Many organizations who have 1099 filing requirements point to a common problem: the difficulty of understanding their compliance obligations. Maintaining compliance is essential for businesses to thrive and grow. Therefore, tax information reporting must remain a high priority for internal tax and finance teams. Encountering Limited Compliance Expertise First of all, tax information reporting is […]
Affordable Care Act reporting deadlines are just around the corner. This complicated law has significant tax implications for businesses. There are many ACA obligations that are a part of the ACA legislation that organizations must fulfill, including those for reporting as a large employer. The IRS will be monitoring businesses’ compliance with these reporting requirements. […]
Sovos Compliance was the premier gold sponsor of The 13th Automatic Exchange of Information (AEoI) Congress held on November 10th and 11th in London. This conference was well attended by compliance leaders for some of the largest financial services organizations in the world. The 2015 AEoI Congress was dedicated to achieving compliance for Global Information […]
As the deadlines for the first year of ACA mandatory reporting to the IRS quickly approach, organizations should have already identified their ACA reporting obligations under IRC 6055 and/or 6056. No matter your organization’s specific obligations for the ACA under those codes, one thing remains consistent: The AIR System electronic transmittal to the IRS. The […]
Do you remember when, in September 2013, TIN Matching went through a re-engineering process moving to a new platform and enhanced some features? During this last upgrade, one of the enhancements involved moving to a proximal search match for both employer identification numbers (EIN) and social security numbers (SSN). However, recently, after meeting with the […]
Time is marching on. Are you prepared for the first year of mandatory ACA tax reporting? Whether you are a Human Resources and Benefits professional or another individual or department tasked with ACA compliance, here are some key points you should know about how to file and transmit the 1094 and 1095 forms that are […]
FATCA’s global implementation keeps moving along, with its ups and downs along the way. Recently, the IRS announced they have had successful exchanges of information while concurrently announcing a year extension to the September 30, 2015 reporting due date, much to the relief of financial organizations with significant global operations. We have also seen the […]
For financial executives new to Latin American business-to-government requirements, it may be tempting to write off compliance as a local issue to be managed by local IT and accounting teams. However, this approach leaves companies vulnerable to severe penalties and operational disruptions that can be felt throughout global companies. In our new whitepaper, Business-to-Government Financial […]
The first round of FATCA reporting may have only recently passed, but now is the time to redouble your efforts. Why? CRS is coming online in 2016 with reporting beginning in 2017. It’s vital that you have the regulatory and operational know-how to turn global information reporting projects into a normalised part of your business. […]
Did you know that in this first year of mandatory ACA tax reporting there is expected to be over 700 million forms filed with the IRS? Are you prepared to do your part and report on time? Although you have been working diligently to provide minimum essential coverage healthcare plans for your full time employees […]
The IRS has issued Notice 2015-66, which announces the IRS and Treasury’s intent to amend Sections 1471- 1474 of the Foreign Account Tax Compliance Act (FATCA). This Notice extends the time period applicable to the following transitional rules: The date for when withholding on gross proceeds and foreign pass thru payments will begin. The expected […]
There is no avoiding FATCA, a Canadian court has recently ruled. FATCA continues to withstand legal challenges, eliminating the last hope that some businesses had that FATCA will go away. The latest court ruling further proves FATCA and the expansion of global reporting are here to stay. The lawsuit was filed by two American expatriates – Virginia […]
The IRS has released the 2015 reporting Forms for the Affordable Care Act (ACA). These Forms include the 1094-B, 1095-B, 1094-C, and the 1095-C. The 1095-B is for reporting Health Coverage and will generally be used by the Insurance Provider, while the 1094-B is the Transmittal of Health Coverage Information Returns. The purpose of the […]
Governments around the world are joining the U.S. in its efforts to eliminate tax evasion by signing onto the Foreign Account Tax Compliance Act. While discussion surrounding FATCA has been ongoing for several years now, policies are just now going into effect in various parts of the world. The latest government to join the global tax […]
AIR System 101: Testing and Preparing for the First Year of Required Reporting, Transmittals to the IRS Who Must Use the New IRS AIR System? Starting in 2016, applicable large employers (ALE), those with 50 full-time employees or more who work at least 30 hours a week (or FTE equivalent), have a whole new tax […]
With less than 100 business days until the mandatory reporting deadline arrives for ACA 1094 and 1095 forms, it is critical that human resource (HR) departments implement an ACA reporting solution to deal with this new and complex tax obligation. But what exactly is involved? Understand Your Obligations From figuring out your business determination obligations […]
Americans in charge of financial accounts overseas will have to report on those accounts to the Treasury Department a little earlier than expected next year. However, the flip side to that is that extensions are likely, making tax compliance a little easier. When President Barack Obama signed the Surface Transportation and Veterans Health Care Choice […]
What is the AIR system? Why do you need to know what this is? How does it relate to tax information reporting? These are common questions human resource (HR) professionals, employers and many other people are asking themselves as they prepare for the first year of mandatory Affordable Care Act (ACA) reporting. The AIR system […]