As a result of an e-invoicing mandate currently rolling out in Argentina, small and medium-size businesses (SMBs) are or will soon be required to use a specific form of invoice when billing larger companies. Companies classified as SMBs (or PyMEs in Spanish) by AFIP, the Argentine tax administration, are required to use the Facturas de […]
You operate a lean tax compliance and reporting team. Maybe your company has reduced staff over the past 5-10 years while continuing to grow its business through organic means as well as merger and acquisition. But now your staff of 10 is down to four or five. What was once a manageable manual process of […]
If you have no new unclaimed property records for a particular state this filing year, does that mean you are off the hook? Well, not necessarily. Most states want you to file with them each year. If you’ve reported in the past, they want to hear from you even in the years when you […]
Article written By Bill Dadmun, Records and Receipts Manager, State of Virginia How many of you use the aggregate function when reporting? Does it make your life easier? Listen to this scenario and tell me if it sounds familiar. You get a call from someone that is due $49.95 from a credit balance. […]
This isn’t the first time I’ve blogged about the dangers of reciprocal filing, but I feel like it is a topic worth covering again for those who may have missed it. Reciprocal or exchange filing means reporting records to a state even though the last known addresses for the records are not in that state. […]
Have you ever been confused about which property code to use for a certain type of property? We have all been there. NAUPA, the National Association of Unclaimed Property Administrators, has a list of standard codes that you can view here starting at the bottom of page 17. Property Types There are many types […]
Due Diligence is the act of sending letters to lost owners or publishing their names in newspapers. Almost every state and every jurisdiction within a state requires companies to perform due diligence. Benefits Due diligence not only benefits owners of unclaimed property, it can also benefit your business. Many of your lost owners are customers […]
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, holders […]
With unemployment low and productivity high, the US economy appears to be steaming along. But one key metric suggests otherwise: the yield curve is inverted, historically a sign that a recession is on the way. A downturn in the economy could have a major impact on how the IRS enforces tax reporting compliance. A yield […]
Anyone familiar with the Discovery Channel’s Shark Week and the portrayal of hungry sharks setting their sights on surfers may be surprised to learn that tax and IT professionals may be feeling every bit as wary as those surfers as they enter their own version of shark-infested waters. The reason: IT and tax pros are […]
Many times in my twelve years of providing customer support, I’ve heard, “This is my first time reporting and I don’t know what to do. Can you help me?” My heart goes out to those people because I know how daunting it can be to figure out how to get a report to the state. […]
Finding the best way to manage unclaimed property risk is very challenging, especially if you are filing for the first time and not under state audit. If you find your company is in an initial compliance situation you need to immediately initiate an outreach program and make every effort to contact the owners of the […]
For those currently in the midst of preparing monthly Intrastat returns, the recent increase in reporting thresholds by a number of countries across the European Union (EU) will be of limited comfort. For those companies where the volume of goods being moved between EU countries are close to the current reporting thresholds however, the updates […]
Introduced on 1 January this year, the Italian e-invoicing mandate and the strict archiving requirements for fiscal documents are well known by companies with business in the Apennine Peninsula. While some retailers are exempt from the e-invoicing mandate in the country, they must still comply with different auxiliary obligations. This includes transmission of the data […]
Slowly but surely, so-called insurtech companies are increasing their share of the insurance market. After a record year in 2018 that saw USD 4.15 billion invested into insurtech companies, 2019 is likely to surpass this achievement with USD 1.42 billion already invested during the first quarter. While official announcements of partnerships with long lasting classic […]
Global insurance programmes will cover risks in multiple jurisdictions throughout the world and allocating the premium between all these jurisdictions can be a major challenge for insurers. It gets even more complicated when the risks of that particular programme are unknown at the time of contract inception. Bon voyage This could be, for example, where […]
Last month, we made some predictions on how the outcome of the recent elections would impact the agenda of the Independent Authority of Public Revenues (IAPR) on the envisaged e-invoicing and e-reporting reform. It looks as if the newly elected government is fully in-line with the IAPR agenda to implement e-reporting and bookkeeping (mandatory e-invoicing […]
Sovos officially closed the acquisition of Istanbul-based Foriba. This acquisition represents another significant milestone in our mission and makes it easier for businesses to overcome one of the greatest challenges they face: the digital transformation of tax. Across the globe, governments are mandating their own digital transformation, giving businesses two choices. The first is to […]