One of the best things you can do to ensure success for your organisation in 2016 is to confirm you have a strong VAT compliance structure in place. Sovos has some ideas about four ways you can start this year on the right note: Review 2015’s VAT filings to make sure data is reconciled, worksheets […]
When Brazil announced its e-invoicing mandate in 2008, such strict and comprehensive regulatory measures were unprecedented. However, Brazil set the stage for business-to-government compliance initiatives, with 10 countries in Latin America plus others worldwide now enforcing similar measures. As we approach 2016, what should companies operating in Brazil know? Here’s a look ahead. Audits expected […]
IRS Releases Announcement 2016-03: Limited Penalty Relief for Filers of Form 1098-T As tax season is upon us, the IRS has released Announcement 2016-03 providing notice that the IRS will not impose penalties under section 6721 or 6722 on eligible educational institutions required to file Forms 1098-T, Tuition Statement, for the 2015 calendar year solely because […]
We are excited to announce that HgCapital, a leading European-based private equity firm, has signed an agreement to invest in Sovos Compliance. Their investment will help us accelerate our growth through development and acquisition of innovative tax compliance solutions worldwide. HgCapital selected Sovos for a key US-based investment HgCapital uses a proven, sector-focused approach for […]
Since the holidays, there have been changes all around the world with regards to FATCA. Here is a quick recap compiled from our expert compliance and research team of the latest updates that have been issued from different jurisdictions: Portugal Extends Reporting Due Date for Tax Year 2014 Portugal extended its Tax Year 2014 reporting […]
The beginning of a new year signals a fresh opportunity to assess your sales and use tax purchase side process and Sovos is here to help ensure you are staying compliant. Consider the points below and ask yourself, what needs to change to be efficient, prepared, and compliant for this year. Do You Know Where […]
Taxing authorities are looking at companies more closely than ever to make sure they are VAT compliant. That means those who are responsible for gathering, analyzing, and validating the data are under more pressure and scrutiny as well. Gathering and reconciling all the different sets of data, then analyzing and validating transactional information not only […]
Not unexpectedly, the IRS has released new schemas for 1094-B, 1094-C, 1095-B, and 1095-C Affordable Care Act Information Returns (AIR) right as Tax Year 2015 season kicks off for the first year of ACA mandatory reporting. This means your organization is now required to update systems appropriately or confirm that your ACA reporting vendor is […]
Sales and use tax compliance is complicated for all businesses, but this can be especially problematic when an organization is in the process of trying to grow. When expanding business into new and unfamiliar products and taxing jurisdictions, it is easy for important details on the tax compliance end to slip through the cracks. This […]
2015 was a banner year for Latin American tax authorities, introducing more countries and more complications into the compliance landscape. For example, Brazil expanded its business-to-government mandates from e-invoicing to requirements that affect accounting, inventory management and personnel, while Mexico, Peru, Uruguay, Ecuador, Colombia and Chile introduced significant expansions of their e-invoicing and tax legislation. […]
Have you heard? The Internal Revenue Service just announced its decision to extend Affordable Care Act reporting deadlines under IRC sections 6055 & 6056. The extended due dates will now be: March 31st, 2016 (from January 31st) for printing and mailing 1095 Forms to recipients and; June 30th, 2016 (from April 30th) for sending the […]
While everyone has been out holiday shopping, or following the current presidential race, last week Congress passed a bill. And not just any bill, but a big one, a major piece of legislation that once again averts a government shutdown. H.R. 2029, Consolidated Appropriations Act, 2016 (the Omnibus Spending Bill), was enacted Friday, December 18th […]
As Latin America continues to lead the globe in innovations in mandated electronic invoicing, a new agreement among Argentina, Brazil and Mexico addresses one of the key challenges of these requirements – namely, cross-border transactions. Mandated e-invoicing has helped these governments increase their tax revenues significantly by adding visibility into corporate transactions. However, that visibility […]