The House this week passed a bill that could lead to an increase in 1099 reporting volume for financial institutions. The Secure and Fair Enforcement (SAFE) Banking Act would provide a safe harbor from federal investigations or prosecution for financial institutions that take on cannabis businesses as customers in states where cannabis sales are legal. […]
Back in June this year, many heads were turned when the French Minister of Public Accounts and Action, Gérald Darmanin, went on record stating that the French Government has the intention of making e-invoicing mandatory also for B2B transactions. Now it seems that the Government – spearheaded on this topic by Minister Darmanin as well as by the Minister of Finance Bruno Le Maire – has moved from word to […]
A new wrinkle in Mexican electronic invoicing adds complexity to the e-invoicing process for maquiladoras, or foreign-owned factories operating along the US-Mexico border. Compared to some other countries in Latin America, Mexico has kept its core electronic invoice, the CFDI, relatively simple. Whereas an invoice in Chile has 250 fields or more of required information, […]
A substantial number of companies are unaware of the full challenges around tax compliance and their procurement processes. Part of the challenge is that tax compliance must functionally sit with procurement and other business functions in the enterprise that own the data interchange, while the ultimate responsibility for tax compliance remains with the tax department. […]
In less a weeks’ time, on 1 October, all purchase orders associated with the Italian National Health System (Servizio Sanitario Nazionale, SSN) will be exchanged through the public administrations’ Purchase Orders Routing Node platform (Nodo di Smistamento degli Ordini), commonly referred to as NSO. Although the new e-order mandate won’t affect the collection of VAT, […]
What is unclaimed property? Companies that don’t know could be putting themselves at risk for costly audits and financial penalties. Danielle Herring, compliance manager for unclaimed property reporting at Sovos, explains what unclaimed property is and how companies should manage it. Sovos: Unclaimed property seems like a misunderstood or maybe completely unfamiliar concept for a […]
Many companies like to report unclaimed property as soon as it shows up as abandoned on their books. I understand the desire to get the records reported to the state and out of your hair, but you may wish to slow down and let those records age. Why is this important? One reason is that […]
In these modern times, security of sensitive data is at the forefront of everyone’s minds. Clients, vendors, and employees should be able to trust that their sensitive data such as social security numbers and account numbers are safe in your hands. You most likely have protocols in place within your company to maintain data security. […]
AP automation is supposed to save SAP customers money, but developments in digital tax could derail its benefits and actually create further liabilities. With tax authorities all over the world seeking to increase revenues and close tax gaps, IT professionals and AP system administrators face new challenges in indirect tax compliance. Among those challenges are […]
In the increasingly complex world of IPT, understanding, assessing and applying the right taxes to new insurance products can be a challenge for insurers when complying with fragmented regulations. As new risks continue to emerge, so do new insurance products. But how can insurers ensure insurance premium tax (IPT) is correctly applied? The three questions […]
It’s very possible that US companies are breaking laws governing storage of electronic invoices in the EU without realizing they’re putting themselves at risk for financial penalties. The EU is an entity that, as the Brexit debate has shown, can frustrate and baffle its own citizens. In the US, the EU is frequently misunderstood. The […]
The tax information reporting event of the year is coming in October! Sovos will present the 2019 GCS Intelligent Reporting Summit in San Antonio Oct. 28-30. You can’t afford to miss it! Here’s why: NEW! Unclaimed Property Regulations: De-mystify unclaimed property reporting and learn how to protect your company from risk you might not even […]
California Governor Gavin Newsom is poised to sign into law a bill that would recategorize gig economy workers such as ride-share drivers from being independent workers to full-time employees. The bill, California AB5, could have a profound impact on tax withholding and information reporting at state levels, with other states closely monitoring California’s activity. It […]
Retailers with e-commerce channels have a lot to gain during Cyber Monday or Cyber Week. According to BlackFriday.com, Cyber Monday spending is anticipated to grow 20% this year, with consumers spending nearly $9.5 billion online. Cyber Monday also falls on December 2 this year, one week later than last, giving consumers fewer weeks before Christmas […]
EU and local legislation Location of risk is one of the key criteria an insurer must identify and consider before thinking about insurance premium taxes. It’s important to understand the location of risk rules and apply them correctly to be able to settle insurance premium taxes compliantly and to the correct tax authority. Whilst location […]
Using reduced VAT rates to influence consumer buying choices Charging VAT and other consumption taxes rarely has a significant effect on a nation’s economy. The impact is felt at a specific industry sector level and more acutely when applied to goods and services in the B2C environment where any additional tax burden can impact price […]
Almost every state has moved away from paper reporting in favor of electronic reporting, welcoming the unclaimed property reporting process into the digital age. Many of the slow-moving processes can be easily streamlined and brought up to date with simple, intuitive technology. First, let’s describe the difference between the two types of filings as many […]
Far from being a burden, Peru’s electronic invoicing mandate has helped medium-size businesses embark on digital transformation while also catalyzing a broadening of the country’s tax base. The International Monetary Fund (IMF) will release this fall a study detailing the impact mandatory e-invoicing in Peru, which began in 2014 and has since moved to a […]