Each year there are hundreds of tax rules and rates changes and 2015 was no different. All over the US, changes are made every year about everything from rate changes to what is taxable and of course, sales tax holidays. Was your company able to keep up? The problem of having an incorrect rate active in […]
E-invoicing requirements in Latin America began as a way for individual countries to track tax obligations within their own borders, but now efforts are underway to prevent tax evasion on a more comprehensive, global basis. Not only are similar e-invoicing mandates popping up worldwide, in places like Indonesia and Vietnam, but countries are also examining […]
Complimentary Webinar: VAT Automation and the Rise of e-audits by Tax Authorities with Guest Speaker Daniel Kroesen, Partner Indirect Tax at EY One of the major new trends in indirect tax is the focus on transparency by tax authorities. Is your organisation prepared? On the 29th of March at 10am GMT+1, Sovos Compliance will provide […]
The IRS has raised penalty amounts once again. As stated in IRS announcement 16-11, you may now be penalized up to $260 per record if you are late or inaccurate in all tax information, 10-series, and ACA form reporting requirements. Background Around This Increase You may be thinking, “Again? Didn’t these penalties just increase last year?” Not […]
Over the past week, there have been changes to FATCA not only in the United States, but all around the globe. Check out our summary of the major updates to FATCA, CDOT, and CRS, straight from our very own tax and compliance research team in this week’s FATCA roundup below: Croatia Releases Update to Web […]
VAT Now Scheduled to Take Effect on June 1, 2016 Puerto Rico’s Treasury Department issued Administrative Determination DA16-04 on March 8, 2016, officially postponing the effective date of the VAT (IVA in Spanish) from April 1, 2016, until June 1st, 2016 and may suspend VAT implementation altogether. According to the Treasury Department, the delay was effectuated, […]
Recently, the Sovos company, ShipCompliant had their annual report highlighted in the Washington Post. As the article points out, “The very existence of a firm such as ShipCompliant highlights the difficulties of direct shipping. Forty-three states allow it in some form or other, up from 17 in 1998, but state laws and regulations differ, creating […]
Latin America has long been at the forefront of business-to-government compliance requirements, and nations across the globe have taken note of how countries in this region have successfully cracked down on tax fraud. Now, the U.S. has introduced two new requirements – public sector e-invoicing and country-by-country reporting – with themes parallel to Latin America […]
The culmination of Mexico’s e-invoicing and e-accounting mandates begins as of September 2016 in the form of electronic audits. Now that the government has standardized invoicing and reporting formats, electronic audits are a natural transition designed to further increase Mexico’s tax revenues. Simply by closing the leaks in its tax collection processes with greater visibility […]
Have you ever thought about just how much it will cost your organization to comply with mandatory ACA reporting? What will Affordable Care Act reporting cost you in terms of time and impact? Let’s take a minute and break down the economics. The IRS estimates that it will take 12 minutes to fill out each […]
On September 18, 2015 and September 30, 2015, House Bill 97 and House Bill 117, respectively, were signed into law by North Carolina Governor, Pat McCrory. Together, these bills expand the sales tax base in North Carolina. This new expansion of the sales tax base will impact retailers who provide repair, maintenance, and installation services. […]
The following is intended as a brief update on some late breaking news on the implementation of a Value Added Tax in the Commonwealth of Puerto Rico effective April 1, 2016 New VAT Regs The highly anticipated “proposed VAT regulations” were published on the Hacienda website recently. Sovos is deep into the process of reading […]
Global companies with operations in Latin America are often faced with a paradox. They’ve invested heavily in a global instance of SAP, and yet that investment doesn’t cover the unique financial compliance initiatives required by governments throughout Latin America. To combat this issue, some companies expend even more by managing compliance internally – requiring up […]
Alabama will be holding its fifth annual Severe Weather Preparedness Sales Tax Holiday at the end of this month, offering tax exemptions on qualifying items purchased between 12:01am (CST) on Friday, February 26, 2016 and midnight on Sunday February 28, 2016. During this time, purchases of items such as batteries, radios, flashlights, ropes, duct tape, […]
Colombia is the eighth country in Latin America to mandate electronic invoicing. This latest requirement from Colombia comes as no surprise as Colombia has been planning to standardize electronic invoicing for the past decade, starting with decree 1929 in 2007. The old model had a few flaws and in 2013 the DIAN (tax authority) proposed […]
Are sales and use taxes making life difficult for your retail business? Do you know the full scope of your company’s sales and use tax obligations? There are a number of unique tax laws that retailers must know, stay up-to-date on, and abide by. Join Erik Wallin, Senior Tax Counsel at Sovos Compliance, to learn […]
Last week we had the pleasure of hosting our first exclusive VAT technology event. The topic for the event was the rise of e-audits in relation to VAT and how to tackle the challenges with technology. The increasing complexity of the VAT environment, and the constant technological development on the tax administration side to overcome […]
Countries around the globe are making FATCA updates to regulations every day. Check out the most recent updates from the past week, compiled by our team of tax and compliance experts. Lichtenstein Updates FATCA Reporting Transmission Guide for Tax Year 2015 Lichtenstein has updated their FATCA Reporting Transmission Guide for Tax Year 2015, which contains […]