Blog

The Senate’s second draft of the Better Care Reconciliation Act would maintain employer information reporting obligations under Internal Revenue Code §§ 6055 and 6056. Changes to minimum essential coverage provisions may give rise to a potential modification of those reporting requirements at some point in the future – as the law would allow individuals to […]

Delaware recently amended legislation pertaining to information returns, and part of this legislation advances the filing due date for 1099-MISC forms reporting non-employee compensation in Box 7. This brings the filing deadlines in line with the federal calendar. 1099-MISC forms with Box 7 checked will now be due on January 31, 2018 for Tax Year […]

The Mexican Tax Administration Service (SAT) has published additional AEOI material, including a calendar with relevant deadlines and specifications for CRS transmittals. The AEOI Calendar indicates that the FATCA and CRS testing window will now end on July 14, 2017. At that time, the production period will begin – with reports being due to SAT […]

The Connecticut Legislature has passed new legislation that will move up certain Form 1099 deadlines and require additional Form 1099 reporting. Some of the essential changes can be found below. Effective January 1, 2018, Connecticut will require payers of pensions or annuity distributions, including distributions from an employer pension, an annuity, a profit-sharing plan, a […]

Washington State recently enacted House Bill 2163 in conjuncture with the State’s recently passed budget. Included in this bill are provisions imposing sales tax obligations on internet sales to Washington consumers. Starting on January 1, 2018 remote sellers who make retail sales of $10,000 a year or more into Washington will be required to either […]

The Governor of Puerto Rico has signed into law a bill (PC 1133) that changes the frequency of sales tax remittance. As reported earlier in this forum, the new rule requires most taxpayers to pay sales tax in the same month as it’s collected, in two monthly installments: The first payment is required on the […]

Since e-invoicing became a legal possibility – first in the EU in 2001, then LATAM in 2002, and subsequently worldwide – there have been commentators warning the business community not to overlook the fact that e-invoicing is part of a broader interlocking transaction of documents and processes. Often followed by wise lessons about procure-to-pay or […]

Organizations operating in the Basque region of Spain will soon be required to comply with SII reporting requirements. As reported in this forum, effective July 1 most companies operating in Spain are now required to transmit information to the Spanish Tax Administration (AEAT) regarding purchase and sale transactions within a few days of invoicing. Today, […]

A House Appropriations subcommittee has introduced H.R. 3280 – a draft of which was released during the July 4th Recess. This appropriations bill provides funding for government and financial services – including the IRS – for the upcoming fiscal year. As part of the IRS funding, it includes a provision that could impact the reporting […]

The Secretary of the Treasury for the Commonwealth of Puerto Rico announced that they plan on encouraging the local legislature to adopt significant tax reform measures, including a number of items that will impact sales tax (locally known as IVU). The details of the proposed reforms have not been released but the Secretary has indicated […]

I follow global tax compliance across continents closely and what can be seen is a clear trend of Tax Administrations (TAs) introducing increased technology-based real-time tax controls. Such controls include e-invoice clearance, e-ledgers and e-accounting, among others. Unfortunately, I’ve seen many real-life cases in different countries where the TAs issue a regulation that may make […]

As written, revised Better Care Reconciliation Act will not operate to eliminate either of the reporting requirements on 1094/1095 series forms. The Senate’s second draft of the Better Care Reconciliation Act would maintain employer information reporting obligations under Internal Revenue Code §§ 6055 and 6056. Changes to minimum essential coverage provisions may give rise to a potential modification of […]

July 17, 2017 — Employer information reporting remains intact under both Senate ACA replacement bills currently in play: Majority Leader Mitch McConnell has released the Senate’s second iteration of the Better Care Reconciliation Act which, as written, would maintain employer information reporting obligations under Internal Revenue Code §§ 6055 and 6056. Changes to minimum essential […]

Along with new deadlines, Mexico tax authority releases additional CRS specifications.   The Mexican Tax Administration Service (SAT) has published additional AEOI material, including a calendar with relevant deadlines and specifications for CRS transmittals. The AEOI Calendar indicates that the FATCA and CRS testing window will now end on July 14, 2017. At that time, the production period […]

Toda empresa que opere en Latinoamérica está bien familiarizada con las dificultades que involucradas en las Leyes para la facturación y notas fiscales electrónicas y las normas que rigen los impuestos. Desde cambios constantes en la legislación hasta interrupciones de los negocios y penalidades financieras, los desafíos de seguir las normas fiscales en la región […]

The IRS is stepping up reporting scrutiny, specifically focusing on tax credits. There’s no more relevant example than the 1099 reporting changes that heightened error exposure for reporting organizations during the 2016 tax season. Tax information reporting requirements are becoming more complex, with changing deadlines, enhanced tracking and stiffer penalties for non-compliance. This leaves financial […]

Four years ago, we moderated an interesting debate via LinkedIn that revolved around a simple question: what do we mean by compliance? As ever, we had an opinion and offered a detailed definition that kick-started a great discussion thread. We would like to believe that that discussion contributed to heightened awareness among e-invoicing practitioners that […]

Illinois’s Department of Revenue has lately released new tax tables and a new withholding allowance certificate in conjunction with it an increase in the state’s tax rate.  Effective July 1, 2017, the income tax rate in Illinois is 4.95%, increased from 3.75%. Booklet IL-700-T, “Illinois Withholding Tax Tables,” has been updated effective July 1, 2017.  […]