A recent report from the Treasury Inspector General for Tax Administration (TIGTA) said the IRS needs to make changes to its medical device excise tax program, which is part of the Affordable Care Act (ACA). The recommended improvements will serve to ensure accurate tax information reporting and payment of the tax. The report included an […]
Financial Operations Summer 2014 edition features VAT Compliance article Financial Operations magazine recently featured an article by Casper Winkelman, co-founder and managing director of VAT Resource, a company recently acquired by Taxware. The article, “Take control of your VAT compliance” discusses the complexity of VAT compliance for companies conducting business across international borders. In the […]
Another answer in a series of Ask the Tax Expert series, where Taxware Tax Research experts answers your sales and use tax questions. The following question was recently submitted: Q. Would a company making sales to PR destinations be affected? We do not have operations in PR, but sell to customers in PR. A. As an unincorporated […]
Learning, Networking and Fun At Taxware Summit 2014 October 22nd – 24th Hyatt Regency Grand Cypress Orlando, FL Mark your calendar as busy on October 22-24: they’re the official dates for the Taxware User Summit 2014. We are only two months away from sessions on tax, technology and training at the beautiful Hyatt Regency Grand […]
In previous articles, we discussed why on-premise applications do not make sense anymore in Latin America – because they offered no economies of scale. Why would you try to be an expert on e-invoicing compliance in Latin America? Don’t you rely on tax experts and consultants to keep up with the changes? Why then would […]
The Virginia Fuel Sales Tax and how it affects fuel for BBQs, home heating, and fuel purchases for other domestic use. Virginia levies a sales tax at both the state and local level. The state rate is 4.3%, with an additional .7% charged in the Northern Virginia and Hampton Roads Regions. The local tax […]
Since Internet sales became popular, some brick-and-mortar retailers have been disgruntled because online retailers often aren’t required to collect sales and use tax. According to AccountingWeb, traditional retailers complained their online counterparts gained an unfair advantage as a result. In July, the U.S. Senate introduced Senate bill (SB) 2609, known as the Marketplace and Internet […]
The IRS recently published Notice 2014-47, which provided guidance on health insurance provider fees and the definition of a covered entity under the Affordable Care Act (ACA). Information contained in the notice applies to the 2014 fee year. “Specifically, this notice resolves confusion as to the scope of the exclusions in section 9010(c)(2) from the […]
Under the Affordable Care Act (ACA), the net investment income tax (NIIT) was enacted under section 1411 of the Internal Revenue Code (IRC). The American Institute of Certified Public Accountants (AICPA), Virgin Islands Society of Certified Public Accountants (VISCPA) and the Guam Society of Certified Public Accountants (GSCPA) wrote to Congress to inquire whether the NIIT […]
*This is Part 2 of a 4-part blog series addressing the issues associated with sales tax and cloud computing. In Part 1, we addressed what the cloud is. The following discussion will address why you should care about the cloud. A detailed explanation of Cloud Computing including SaaS, PaaS, or IaaS (which are referenced below) […]
On Sept. 9, the North Dakota Department of Taxation will transition its website for electronic tax information reporting from Webfile to Taxpayer Access Point (TAP). As such, all filers who have been using the old system will need to complete the conversion process before they can use TAP. The annual returns reporting and non-payroll reporting pages will […]
For retailers, the burden associated with Sales Tax Holiday administration can be enormous if they do not have a sales tax compliance management system in place. With Sales Tax Holidays in full swing, retailers will need to reset their cash registers or point-of-sale systems, customize their tax rates and remap their product SKUs. Without the […]
Cambios En El Impuesto A Las Ventas De Puerto Rico – Lo Que Los Contribuyentes Necesitan Saber Para Mantenerse Al Día Also View in: Por efecto de la aprobación de las leyes 40 y 117 del 2013, y las leyes 18, 19 y 80 del 2014, el impuesto a las ventas y uso que aplica […]
Sales Tax Changes in Puerto Rico – What Taxpayers Need to Know to Remain Compliant Also View in: Pursuant to the enactment of Laws 40 and 117 of 2013, and Laws 18, 19 and 80 of 2014, the sales and use tax regime that applies in the Commonwealth of Puerto Rico has undergone a deep […]
Recent surveys have shown that employers are concerned about how the Affordable Care Act (ACA) will drive up operational costs and affect business. These survey results indicate that companies need to put a solution in place to mitigate these issues and adjust to the new health care law’s provisions. Since the ACA was implemented, there have been […]
Three Types of Indirect Taxation in India Understanding international indirect tax requirements can be daunting, especially for companies who are new to doing business in a country. India is one country that is particularly challenging because not only are there several federal level indirect taxes on both goods and services, but there are also state […]
Lorain County in Ohio recently paid hundreds of thousands of dollars to the IRS as penalty for 1099 forms that weren’t filed in 2011. The Chronicle Telegram reported that the county failed to send the documentation to vendors, resulting in a $246,376 settlement. Back in October 2013, when the source first reported on the IRS audit, it […]