General Taxability Changes On March 14, 2016, House Bills 61 and 62 (Acts 25 and 26 respectively), were signed into law by Louisiana Governor, John Bel Edwards, as part of the First Extraordinary Session of the Louisiana Legislature. This legislation expanded the sales tax base in Louisiana to encompass nearly every previously excluded and most […]
Sovos becomes the first software provider to integrate a hold-harmless database with an approved e-file software solution application to help reduce the sales and use tax compliance burden on businesses by automating accurate tax calculation and state and local filing. Boulder, Colorado, August 4, 2016 — Sovos Compliance, a global leader in tax and business-to-government […]
The IRS recently released long-awaited guidance for filers regarding TIN solicitation. The IRS proposed regulations for 6055 contain a number of clarifications for providers of health insurance. The most recent guidance—Notice 2015-68—filers received was released last September, just shy of a year ago. The proposed regulations discussed comments from filers regarding necessary changes to TIN […]
This week, the Treasury Department published Announcement 2016-27 detailing its plan to reevaluate jurisdictions whose FATCA Intergovernmental Agreement (IGA) status is treated as “in effect.” This means that Foreign Financial Institutions (FFIs) in jurisdictions whose IGA is currently signed or considered in substance may face changes to how they report their FATCA returns to the […]
Every year jurisdictions all over the country have sales tax holiday periods for all types of different items. Often, these holidays are scheduled for near the end of the summer and usually include many types of school supplies, textbooks, some computer purchases and clothing. There are also sometimes sales tax holidays at other times of […]
Recently, we attended the 2016 CRTRA Conference in Vail, Colorado. Along with the beautiful scenery, we were very impressed with the level of engagement at the Chain Restaurant Total Rewards Association and thoroughly enjoyed our time talking to people throughout the industry. We understand that Fair Labor Standards Act (FLSA) is a hot topic right […]
The principle of open borders between European Member States, leading to a single, united economy, is at the very heart of the European Single Market, including the Czech Republic, which is a member. But the lack of cross-border trade barriers has hidden drawbacks. Since its inception, the Single Market has been vulnerable to a type […]
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 […]
The global focus on curbing tax fraud is shifting into high gear, as reporting deadlines under the Organization for Economic Co-operation’s new Common Reporting Standard draw nearer. What started within individual countries to maximize tax revenues within their own borders has grown into regional – and now global – alliances to share information that will […]
While many others were out enjoying summer, a major acquisition has taken place that affects the enterprise sales tax reporting industry. Oracle has acquired the e-commerce software company NetSuite. In a deal worth $9.3 billion, NetSuite was one of the first “cloud” companies. Larry Ellison, the chairman of Oracle chairman, was an early investor and […]
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 […]
Here at Sovos, we are committed to keeping current with VAT compliance updates from around the world. Check out these recent changes compiled by our dedicated expert research team. European Union European Commission Launches Consultation on Electronic Publications The European Commission has asked interested parties to share their views on the VAT treatment of electronic publications (e-publications). […]
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 […]
E-invoicing is now a reality in Colombia, with 58 companies volunteering to begin e-invoicing earlier this year in the pilot program. Eventually ~50,000 companies will be required to shift to e-invoicing in the next few years. Companies in Colombia are faced with creating a comprehensive compliance strategy to avoid the fines and penalties resulting from […]
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 […]
Synopsis: As Brexit is now becoming a reality with a new Prime Minister and more formal discussions, what will this mean for your organization? It may impact how you pay taxes and when as well as cross-border transactions. You will most likely have to change your internal tax compliance processes to account for the UK […]
On July 12, 2016, Gulf News Journal, an online news journal covering business and innovation in the Gulf Region, published an article highlighting how Sovos Compliance understands how implementing a value added tax (VAT) system in the member of states in the Gulf Cooperation Council (GCC) may affect businesses in the region who will now have to […]
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 […]