Many of you know Illinois is now operating under new legislation. If you haven’t had a chance to review the legislation, you’ll want to do so before filing this year’s unclaimed property report. One change to take note of is the repeal of the general business-to-business exemption. Not only is the exemption no longer allowed, […]
If you or your department is responsible for the management and/or reporting of unclaimed property to the state, then I feel your pain. It’s a necessary and sometimes daunting task. Compliance is extremely important, but let’s face it….how much time are you currently spending on managing the entire unclaimed property reporting process? If you’re […]
International News European Commission Proposes Changes to VAT Regime On January 18, 2018, the European Commission proposed an overhaul of the European VAT System, building on the 2016 VAT Action Plan. The main goal of the proposed changes is to create a European VAT area that operates more efficiently in a globalized world and aids […]
Tras anunciar a fines de 2016 el mayor cambio en su esquema de facturación electrónica en años, México también anunció una importante actualización de su mandato de contabilidad electrónica en enero de 2017. A pesar de que el SAT, la autoridad fiscal mexicana, no anunció un cronograma específico de implementación de eContabilidad 1.3, tomó a […]
As tax authorities move to technology-driven value-added tax (VAT) reporting requirements, businesses operating in Europe will need to strap on their seat belts and prepare for turbulent times ahead, according to a new study by Sovos that examines the compliance-related disruptions that are sweeping across the globe. In the report – The Evolution of Value-Added […]
Most professionals in the e-invoicing world naturally strive towards a paper-less community, where financial transactions are exchanged as electronic messages in formats such as EDIFACT and XML. This is a vision that is worth pursuing and is a near reality in Latin American countries, such as Mexico and Peru where progressive government initiatives and requirements […]
Businesses Selling in Italy Must Prepare Over the last few years, Italy has proposed a series of tax reforms intended to close their substantial “VAT Gap.” At the beginning of this year, Italy finalized their plans to impose a significant new compliance obligation on businesses selling in Italy, B2B eInvoicing. Businesses will need to deploy […]
Tax exemption certificate processes are often a significant, arduous challenge for many larger manufacturers and wholesalers that still manage certificates in a manual and time-consuming manner. This often results in missing, lost or outdated certificates that can lead to significant audit risk. Auditors know this and generally, tax exemption certificate processes are the first and […]
On Jan. 20, the federal government shut down right in the middle of tax reporting season. The brief shutdown, likely to be resolved by Jan. 23, offered some insight into what happens when the IRS loses funding during reporting season. While the latest shutdown will likely be short, another could loom, as the proposed funding […]
VAT compliance and reporting can place a major burden on IT teams. With customizations required for every jurisdiction, constantly changing regulations, necessary integrations with government portals and a variety of data submissions and reports required, compliance can quickly erode IT’s time for other projects and innovation. Constant fire drills are only the tip of the […]
Even though the year is just underway, 2018 is already bringing a flurry of activity around indirect taxation in the United Kingdom. While much of the detail still needs to be sorted, one thing is clear – significant compliance changes are on the horizon and companies operating in the UK will need to adapt. Specifically, […]
Having access to technologies that could render clunky, ineffectual relationships more seamlessly and organically does not mean that they will. As compliance automation professionals, we must play our part to make sure things evolve in the right direction. Can nature provide guidance? Definition: Biomimicry: the imitation of the models, systems and elements of nature for […]
As tax authorities in Latin America, and now Europe, adopt new eInvoicing and eAccounting initiatives, companies are realizing that SAP is not equipped to support the unique needs from country to country. When faced with this challenge, some companies either opt to manage compliance internally or move compliance outside of SAP, both of which are […]
The Colombian tax administration (DIAN) enacted Resolution 000072 of December 29, 2017, by which it establishes the first wave of taxpayers that will be mandated to issue and report electronic invoices in Colombia. This resolution is fundamentally different from the original draft resolution published by the DIAN in November 2017 for public consultation. In that […]
In a move that seemed inevitable since the first dot-com sale was completed, on January 12, the United States Supreme Court agreed to hear a case through which they will re-consider the primacy of “physical presence” in determining a sellers’ obligation to collect and remit sales tax across the country. Businesses need to immediately begin […]
The newly implemented Tax Cuts and Jobs Act, better known as the new tax law, dropped the backup withholding rate for payments reported on form 1099 from 28 percent to 24 percent effective Jan. 1, although many organizations might not have noticed. The IRS announced the withholding adjustment in Notice 1036 in early January. The […]
Tax authorities in countries around the world are changing VAT compliance and reporting rules in an effort to minimize tax gaps, improve efficiency and accuracy, simplify auditing and ultimately achieve real-time visibility into companies’ operations. While every country is at a different stage in rolling out these initiatives and they all take slight different approaches, […]
La Dirección de Impuestos y Aduanas Nacionales (DIAN) emitió la Resolución 000072 del 29 de diciembre de 2017, en la cual se establece la primera ronda de contribuyentes que deberán emitir y reportar facturas electrónicas en Colombia. Esta resolución es esencialmente diferente del proyecto de resolución original que la DIAN había publicado en noviembre de 2017 […]