E-invoicing practitioners are well aware of the revolution that is caused by the imposition on businesses of messaging standards for purposes of tax ‘clearance’ and public procurement. Within the next decade, the business community as a whole will need to adapt to a parallel universe of standards designed for e-government transactional purposes. From what we’ve […]
Sovos recently partnered with Aberdeen Group to survey 179 compliance decision makers across a number of industries to find out how they have handled Affordable Care Act (ACA) reporting. This is the first in a series of four blogs that detail some of the survey’s more notable results and findings. This installment will address challenges […]
In a previous post we informed that Peru has announced a radical change to its centralized e-invoicing framework turning it into a distributed one, whereby the tax authority SUNAT would delegate the clearance function to so-called Operators of Electronic Services (OSE). Recently SUNAT published draft legislation that provides technical and legal insight into this new […]
Individual states and the IRS introduce new 1099 form requirements and changes to existing legislation on a frequent basis. Sovos documents each of these updates in its Taxport Compass portal to arm clients with the most current and accurate information and ensure that they are on the right track in their compliance efforts. Here are […]
Sovos is sponsoring TSAM 2017, one of the world’s leading networking events for the asset management industry, which takes place in London on March 15th. The global asset management community will gather in London on March 15th to take part in TSAM 2017, a leading industry networking event. Over 500 delegates will take part, hearing […]
Mexico is one of the oldest pioneers in e-invoicing. With more than 10 years of experience, ~30 billion e-invoices, ~6 billion last year, it is worthwhile to see what the Tax Administration “SAT” has decided to change for the upcoming version 3.3, mandatory as of July 1st this year. As clearance gains more territory, what’s […]
Recently leaked draft legislation provides further insight into Republican plans for healthcare overhaul and associated reporting requirements. The draft, which is nearly three weeks old, indicates key provisions of the law – such as the taxes, mandates, Medicaid expansion and subsidies – would be phased out and replaced between 2018 and 2019. The replacement provisions […]
In addition to significant updates to its CFDI e-invoicing schema and a new process for tracking exports, Mexico is also launching a new regulation to electronically document payment receipts. Starting July 1, 2017, the Complemento de Recibo de Pagos must be incorporated into the CFDI process in order for the SAT, Mexico’s tax authority, to […]
Proposed bills and rules around nexus are being discussed and debated in state capitals across the country. The evolution of ecommerce continues to place pressure on the nexus standard. As states search for avenues to collect and remit tax, businesses face expanded sales tax compliance responsibilities. With recent proposed legislation, both Utah and Wyoming took […]
Automatic Exchange of Information (AEOI) legislation is constantly evolving worldwide as the standard is rolled out around the world. The Sovos research team continually monitors new regulations and updates across the globe and publishes them in our Taxport Compass tool. Here are some important changes that occurred in recent weeks: Ukraine Signs Model 1 IGA […]
The Italian government has in recent years put in place a package of legal measures with the ambition of boosting the adoption of e-invoicing across all sectors and especially for SMEs. Not too long ago, the government went so far as to make the Sistema di Interscambio, the public platform used to issue B2G e-invoices […]
In our most recent Tax Tuesday webinar, Ashley Brody and I took a hard look at the most common filing challenges facing today’s manufacturers. We described the trends that we hear about every day from tax professionals and recommended some best practices for staying on top of rapidly changing filing requirements. In addition to the […]
60,000 companies required to implement new e-invoice reporting standard. With recent reports highlighting European Union members’ struggle with uncollected VAT, countries are focusing on initiatives that will reduce fraud and increase tax revenues. Spain, in particular, is taking a page from Latin America’s electronic invoice registration playbook. On December 6, 2016, Spain announced that certain […]
Regulatory and legislative updates to 1099 form requirements between Dec. 28, 2016 and Jan. 11, 2017. Individual states and the IRS introduce new 1099 form requirements and changes to existing legislation on a frequent basis. Sovos documents each of these updates in its Taxport Compass portal to arm clients with the most current and […]
The rules on conversion of invoice form and format are not harmonized across the EU and EEA. Thus, even though the majority of these countries allow for an invoice to be converted from paper to electronic form upon receipt, and at the same time for discarding the paper version, this is often permitted only subject […]
Employers are still required to file their ACA reporting forms. Beyond a potential extension of “good faith” relief to Tax Year 2017 filings, there will likely not be any IRS changes to employers’ reporting obligations. The IRS has implemented its first regulatory change in response to President Trump’s executive order. The narrow rule change, which […]
The use of electronic signatures for the purpose of fulfilling legal requirements for authenticity and integrity (A&I) in electronic or e-invoicing has been discussed extensively in recent years and has resulted in high-quality signatures being either mandatory (e.g. in Latain America, Russia, Turkey and China) or a well-defined option (as in the European Union) for […]