Blog
The IRS released an updated FFI Agreement for Financial Institutions with FATCA obligations on December 30, 2016. Those FFIs whose agreements expired at the end of last year, and that wish to retain their GIINs, are required to renew their FFI Agreements. They can do so through the FATCA FFI Registration System. The FFIs will […]
Pushed by fierce competition and under constant pressure from corporations to enable savings and optimize business processes, B2B transaction automation vendors are constantly looking into new features and functions to enhance the added value of their solutions. Many vendors in this space are developing into ‘business networks’ which go far beyond the early days of […]
In a move that creates increased liability and risk for non-compliant institutions and individuals in the United Kingdom, HM Treasury recently published an Amendment to the International Tax Compliance Regulations. In summary, the Amendment grants HM Revenue and Customs (HMRC) additional power to police AEOI compliance and expands potential liability to both financial institutions and their […]
Now that Colombia’s e-invoicing pilot program has concluded, the country’s tax administration (DIAN) is evaluating lessons learned and next steps prior to unveiling its official e-invoicing legislation. Recently, Sovos was invited to attend a meeting with the DIAN to discuss its plans going forward. Our primary takeaway from the meeting? Nothing is certain yet. What […]
Regulatory analysis: A group of Republican Senators is drafting its own health care legislation, “incorporating” some provisions of the House plan. In all likelihood, the Senate version will be drastically different from the House bill. Under the amended American Health Care Act, information reporting requirements remain intact for the immediate and likely the distant future, […]
The IRS has released an updated Publication 1586, Reasonable Cause Regulations & Requirements for Missing and Incorrect Name/TINs . There are a number of changes from the previous revision: More information has been provided as to when a penalty will not be imposed Where the error on a timely-filed information return relates to an incorrect […]
India recently published an update to Form 61B, which is part of the XML schema used by India for AEOI reporting. The two changes apply to the following fields: The XML Element Name “AcctCatg” was added under Form61B/PartBReportDetails/AccountDtls; The XML Element “CurrCode” was modified by providing all currency codes along with INR were added in […]
The OECD has released the April 2017 version of its Frequently Asked Questions, which give detailed explanations on a variety of CRS topics. The following additional issues are addressed in the updated FAQ publication: Qualification of usufruct (a legal right to use and derive profit from property) for CRS purposes Identification of Controlling Persons of […]
Starting with Brazil in 2008, government-mandated e-invoicing has proven extremely effective in helping tax authorities gain visibility into corporate tax liability in order to close loopholes, eliminate fraud and maximize tax collections. The goal of e-invoicing requirements is to automate tax reporting so that governments no longer have to rely on businesses to self-report their […]
The House Freedom Caucus endorsed the MacArthur Amendment last week, bringing Republicans closer to the 216 votes they need in order for the AHCA to pass. For now, there is no reason to assume that the MacArthur Amendment will have any impact on reporting requirements beyond those contemplated in the original bill. Many are wondering […]
Tax reform is a primary focus in Washington right now, so it is important that U.S. manufacturers understand how changes could impact their business — particularly with regard to imports and exports. To prepare for these new tax rules, let’s examine how proposals such as raising import tariffs, the Border Adjustment Tax and indirect tax […]
The United Kingdom Parliament has passed a set of amendments to the previously enacted International Tax Compliance Regulations of 2015. This legislation governs the responsibilities of British Financial Institutions to comply with both the FATCA and CRS reporting regimes. These new regulations, which are scheduled to come into force on May 17, 2017, modify the […]
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. Sovos documents each of these updates in its Taxport Compass portal to arm clients with the most current and accurate information and […]
With the 2016 tax reporting season mostly in the rear view mirror, it’s time to take a look back at the significant changes to the reporting landscape that occurred over the last 12 months. It’s also important to think about what those changes mean for the future. One thing is certain: 2016 was a year […]
The Tax Administration of Liechtenstein has released a statement to inform FIs and filers that the deadline for the transmission of FATCA reports has been extended to July 31, 2017. Originally, the due date for tax year 2016 reports was June 30th.
The Luxembourg Direct Tax Administration published a newsletter stating that it has opened its pre-validation (testing) and production environments for the filing of CRS returns. Filers are advised to carry out end-to-end tests on the pre-validation platform before submitting any reports. As was the case last year, the platform may be accessed using one of […]
France has updated its FATCA Guidance for this July’s reporting. Specific changes are highlighted in blue through out the publication, and a summary is provided on the second page. Filers should be mindful of any changes made to ensure that they will be able to send proper FATCA returns. In particular, there is guidance on […]