Here is this week’s FATCA recap. Catch up on this week’s roundup compiled by our research team. Bahamas Releases Updated Portal Help Guide and FAQs Bahamas released an updated portal help guide and FAQs. The guide is substantially the same as the previous version, with the exception of a few removed FAQs. The Portal Help guide […]
Have all your forms been filed? Have you send in your transmittal? If you haven’t, you need to file as soon as you can because penalties will only increase the longer you delay. This year, the IRS is looking for a timely furnishing and filing by organizations as part of a good faith effort to […]
Can you believe it has been another week already? FATCA revisions and updates keep rolling in and here at Sovos we are here to bring them to you. Catch up on this week’s roundup compiled by our research team. Cyprus Releases Instructions for Correcting FATCA Reports Cyprus has released instructions for all Financial Institutions that […]
Many organizations, like Texas Capital Bank, struggle with handling their tax reporting obligations. It is a necessary function that can easily be overlooked because revenue producing initiatives come first. However, failing to properly handle these requirements can end up costing you more, put you at risk for incurring large penalties, dissatisfaction amongst your customers and […]
This week we bring you a dozen FATCA updates from the Middle East, South America, Asia, the Caribbean and Europe. Sip your coffee and catch up on the weekly roundup compiled by our research team here at Sovos. Belgium Announces New Business Rules Belgium FPS Finance announced new business rules. The new rules were adopted to […]
Recently, we were at the SHRM Annual Conference & Exposition 2016 in Washington D.C. The three days offered HR and Benefits professionals all types of opportunities for learning, hearing from industry experts and a chance to network and share their experiences concerning the first year of mandatory ACA reporting. Based on this feedback, here are […]
After lengthy preparations for ACA processing year 2016, your ACA forms have finally been submitted to the IRS and as a filer you are ready to breathe easy. Unfortunately though for filers, your ACA duties may not yet be fulfilled. The IRS recently clarified that, although it’s a good faith filing year, filers are still […]
Over the past week, countries around the world continued to release more information about and changes to FATCA, CRS, and CDOT regulations. Take a look at our roundup below of the latest global updates, compiled by our Sovos team of tax experts. Finland Publishes CRS & DAC2 Detailed Instructions (Finnish Draft) Finland recently published a draft […]
Entities of all kinds are struggling with the first year of mandatory ACA reporting, including municipalities. Take for instance, The City of Oak Creek in Wisconsin. Marie Lenda is the Benefits Coordinator who has been the primary contact for handling the HR/benefits for the city’s employees and retirees for almost all of her 20 year […]
Did you know that on December 18, 2015 the Protecting Americans from Tax Hikes Act, or PATH Act, was signed, causing new regulations and compliance requirements? What is the PATH Act, and how will it impact your organization? What steps must be taken to ensure compliance in the future? Join our group of experts from […]
The Arizona Department of Revenue (DOR) has been working toward the objective of simplifying the way that taxpayers report the Arizona Transaction Privilege Tax (TPT) for all localities (program and non-program) within the state. Arizona intended for the state DOR to become the single point of licensing, filing and payment for all localities on January […]
Do you still have questions about the required 1094 transmittal part of ACA reporting and the corrections process that will follow? Keep in mind, the deadline to transmit the 1094 electronic file to the IRS is June 30th, which is right around the corner and failure to comply can result in steep penalties, which have […]
Another week has come and gone, here is your weekly FATCA round-up, including important changes made by the IRS. Peruse these updates, another Jersey CDOT set of changes as well as a CRS implementation compiled by our stellar research team. IRS Has Released a Draft Version of the FATCA XML v2.0 and Will Update […]
Jurisdictions all across the country have instituted disposable carryout bag fees and bans. San Francisco passed its ban on single-use bags back in 2007, and greatly expanded the ordinance in 2012 to include all retail stores. The District of Columbia has a bag fee that dates back to January 1, 2010, entitled the “Anacostia River […]
Virtually every business transaction results in an indirect tax consequence – i.e., an intermediary collects taxes that it then must report and pay to the government. In Latin America and other value-added tax based economies, in which tax accrues at every level of the supply chain and manufacturing process, efficient and accurate indirect tax processes […]
Here’s a full list of weekly FATCA updates compiled by the experts in our Tax Department to help you. The FATCA reporting deadline of May 31 is right around the corner and countries have kicked up efforts to issue guidance so financial institutions can comply on time or changes to systems and other important information that […]
Did you know that sweetened iced tea is considered a soft drink in Vermont? The state of Vermont passed Legislation effective July 1, 2015, imposing its sales and use tax on soft drinks. House Bill 489 (H.489) revised the definition of food and food ingredients found in 32 V.S.A. § 9701(31) by indicating that “food […]
At this point, you’re likely preparing to send your transmittal for ACA reporting if you haven’t already, which means you may be anxious about any corrections you’ll need to perform. Generally, transmitting correction files are required to correct errors found on original filings, replacement filings, or other corrections filings. As a filer, you may discover […]