Blog
In our previous piece reflecting on the aftermath of the initial MTD deadlines for ‘First Stage filers’ we also noted that the first submission experiences of ‘Second Stage’ filers should hopefully run more smoothly. To recap, Second Stage filers are often referred to as ‘complex’ businesses, as HMRC have determined certain features to their operations […]
The IRS released long-awaited guidance on cryptocurrency tax regulations this week, but the agency did little to clarify tax reporting policy. The guidance, the first update to IRS cryptocurrency policy in five years, is aimed at individual taxpayers and tax practitioners who prepare returns for taxpayers. The new information addresses information IRS Commissioner Charles Rettig […]
Many companies ask me about filing to Alberta. There is some confusion about which companies really need to file to Alberta. If your company is located or has a branch in Alberta you should file with them. If you are a company incorporated or domiciled in the United States, Canadian property records should be treated like […]
The issue of online unclaimed property reporting is an important one. State legislation varies widely on when and how to submit unclaimed property reports, and many states now require that holders use an online reporting system in order to remain compliant. As you consider your options, it is important that your online reporting system is reliable and secure. So […]
In February 2019, Portugal published extensive and comprehensive legislation intended to regulate the invoicing processes in a growing digital environment. To this end, the country consolidated and reformed previous pieces of law scattered across the Portuguese legal system. Although some rules were already in force from the publication of this Law-Decree 28/2019, taxpayers expected further […]
The European Commission published in September a statistical report on the VAT Mini One Stop Shop (MOSS). According to this report the overall VAT revenue collected under MOSS (Union and Non-Union) shows a constant growth from EUR 3 billion of VAT collected in 2015 to EUR 4.57 billion collected in 2018. In 2018, the VAT […]
In a startling development that appears intertwined with local Kansas politics, Attorney General Derek Schmidt issued an opinion that attempts to place a temporary halt to the Department of Revenue’s (DOR) plan to extend its sales tax compliance requirements to remote sellers as of October 1, 2019 – leaving taxpayers in a state of limbo. […]
Michael Chittenden and Michael Lloyd, or Mike & Mike, specialize in helping companies deal with all sorts of tax issues, including tax reporting. They will speak at GCS Intelligent Reporting in San Antonio about seeking abatement of IRS penalties. Sovos sat down with both to discuss why companies should generally challenge IRS tax reporting penalties. […]
7 August 2019 was a landmark in one of the most significant changes ever to occur in UK business-to-government VAT reporting. The requirement to file VAT returns via HMRC’s new digital tax system Making Tax Digital for VAT (MTD) affected 1.2 million VAT registered taxpayers. The vast majority file quarterly returns and were therefore expected […]
Greece made an important step to digitize its tax system and introduce an innovative platform for taxpayers to fulfil their tax obligations. The new platform will offer businesses a collaborative environment where the data they provide to the Greek Independent Authority of Public Revenues (IAPR) will not only affect their own books but will also […]
We get this question almost every day through our support line. Nearly every state requires relationship code values on the records you are reporting. I’ll explain what they are, how to find them, and how to use them. NAUPA has a list of standard relationship code values. They can be found here on page 23. States have […]
Many organizations are choosing to say “so-long” to manual withholding processes to gain operational efficiencies allowing finance and accounting teams to focus on business critical tasks rather than repetitive tasks with limited value-add to the organization. In addition, eliminating manual withholding processes can mitigate process, compliance and security risk associated with managing multiple spreadsheets used […]
Caroline Bruckner is the managing director of the Kogod Tax Policy Center at the Kogod School of Business at American University in Washington, DC. She is actively-engaged in consulting with Congress on tax policy and in 2016 published the study Shortchanged: The Tax Compliance Challenges of Small Business Operators Driving the On-Demand Platform Economy. Sovos […]
The threshold for reporting income on Form 1099-K is increasingly proving to be too high for reducing the tax gap at both state and federal levels, and the problem will only get worse as the gig economy grows. Form 1099-K and California gig workers dominated discussion at the mid-September GCS conference in San Francisco. The […]
On September 26, Sovos held a webinar, “How a Modern Approach to Sales and Use Tax Safeguards Your SAP S/4HANA Transition.” You may now view a recording and download the slides. VP of Regulatory Analysis & Design Chuck Maniace and Sales Engineering Manager Tim Roden shared reasons why tax compliance needs to play a role […]
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, […]