Blog
On June 11, India’s GST Council revised GST rates applicable to certain goods. The changes include a rate reduction from 28% to 18% on specified electronic products, such as computer printers, CCTV, and computer monitors not exceeding 17 inches. The schedule of all the revisions is available here. GST will be fully implemented in India on July 1, 2017.
Now that the sting of winter tax season has passed, teams charged with tax information reporting obligations have returned to business as usual. With several months until next tax season, many companies take a vacation from 10-Series reporting processes during summer, but this traditionally seasonal process is ripe for a new approach. The IRS recently […]
The world’s first global platform for tax compliance and business-to-government reporting pairs vast regulatory analysis with local expertise in secure cloud software to help businesses eliminate regulatory barriers June 13, 2017, Wilmington, Mass. — Tax compliance and reporting software leader Sovos today introduced the Intelligent Compliance Cloud to help safeguard businesses around the world from the […]
An Interview with Sovos President and CEO Andy Hovancik As governments around the world turn to technology to close tax and regulatory loopholes and address the revenue collections challenges of revenue, businesses are finding it harder to keep up with today’s more complex regulatory environment. The ever-increasing pace and complexity of tax compliance and business-to-government […]
California recently released an updated version of Form DE-9, the Quarterly Contribution Return and Report of Wages. This form is issued by the Employment Development Department, and is used by employers in California to report wages and withholdings on a quarterly basis. This new version makes no changes to the form itself. However, the instructions […]
On June 8th, the Republic of Croatia submitted a final proposal to the European Commission, requesting a derogation from the EU VAT Directive regarding threshold amounts for tax application on small enterprises. This derogation would allow Croatia to exempt from VAT taxable persons whose annual turnover is EUR 45 000, effective January 1, 2018. Under Article […]
Maine Revenue Services has made available the draft versions of the 2018 MEETRS File Formatting Specifications for Electronic Transmittal of Quarterly Income Tax Withholding. There are sets of specifications for both original filings and amended filings – which will become effective the first quarter of 2018. There are certain revisions to the specifications of which […]
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. The Sovos Regulatory Analysis team continually monitors and documents each of these updates in our Regulatory Feed. Here are several recently updated […]
Proposed ACA replacement legislation, entitled the American Health Care Act (AHCA), aims to dismantle the employer mandate by zeroing out the associated penalties. Despite this, the AHCA maintains both employer and insurer reporting requirements. There are seven high-level changes to the current law that the AHCA will seek to impose: Nullify Individual Mandate Penalties Nullify […]
Congressman Tom MacArthur has authored an amendment to the American Health Care Act (AHCA) that would provide greater flexibility to states by allowing them to request waivers from any of three key AHCA provisions: The 5:1 Age Rating Ratio: The age rating ratio, which is already being increased from 3:1 to 5:1, will be subject […]
If the American Health Care Act (AHCA) becomes law, the IRS would expect employers to report as they did under the ACA. The IRS would also continue to enforce penalties for late, missing, inaccurate and incomplete information returns. Even with the bill’s nullification of Employer Mandate penalties, reporting would remain mandatory in its current form […]
The amended American Health Care Act (AHCA) passed by the House expanded upon the prior version, but made certain adjustments providing individual states more flexibility in shaping and regulating their own insurance markets. The new bill also appropriates $8 billion over five years to subsidize coverage for pre-existing conditions in an attempt to offset the fiscal impacts of permitting […]
The Treasury Inspector General for Tax Administration (TIGTA) recently announced the delay of the ACA Compliance Validation (ACV) System, which is now expected to be implemented in May 2017. Employers should be aware that this delay does not impact their reporting obligations and potential liabilities for penalties. The ACV system’s purpose is to determine compliance […]
The Isle of Man recently issued an AEOI Industry Advisory Notice. Therein, the Treasury reminded filers that FATCA and CRS reporting will be due June 30. The notice also stated that filing entities should be registered to file by June 21. Doing so after that date might not allow the Treasury enough time to complete […]
The Panamanian Ministry of Economy and Finance has released additional information regarding its implementation of the Common Reporting Standard (CRS). A late adopter, Panama has committed to commencing exchanges in 2018. Panama has ratified secondary legislation for the implementation of CRS – the final legislative step in imposing the duty to report on Panamanian financial […]
On Thursday, June 8, 2017, the United Kingdom held its general election for Parliamentary seats, and the election concluded with shocking results, leaving the U.K. with no overall majority in the House of Commons. The report of the results was a disappointment for Prime Minister Theresa May, who was hoping to increase her Conservative Party’s majority, […]
Senate negotiations regarding the fate of the American Health Care Act are continuing in spite of the discord among and between Democrats and Republicans on a number of provisions in the bill. Much of the roadblocks at this point are procedural in nature regarding the Reconciliation rules. A failure to comply with Reconciliation requirements would […]
Pakistan’s Ministry of Finance has joined the Common Reporting Standard by signing on to the Multilateral Competent Authority Agreement (MCAA), bringing the total number of signatories to 90 countries. As such, Pakistan will aim to begin the Automatic Exchange of Information (AEOI) for its reportable accounts in 2018. By signing on to this agreement, Pakistan […]