For financial executives new to Latin American business-to-government requirements, it may be tempting to write off compliance as a local issue to be managed by local IT and accounting teams. However, this approach leaves companies vulnerable to severe penalties and operational disruptions that can be felt throughout global companies. In our new whitepaper, Business-to-Government Financial […]
The first round of FATCA reporting may have only recently passed, but now is the time to redouble your efforts. Why? CRS is coming online in 2016 with reporting beginning in 2017. It’s vital that you have the regulatory and operational know-how to turn global information reporting projects into a normalised part of your business. […]
Did you know that in this first year of mandatory ACA tax reporting there is expected to be over 700 million forms filed with the IRS? Are you prepared to do your part and report on time? Although you have been working diligently to provide minimum essential coverage healthcare plans for your full time employees […]
The IRS has issued Notice 2015-66, which announces the IRS and Treasury’s intent to amend Sections 1471- 1474 of the Foreign Account Tax Compliance Act (FATCA). This Notice extends the time period applicable to the following transitional rules: The date for when withholding on gross proceeds and foreign pass thru payments will begin. The expected […]
There is no avoiding FATCA, a Canadian court has recently ruled. FATCA continues to withstand legal challenges, eliminating the last hope that some businesses had that FATCA will go away. The latest court ruling further proves FATCA and the expansion of global reporting are here to stay. The lawsuit was filed by two American expatriates – Virginia […]
The IRS has released the 2015 reporting Forms for the Affordable Care Act (ACA). These Forms include the 1094-B, 1095-B, 1094-C, and the 1095-C. The 1095-B is for reporting Health Coverage and will generally be used by the Insurance Provider, while the 1094-B is the Transmittal of Health Coverage Information Returns. The purpose of the […]
Governments around the world are joining the U.S. in its efforts to eliminate tax evasion by signing onto the Foreign Account Tax Compliance Act. While discussion surrounding FATCA has been ongoing for several years now, policies are just now going into effect in various parts of the world. The latest government to join the global tax […]
AIR System 101: Testing and Preparing for the First Year of Required Reporting, Transmittals to the IRS Who Must Use the New IRS AIR System? Starting in 2016, applicable large employers (ALE), those with 50 full-time employees or more who work at least 30 hours a week (or FTE equivalent), have a whole new tax […]
With less than 100 business days until the mandatory reporting deadline arrives for ACA 1094 and 1095 forms, it is critical that human resource (HR) departments implement an ACA reporting solution to deal with this new and complex tax obligation. But what exactly is involved? Understand Your Obligations From figuring out your business determination obligations […]
Americans in charge of financial accounts overseas will have to report on those accounts to the Treasury Department a little earlier than expected next year. However, the flip side to that is that extensions are likely, making tax compliance a little easier. When President Barack Obama signed the Surface Transportation and Veterans Health Care Choice […]
What is the AIR system? Why do you need to know what this is? How does it relate to tax information reporting? These are common questions human resource (HR) professionals, employers and many other people are asking themselves as they prepare for the first year of mandatory Affordable Care Act (ACA) reporting. The AIR system […]
The U.S. deadline for reporting financial information on accounts in foreign financial institutions is Sept. 30. Some foreign governments and financial institutions are in varying states of readiness (or lack thereof) as they attempt to comply. The reporting is per the Foreign Account Tax Compliance Act. FATCA requires foreign financial institutions to report certain information […]
The 2015 reporting deadline for the U.S. Foreign Account Tax Compliance Act is Sept. 30, and governments around the globe are doing what they can to gather information of U.S. citizens who have accounts in their financial institutions and report it back to the U.S. government. FATCA, as it is commonly known, requires foreign financial institutions […]
In recent weeks, we’ve examined the rapid expansion of business-to-government compliance in countries that rely on VAT tax income. While Latin America is the current hotbed for such legislation, similar mandates are cropping up worldwide as countries prove the effectiveness of financial legislation in maximizing tax revenues. The reach of these mandates is far – affecting […]
Recently, we’ve been examining the tidal wave of business-to-government regulations in emerging markets and their impact on business operations, including sales and procurement. Heavily involving both the accounts receivable and accounts payable teams, it’s clear that these mandates have significant implications on financial processes. However, recent legislation is adding a new operational unit to those […]
Sovos Compliance has been closely watching recent developments in the City of Chicago as it relates to the issuance of new guidance defining the proper scope of both their Personal Property Lease Transaction Tax as well as their Amusement Tax. Key rulings interpreting both taxes were scheduled to take effect on September 1, 2015. However, […]
There has been a recent development in the evolution of global information reporting and the Common Reporting Standard (CRS) reporting requirements. On August 7, 2015, the OECD (Organization for Economic Co-operation and Development) released the first version of a CRS Implementation Handbook, which is meant to provide practical guidance to assist government officials and financial institutions […]
Offering another detailed webinar and supporting educational materials to help businesses with tax compliance and to mitigate new penalty increase exposure. MINNEAPOLIS, MN. AUGUST 12, 2015 On June 29, an update was passed to the Trade Preferences Extension Act. H.R. 1295 (now PL 114-27). This legislative change more than doubles the penalty per record from […]