This week, the IRS released draft instructions for 2021 reporting of tax information on Forms 1099-MISC and 1099-NEC. One of the most notable changes included in the “What’s New” section of the instructions is the indication that the IRS has added the Payer Made Direct Sales of $5K or more checkbox to the Form 1099-NEC. […]
Italy has been at the forefront when it comes to the introduction of continuous transaction controls (CTC) in the EU, and it still leads the way as other European countries look to Italy for inspiration on their local CTC implementations. But even before the introduction of its clearance e-invoicing system in 2018, the country had […]
Our Brexit and VAT series aims to offer the vital information and planning tips businesses operating cross border need. This week, we’re addressing fiscal representation in the EU. As the UK is now a third country from a VAT perspective, there are various urgent steps businesses must take. Post-Brexit Fiscal Representation in the EU Fiscal […]
Working with intermediaries in insurance is common practice. And using the knowledge and resources of an intermediary can deliver additional sales for an insurer without the need for internal resources. There are many benefits of working with a broker. Not only do they generate additional sales for the insurer, but they’ll also liaise with customers, […]
The Maryland sales tax nexus was impacted by the South Dakota v. Wayfair, Inc. decision. The Maryland General Assembly’s Joint Committee on Administrative, Executive, and Legislative Review (AELR) approved emergency regulations (03.06.01.33) to support Maryland’s implementation of the Wayfair decision. The Maryland Comptroller requires out-of-state vendors to register with its office “to collect and remit […]
The Georgia economic nexus requirements have changed because of the South Dakota v. Wayfair, Inc. decision. The Peach State has also made adjustments from 2019 to 2020, in changing its threshold requirements and by repealing a notice and reporting option. Below, we have highlighted some of the major points that businesses operating in Georgia need […]
Arkansas was one of many states that updated its sales tax nexus after the South Dakota v. Wayfair, Inc. decision. The Arkansas Legislature enacted Act 822, which required remote sellers and marketplace facilitators to collect and remit sales and use tax. Below, we have highlighted some of the major points of the Arkansas sales tax […]
As expected, and previously announced by the Secretary of Finance in India, the Central Board of Indirect Taxes and Customs (CBIC) has now formally issued a Notification stating that India taxpayer scope has expanded with a turnover of 100 Cr. rupees or more from 1 January 2021. India taxpayer scope expanded On 30 July 2020, […]
As discussed in three key reasons to appoint a VAT managed service provider, the VAT compliance demands from tax authorities around the world continue to increase. They are only going to become more onerous to boost economic efficiency, combat fraud and reduce VAT gaps. The demands for more granular tax reporting are increasing for this […]
There are two types of no claims bonus. The first one is a refund of premium at the end of the policy. This happens when, for example, a discount is given if a policyholder doesn’t make a claim on that policy or makes a claim that is smaller than agreed in the policy documents. The […]
Businesses that trade cross border must turn their attention to the treatment of goods post-Brexit. Recently, we discussed postponed import VAT accounting in the UK. This week, we’re turning our attention to postponed import VAT accounting in the EU. Deferred and postponed accounting for VAT post-Brexit In theory, when goods enter the EU, import VAT […]
This blog was last updated on July 18, 2024. South Dakota helped create a new standard for economic nexus threshold with the groundbreaking South Dakota v. Wayfair, Inc. decision. Following that case, almost the entire country has followed suit and worked on adjusting how they collect and remit sales tax. Not every state or territory […]
A recent law change in West Virginia means that licensed direct-to-consumer (DtC) wine shippers are now able to reach more of the state’s residents. In July, HB 4524 came into effect in West Virginia. Among the many state beverage alcohol provisions affected by this bill was the state’s “local option” rules. These rules allow local […]
Following the South Dakota v. Wayfair, Inc. decision, nearly every state started updating their nexus tax laws. The Minnesota economic nexus is just one example of a state adjusting to the Supreme Court case, pushing businesses – in particular remote sellers – to adhere to new regulations. Below, we’ve highlighted some of the major aspects […]
This blog was last updated on July 15, 2024. Prior to the South Dakota v. Wayfair, Inc. decision, the Commonwealth of Massachusetts had updated its economic nexus provisions to include economic nexus as well as “cookie nexus,” which allowed internet cookies on customer devices to trigger nexus in a jurisdiction. Since that time, the Massachusetts […]
Many states, as well as the District of Columbia, have started implementing economic nexus sales tax laws for out-of-state or remote sellers because of the South Dakota v. Wayfair Inc. decision. The Kansas Department of Revenue initially announced it would tax remote sales. However, the Kansas Attorney General called the policy invalid and the state is […]
Prior to the South Dakota v. Wayfair, Inc. Supreme Court decision, Washington state had already enacted rules for remote sellers and marketplace facilitators on how those businesses must collect and remit sales tax. Washington state nexus sales tax requirements were, however, altered because of the Wayfair case and Washington further adjusted its economic nexus and […]
Should we move our tax engine to the cloud or keep it on-premise? This conversation is taking place in many organizations as they assess their approach to sales tax management. In this three-part series, we’ll explore some of the problems IT is working through to maintain on-premise solutions that may not always be visible to […]