Blog
The Utah Governor recently signed Senate Bill 16 into law. The law creates a new sales tax exemption for the service of cleaning or washing the exterior of a vehicle, beginning on July 1, 2017. However, an important exception exists. If the service includes any charges related to cleaning the interior of the vehicle, then […]
On March 29, 2017 the Virginia Governor signed legislation that will exempt the sale of parts and engines used in the maintenance, repair or reconditioning of any manned or unmanned aircraft system. However, as a compromise measure intended to limit the fiscal impact of the new exemption, the rule will not come into effect until […]
The Employer Mandate — along with all associated reporting obligations and penalties — will live on throughout Tax Year 2017, and likely beyond. This news emerged in the wake of the showdown between the recently introduced American Health Care Act and the incumbent Affordable Care Act. The short-lived AHCA legislation came to an anticlimactic end […]
Automatic Exchange of Information (AEOI) legislation is constantly evolving worldwide as the standard is rolled out around the world. The Sovos research team continually monitors new regulations and updates across the globe and publishes them in our Taxport Compass tool. Here are some important changes that occurred in recent weeks: Germany Releases Infobriefs for FATCA […]
There is much speculation about the potential of blockchain in the context of B2B automation. This speculation normally focuses on open or public blockchains, which are distributed databases where different types of transactions can be securely recorded and transparently verified by all parties without depending on a trusted third party. The scheme was first used […]
The eventual fate of the American Health Care Act remains uncertain one week after its release. Conservative and moderate Republicans alike have expressed opposition to the bill, indicating the eventual legislation passed into law will likely be significantly different from last week’s proposal. Members of Congress do not seem particularly concerned regarding the AHCA provisions […]
Sovos recently partnered with Aberdeen Group to survey 179 compliance decision makers across a number of industries to find out how they have handled Affordable Care Act (ACA) reporting. This is the second in a series of four blogs that detail some of the survey’s more notable results and findings. This installment will address strategies […]
Understanding all the moving parts of Unclaimed Property can be a challenge. In this 30-minute recorded seminar, we have covered a few topics to assist you and your organization in understanding unclaimed property a little better. We have covered topics such as: Speaking the Language – Reviewing property codes and terms you need to know for […]
The fate of the Affordable Care Act employer mandate is becoming clear. Proposed ACA replacement legislation released Monday, entitled the American Health Care Act, aims to dismantle the employer mandate by zeroing out the associated penalties. Despite this, the AHCA maintains both employer and insurer reporting requirements. The employer mandate is one of the key […]
Automatic Exchange of Information (AEOI) legislation is constantly evolving worldwide as the standard is rolled out around the world. The Sovos research team continually monitors new regulations and updates across the globe and publishes them in our Taxport Compass tool. Here are some important changes that occurred in recent weeks: Hong Kong Updates CRS XML […]
Sovos recently partnered with Aberdeen Group to survey 179 compliance decision makers across a number of industries to find out how they have handled Affordable Care Act (ACA) reporting. This is the first in a series of four blogs that detail some of the survey’s more notable results and findings. This installment will address challenges […]
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 ensure that they are on the right track in their compliance efforts. Here are […]
Recently leaked draft legislation provides further insight into Republican plans for healthcare overhaul and associated reporting requirements. The draft, which is nearly three weeks old, indicates key provisions of the law – such as the taxes, mandates, Medicaid expansion and subsidies – would be phased out and replaced between 2018 and 2019. The replacement provisions […]
Automatic Exchange of Information (AEOI) legislation is constantly evolving worldwide as the standard is rolled out around the world. The Sovos research team continually monitors new regulations and updates across the globe and publishes them in our Taxport Compass tool. Here are some important changes that occurred in recent weeks: Ukraine Signs Model 1 IGA […]
Regulatory and legislative updates to 1099 form requirements between Dec. 28, 2016 and Jan. 11, 2017. 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 […]
Employers are still required to file their ACA reporting forms. Beyond a potential extension of “good faith” relief to Tax Year 2017 filings, there will likely not be any IRS changes to employers’ reporting obligations. The IRS has implemented its first regulatory change in response to President Trump’s executive order. The narrow rule change, which […]
The City of Milwaukee created the “Wisconsin Center Tax District” for the purpose of acquiring and managing exposition center facilities. This local exposition district adopted several taxes to fund these facilities. Some examples of the newly-imposed taxes include a 0.5 percent food and beverage tax, a 2.5 percent basic room tax, a 7 percent additional […]
Tax reporting rules for remote sellers may change if Congress approves pending federal legislation. Sellers should prepare for the potential impacts of these changes. How Remote Sellers Can Prepare for Pending Sales Tax Legislation States are struggling to capture lost sales tax revenue, but many have made attempts to change existing rules detailing when sellers […]