State reporting can be an arduous task. Each state has an ‘Employer Withholding Guide’ (or a similar framework for instructions) that provides information regarding payment and reporting of the withholding tax which is unique to that state. The challenges of state reporting can be boiled down to the following premise: the information detailed in state […]
With the changes in Brazil set to take effect in December of 2014 and Chile mandates coming even earlier – November 2014, don’t forget about the other mandated countries – specifically Argentina. There are currently more than 300,000 companies that were mandated to transition to electronic invoicing between April and August of 2014 and […]
The tax reform in China that replaces Business Tax with Value Added Tax (B2V) for the service industry continues to build momentum. A pilot program to apply Value Added Tax (VAT) to designated service sectors began on January 1, 2012 and has been expanding its scope ever since. As mentioned in a previous article, “China’s VAT Reform“, […]
Tax information reporting under the Affordable Care Act (ACA) requires that insurance providers and large employers with 50 or more full-time employees report to the IRS on their health coverage offerings for their members and employees. Some of these companies are experiencing confusion regarding when reporting is necessary – and many are scrambling to determine which internal department will […]
How to Calculate Tax on a Lease Most people are familiar with leasing a car, but did you also know you can lease an airplane, a copier, or a computer? Leasing is commonly defined as an agreement between a lessor and a lessee, where the lessor conveys the right to use an asset for an […]
Taxware releases the Official 2014 List of State Sales Tax Holidays. Every year, many states participate in Sales Tax Holidays intended to boost economic activity. Many of these holidays take place during the back-to-school shopping season. It is important to note that sales tax holidays frequently apply only to certain types of purchases and that […]
Tax reporting for large employers under the Affordable Care Act (ACA) enforces Internal Revenue Code (IRC) 4980H, the employer mandate of the health care law. According to Bloomberg BNA, Stephen Tackney, IRS deputy associate chief counsel of employee benefits, says that many are wondering why so much reporting is necessary. “We still get questions why all […]
One of the most common sales tax questions, heard over and over from businesses providing products and services in Illinois is – What is this 8% tax in Chicago? That 8% tax is the Chicago Personal Property Lease Transaction Tax. The tax applies to personal property leases or rentals in Chicago, or to personal property […]
The Affordable Care Act (ACA) will present many challenges for businesses due to the new tax information reporting responsibilities. Some have pondered whether insurance companies will provide ACA reporting services to these businesses, especially for their self-insured clients. Self-insured companies will be reporting as both insurers and employers. Therefore, they will be required to do […]
Several companies are vying for one of the first casino licenses to be made available in Massachusetts. Two of the competitors, Las Vegas-based Wynn and MGM, are appealing to legislators to amend the state’s income tax laws, which according to Wynn and MGM, will be bad for business. According to The Associated Press, the two […]
I wanted to give a quick update on the Manifestação do Destinatário business process in Brazil as there have been a lot of questions lately on the topic. For many companies, this is now becoming mandatory. As one example, the legislation has been defined by the the states – both Rio Grande del Sul and […]
Among the businesses to have new tax information reporting responsibilities under the Affordable Care Act (ACA), insurers could be faced with a broad range of new challenges. Given their status as both insurers and employers, their reporting obligations are two-fold. Internal Revenue Code (IRC) 6055 and 6056 establish the new information reporting responsibilities for ACA. […]
Last year, Governor Butch Otter signed a bill that was intended to exempt cloud computing services. The Idaho Tax Commission narrowly interpreted the legislation, which effectively taxed many types of software services. Otter did not believe this followed the intent of the legislation, so earlier this month he
The new tax information reporting requirements under the Affordable Care Act (ACA) are expected to affect many businesses. For those businesses that are self-insured, they are anticipated to have some of the heaviest reporting responsibilities given that they fall under the new ACA reporting requirements as both a large employer and an insurer. There are […]
If you missed our Webinar on Indirect taxes in Brazil, you can view the recorded webinar at http://lnkd.in/dNyEmWi. When traveling internationally, it is imperative to research your destination prior to departure. The same is true for those planning to conduct business internationally. Are you aware of the complex sales and use tax implications of doing […]