Blog
The 1099-K reporting threshold changes enacted in Massachusetts and Vermont have started to have repercussions for states, online businesses and companies doing tax reporting. In conflict with IRS requirements, Massachusetts and Vermont changed the threshold for reporting 1099-K transactions from $20,000 and 200 transactions to just $600 with no minimum number of transactions. These transactions […]
Brazil, Chile, Mexico and other Latin American countries have been on the bleeding edge of technology-driven value-added tax (VAT) initiatives for more than a decade. These countries have set the stage for similar compliance and reporting requirements that are now sweeping across more than 30 European countries. Businesses operating in Europe have a distinct benefit. […]
When European or American companies talk about Europe increasingly adopting VAT reporting solutions based on the OECD SAF-T standard, they are mostly showcasing their ignorance of the revolution in tax controls that is really brewing. Europe is playing catch-up with many other parts of the world which are utilizing the Internet and associated technologies to […]
In the complex and ever-changing landscape of VAT Compliance and Reporting, automation is critical to drive operational simplification, cost reduction, audit risks mitigation and capability acquisition. “Routine tasks do need to be automated, but for the purpose of freeing up people to explore new approaches to create even more value.” This statement from a June […]
Many of you know Illinois is now operating under new legislation. If you haven’t had a chance to review the legislation, you’ll want to do so before filing this year’s unclaimed property report. One change to take note of is the repeal of the general business-to-business exemption. Not only is the exemption no longer allowed, […]
If you or your department is responsible for the management and/or reporting of unclaimed property to the state, then I feel your pain. It’s a necessary and sometimes daunting task. Compliance is extremely important, but let’s face it….how much time are you currently spending on managing the entire unclaimed property reporting process? If you’re […]
International News European Commission Proposes Changes to VAT Regime On January 18, 2018, the European Commission proposed an overhaul of the European VAT System, building on the 2016 VAT Action Plan. The main goal of the proposed changes is to create a European VAT area that operates more efficiently in a globalized world and aids […]
Tras anunciar a fines de 2016 el mayor cambio en su esquema de facturación electrónica en años, México también anunció una importante actualización de su mandato de contabilidad electrónica en enero de 2017. A pesar de que el SAT, la autoridad fiscal mexicana, no anunció un cronograma específico de implementación de eContabilidad 1.3, tomó a […]
As tax authorities move to technology-driven value-added tax (VAT) reporting requirements, businesses operating in Europe will need to strap on their seat belts and prepare for turbulent times ahead, according to a new study by Sovos that examines the compliance-related disruptions that are sweeping across the globe. In the report – The Evolution of Value-Added […]
Most professionals in the e-invoicing world naturally strive towards a paper-less community, where financial transactions are exchanged as electronic messages in formats such as EDIFACT and XML. This is a vision that is worth pursuing and is a near reality in Latin American countries, such as Mexico and Peru where progressive government initiatives and requirements […]
Businesses Selling in Italy Must Prepare Over the last few years, Italy has proposed a series of tax reforms intended to close their substantial “VAT Gap.” At the beginning of this year, Italy finalized their plans to impose a significant new compliance obligation on businesses selling in Italy, B2B eInvoicing. Businesses will need to deploy […]
Tax exemption certificate processes are often a significant, arduous challenge for many larger manufacturers and wholesalers that still manage certificates in a manual and time-consuming manner. This often results in missing, lost or outdated certificates that can lead to significant audit risk. Auditors know this and generally, tax exemption certificate processes are the first and […]
On Jan. 20, the federal government shut down right in the middle of tax reporting season. The brief shutdown, likely to be resolved by Jan. 23, offered some insight into what happens when the IRS loses funding during reporting season. While the latest shutdown will likely be short, another could loom, as the proposed funding […]
VAT compliance and reporting can place a major burden on IT teams. With customizations required for every jurisdiction, constantly changing regulations, necessary integrations with government portals and a variety of data submissions and reports required, compliance can quickly erode IT’s time for other projects and innovation. Constant fire drills are only the tip of the […]
Even though the year is just underway, 2018 is already bringing a flurry of activity around indirect taxation in the United Kingdom. While much of the detail still needs to be sorted, one thing is clear – significant compliance changes are on the horizon and companies operating in the UK will need to adapt. Specifically, […]
Having access to technologies that could render clunky, ineffectual relationships more seamlessly and organically does not mean that they will. As compliance automation professionals, we must play our part to make sure things evolve in the right direction. Can nature provide guidance? Definition: Biomimicry: the imitation of the models, systems and elements of nature for […]
As tax authorities in Latin America, and now Europe, adopt new eInvoicing and eAccounting initiatives, companies are realizing that SAP is not equipped to support the unique needs from country to country. When faced with this challenge, some companies either opt to manage compliance internally or move compliance outside of SAP, both of which are […]
The Colombian tax administration (DIAN) enacted Resolution 000072 of December 29, 2017, by which it establishes the first wave of taxpayers that will be mandated to issue and report electronic invoices in Colombia. This resolution is fundamentally different from the original draft resolution published by the DIAN in November 2017 for public consultation. In that […]