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The IRS has announced that IDES will be open for the testing of FATCA files from Monday, June 19, 2017 at 8:00 AM EST until Friday, July 14, 2017 at 5:00 PM EST. The test session will be open to users who have completed IDES enrollment by Thursday, June 15, 2017 at 5:00 PM EST. […]
The Bahamas Ministry of Finance has released information regarding the timeline for portal registration and reporting for this year’s filing season. The TIE Portal will open for registration and reporting on July 17, 2017 at 9:00am EST and will close on August 25, 2017 at 5:00pm EST. As a general reminder, FIs were required to […]
The IRS’s International Data Exchange Service (IDES) has published an answer to a Frequently Asked Question regarding TIN reporting in 2018 – for Tax Year 2017 information. Beginning in 2018, Model 1 FFIs will no longer be permitted to use nine zeros in place of a U.S. TIN. Article 6(3)(b) of the Model […]
The Affordable Care Act Employer Mandate is in full force for tax years 2016 & 2017, despite the ongoing dialogue in Washington DC. Although it is a “good faith” filing year, corrections and replacements are still required and penalties can be enforced. The Affordable Care Act Employer Mandate has been a crucial talking point for […]
The IRS has published additional Frequently Asked Questions that address general compliance issues related to FATCA obligations. Specifically, the FAQs touch upon Foreign TIN and Date of Birth requirements. A withholding agent must obtain a foreign TIN for: • A foreign person claiming a reduced rate of withholding under an income tax treaty if there […]
Remote sales continue to be an ongoing concern for vendors trying to stay compliant with state and local taxing authorities. Massachusetts joins a growing list of states that have adopted their own laws and regulations. On April 3, Massachusetts joined the ranks of states defying the Quill decision with its variation on economic nexus for […]
As business-to-government compliance continues expanding across Europe, Spain is following LATAM’s electronic invoicing model as one of the first European countries to adopt automation in efforts to maximize tax collections. Starting July 1, 2017, the “Suministro Inmediato de Información,” known as the SII, will require certain businesses in Spain to electronically submit transactional invoice data […]
Recently, the Cayman Islands published its version 2.0 for CRS Guidance. The Guidance is a very important document for CRS reporting as it contains important information for due diligence and reporting requirements. In particular, Cayman will require Reporting FIs to send separate reports for each of its jurisdictions where it maintains reportable accounts. Moreover, it […]
Prime Minister Theresa May has called for an early general election on June 8, claiming it’s the only way to guarantee certainty and stability in Brexit negotiations. The Prime Minister’s Conservative Party is currently polling far ahead of the opposition Labour Party, and her clear hope is that Conservatives will gain enough seats in Parliament […]
In this article, we turn our focus to the second and most widely used system – ex-ante and real-time invoice validation. In our previous blog, we began discussing how certain tax administrations are implementing new processes to ensure VAT compliance. These tax authorities, of course, want the money they are owed as soon as possible […]
Regulatory and legislative updates to 1099 form requirements that took place in recent weeks. Individual states and the IRS introduce new 1099 form requirements and changes to existing legislation on a frequent basis. Sovos documents each of these updates in its Taxport Compass portal to arm clients with the most current and accurate information and […]
Germany’s BZSt released both FATCA schema files (XSD files are provided in the [zip file|www.bzst.de/SharedDocs/Downloads/DE/FATCA_downloads/ELANKOM_Schema_FATCAXML2.0_230317_zip.zip?__blob=publicationFile]), and guidance ([Communications Manual Part III, version 2.0|www.bzst.de/DE/Steuern_International/FATCA/Kommunikationshandbuch/Kommunikationshandbuch_FATCA_Teil_III.pdf?__blob=publicationFile]). Both provide important information on how to properly create FATCA returns. Information about the releases can be found in the latest [Infobrief|www.bzst.de/DE/Steuern_International/FATCA/Infobrief/Aktuell/Infobrief_Aktuell.pdf?__blob=publicationFile]. In addition, Germany published guidance on notifications (“[Verarbeitungsprotokolle FATCA|www.bzst.de/DE/Steuern_International/FATCA/zul.Korrekturwege/Verarbeitungsprotokolle.pdf?__blob=publicationFile]”), and […]
SSA has released Draft Form W-2 and Form W-2c Specifications for TY2017 Reporting. There are a number of changes from the previous revisions of the two form specifications. Form W-2 Changes Form W-2 has a new box 12 Code FF money field, Permitted Benefits Under a Qualified Small Employer Health Reimbursement Arrangement (Code FF), and […]
On April 4, 2017, the Pennsylvania DOR revised SUT 17 001 to more narrowly define taxable software support services, stating that training and consulting services were not included unless the services otherwise met the definition of support. Generally, support services were defined to include “identifying the source of problems affecting the usability of the property […]
The Belgium Ministry of Finance recently published updated Business Rules and Example Scenarios to aid financial institutions in creating compliant CRS XML files for reporting purposes. These most recent updates include changes to important elements critical to a successful transmittal. The Business Rules, which lay out the multitude of requirements for each field in an […]
West Virginia’s State Tax Department has released a new publication TSD-100, “West Virginia Business Taxes.” The publication provides guidance to Business who need to register for business tax purposes. The six page document is merely instructive and does not function as a legal document. The last time West Virginia published a similar document was November, […]
The Organization for Economic Cooperation and Development (OECD), in newly-published 2017 Guidelines for VAT/GST, has opined on how they believe VAT should be assessed on services and intangibles. Their primary recommendations are that countries adopt regimes which: 1. Tax services and intangibles at the place of consumption; 2. Tax business-to-business (B2B) transactions at the location […]
Earlier this year we reported about the legal status and trends regarding scanning of inbound paper invoices in Europe. One of the topics raised in that post was that France was in the midst of legal reform in this area: for some time the French framework entirely prohibited the concept of conversion of form for […]